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Under this MoU, Allianz General and Anora will be protecting Solarvest's business, assets and projects with its range of insurance solutions, including the SolarPro All Risk Insurance, which is exclusively distributed by Anora. (Pic by Allianz General)

KUALA LUMPUR: Allianz General Insurance Company (Malaysia) Bhd and its agency partner, Anora Agency Sdn Bhd (Anora), has inked a memorandum of understanding (MoU) Solarvest Holdings Bhd on supporting local players in the solar photovoltaic industry.

Under this MoU, Allianz General and Anora will be protecting Solarvest's business, assets and projects with its range of insurance solutions, including the SolarPro All Risk Insurance, which is exclusively distributed by Anora.

"Through this MoU, Allianz General is proud to support local players in the solar photovoltaic (PV) industry and filling the protection gaps in the solar PV ecosystem,” said Allianz General chief executive officer Zakri Khir in a statement today.

"It is the company's contribution towards helping to achieve the government's goal of increasing the country's renewable energy generation from 2 to 20 per cent over the next six years," Zakri, who is also the chief executive officer of Allianz Malaysia Bhd, said.

Solarvest, a company enroute for an ACE market listing in October 2019, is one of the leaders in large-scale solar farming, with certifications from the Sustainable Energy Development Authority Malaysia (SEDA), Institute for Sustainable Power Quality (ISPQ) and Grid-Connected Photovoltaic (GCPV).

The MoU signing was done by Zakri Khir and Anora's chief executive officer Samuel Soon with Solarvest chief executive officer Davis Chong Chun Shiong.

The SolarPro All Risk Insurance, which was launched by the minister of Energy, Green Technology, Science, Climate Change and Environment Yeo Bee Yin in October 2018, is Malaysia's first comprehensive insurance protection scheme that is catered for home, commercial and industrial solar PV owners.

"With the government's push, the local solar PV industry is growing rapidly. For it to be sustainable over the long term, solar owners need to be assured that their solar assets and investments are secured and protected,” Samuel Soon said.

"With SolarPro, Solarvest's customers will not only be able to access a network of qualified service providers to maintain and repair their assets, but also receive compensation for loss of savings or income in the event of downtime or damages to their solar PV system,” he said.

Developed in collaboration with SEDA and Malaysia Photovoltaic Industry Association (MPIA), SolarPro offers comprehensive protection and covers loss or damage to the solar PV system due to any malicious or accidental damage, theft or lightning, as well as damage from aircraft and aerial devices or articles dropped, fire, explosion, windstorms, flood, landslides, burst water pipes and overflowing water tanks, and more.

Solar PV owners will also be compensated for loss of income or savings should their solar PV system experience downtime due to damage or theft.

"The all-risks protection provided by SolarPro insurance is essential to ensure good financial returns for our customers and that the post-installation services for the operation and maintenance of their PV systems are in good hands,” said Davis Chong.

"The signing of this MoU signifies Solarvest's determination to demand excellency in delivering durable and high-performance systems to our clients,” he added.

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