Parhelion secures $1m scale-up grant for innovative insurance solutions
Parhelion Underwriting, a UK-based energy and climate risk insurance and advisory group, has secured a scale-up grant of up to $1 million for its GeoFutures Fund which will offer innovative insurance solutions to de-risk geothermal investment opportunities by deploying sustainable capital from private sector insurance.
The P4G grant (the Partnering for Green Growth and Global Goals 2030 Initiative) will enable Parhelion and its partners to develop “GeoFutures GreenInvest” – a vehicle to mobilise insurance underwriting capital to de-risk sustainable investment opportunities.
The partnership will establish an investment fund to provide sustainable development loans and a premium finance facility to early stage geothermal project developers.
Additionally, a specialist underwriting vehicle will be established and capitalised to offer innovative insurance underwriting solutions for the sustainable investment sector.
Julian Richardson, CEO of Parhelion, said: “We are delighted to have been awarded this partnership opportunity and grant because it enables us to mobilise private sector insurance underwriting capital at scale and promote system change. This can only be done through collaboration and partnerships. P4G will enable these crucial partnerships with key stakeholders and influencers; providing a valuable platform to amplify the message and deliver the change the world needs, including creating 600MW of geothermal power in Kenya and Ethiopia, which is essential.”
David Howden, CEO of Hyperion Insurance Group, a GeoFutures GreenInvest partner, said: “As a company we are working hard to build a sustainable business for the next 25 years and beyond. Intrinsic to this vision is being a part of the solution to the environmental and sustainability crisis the world is facing and our partnership with Parhelion is an exciting step on that road for the industry and our clients. Julian’s experience, vision and energy are helping us to form new connections in this important space, increasing awareness throughout the insurance industry and further developing innovative products that support sustainable development. We can then leverage our extensive global network across 90 countries for the purpose of product distribution and business generation to place insurance products that are often the first of their kind in the London market.”
David Shreeve, director of The Conservation Foundation, said: “Geothermal energy has the potential to contribute to addressing climate change and conserving threatened natural resources. We are pleased to support Parhelion’s project and provide administrative support, which will develop tools to stimulate green energy sources, and in the evaluation of the potential impacts of geothermal projects.”
