A VENTURE to finance renewable energy projects has teamed up with an international insurance giant to help take the risk out of new schemes in the low carbon energy sector.

Narec Capital – a link-up between the Blyth-based National Renewable Energy Centre (Narec) and London investment specialist Ashberg – is now working with US insurer Willis Group Holdings.

The aim is to give potential investors and developers more confidence to try out new renewable energy schemes.

Blyth-based Mark Pearson, head of business development with Narec Capital, said: “The whole point of our offer is to de-risk projects and insurance and warranty are important parts of that.

“We are much more likely to have success if we’ve de-risked the product.

“A lot of insurance companies don’t have a full handle on renewables so a lot of the renewables costs are prohibitively high. We’re trying to break down some of the barriers.”

Michael Buckle, renewable energy practice leader at Willis, said: “The agreement supports our companies’ shared objective to drive positive change in the clean energy market by reducing and mitigating the risks linked to renewable development.

“Alongside Narec Capital, we share the same vision and the fusion of skills within each organisation shows outstanding and unprecedented capability in the sector.”