9 January, KUALA LUMPUR – Allianz General Insurance Company (Malaysia) Berhad (Allianz General) and its agency partner, Anora Agency Sdn Bhd (Anora) signed a Memorandum of Understanding (MoU) with Malaysia Debt Ventures Berhad (MDV) today.
The collaboration between Allianz General, Anora and MDV will pave the way for Anora to serve as fulfilment partner to MDV’s solar photovoltaic (PV) financing customers. In addition to that, MDV will also convert all of its solar PV customers to SolarPro, a specially-designed insurance for solar PV system owners which is exclusively distributed by Anora, with Allianz General as its principal this year.
Malaysia is one of Southeast Asia’s biggest employers of solar PV and is on a growth trajectory thanks to the increased support from the government as well as favourable conditions and reducing costs.
Allianz Malaysia Berhad Chief Executive Officer Zakri Khir said it was timely for the Company to take the lead in supporting the adoption of sustainable energy in Malaysia.
“Over the past couple of years, we have seen a lot of development in the renewable energy sector, especially in solar energy. It was the perfect opportunity for us as insurers to provide protection for local players in the solar PV industry, filling in the protection gaps in the solar PV ecosystem as well as supporting the adoption of renewable energy in the country,” said Zakri who is also the Chief Executive Officer for Allianz General.
On the partnership, Anora Agency Chief Executive Officer Samuel Soon said that Anora has been privileged to tie-up with several solar PV industry players last year. The Company is now looking towards ensuring that MDV’s solar PV financing customers and their investments are well protected with SolarPro.
Developed in collaboration with SEDA and the Malaysia Photovoltaic Industry Association (MPIA), SolarPro is Malaysia’s first comprehensive insurance protection scheme that is catered for home, commercial and industrial solar PV.
It offers comprehensive protection and covers loss or damage to the solar PV system due to any malicious damage, theft or lightning, as well as damage from aircraft, aerial devices or articles dropped, fire, explosion, earthquake and other natural disasters, flood, landslides, burst water pipes and overflowing water tanks, and more.
“SolarPro is the perfect solution for MDV’s customers since it not only provides protection against damage to any part of the solar PV system, but it also compensates the insured for income or savings lost during system downtime which is a benefit that is exclusive only to SolarPro in Malaysia. With highly affordable plans, solar PV system owners can have a peace of mind over the 25-year life span of the system,” said Soon.
“We believe the solar PV industry in Malaysia will continue to forge ahead and grow exponentially with the continued support and push from the Ministry of Energy, Science, Technology, Environment & Climate Change (MESTECC) and SEDA towards renewable energy,” added Soon.
As the Country’s premier financier and development facilitator of ICT, Biotechnology, Green Technology and other emerging technology sectors, MDV is focused in driving future engines of growth by providing flexible and innovative Shariah compliant financing services to develop high-impact and technology-driven sectors.
At present, MDV has funded RM681 million worth of Green Technology projects, of which RM239 million comprised of solar projects ranging from Grid Connected Photovoltaic (GCPV) systems to Building Integrated Photovoltaic (BIPV) systems.
MDV Chief Executive Officer Nizam Mohamed Nadzri said that MDV welcomes innovative financial products such as SolarPro offered by Anora and underwritten by Allianz that will adequately insure assets financed while ensuring the continuous stream of income for solar projects. This complements well with the innovative renewable energy project financing offered by MDV that has enabled us to become the leading renewable energy and Green Technology financier.
“We look forward to this collaboration with hopes that MDV will be achieving more than fulfilling its mandate, by providing better value proposition for our customers and holistically supporting our nation’s effort in renewable energy sector,” added Nizam.
Malaysia is aiming to increase the use of renewable energy to generate electricity from six percent to 20 percent by 2025, which will be largely driven by solar.
For more information on Anora Agency’s SolarPro PV insurance, visit anoraagency.com.