UK-based marketplace for risk solutions Lloyd’s has launched a new renewable energy consortium to capitalise on the growth opportunity in the APAC region.

The new consortium pools underwriting expertise and capacity among the participants for renewable energy risks presented by the sector such as onshore construction and the operational risks of solar and wind energy projects.

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It has been developed by the Lloyd’s Asia platform in collaboration with Chaucer, Markel, and Munich Re Syndicate and has a maximum risk capacity of $100m for each project.

Lloyd’s Asia CEO and Singapore country manager Pavlos Spyropoulos said: “Alternative energy sources are critical in achieving the successful global transition to a low carbon economy. The renewable energy consortium at Lloyd’s brings together expertise from leading businesses on our platform in Singapore to provide insurance solutions that will allow us to play a greater role in enabling the development of renewable energy projects in Asia.”

Lloyd’s noted that the sector has seen considerable growth in Asia as countries such as China, India, Japan, Vietnam and Korea are investing heavily in renewable energy.

The Asia Pacific region is expected to outperform other regions as a market for investment and development of the renewable energy sector, Lloyd’s added.

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Chaucer Singapore CEO Margaret To said: “Chaucer is delighted to work with Markel and MRSL to bring our new renewable energy consortium to the Lloyd’s Asia platform. By combining our expertise and capacity, we are able to offer a truly unique solution to the market; one that actively supports the pursuit of greener, more sustainable energy.”