Solar: Renew Risk Launches US SCS Model

The latest news from Renew Risk for you;

Renew Risk, the leading provider of risk analytics for renewable energy assets, has launched its US SCS Model; the first catastrophe model purpose-built specifically to model severe convective storms for solar farms in the United States. The model provides insurers, reinsurers and brokers with a step-change in their ability to understand and price solar risk. 

With US solar on track to add a record-breaking 86 GW of new utility-scale capacity in 2026, insurers face an escalating challenge: assessing risk for assets that are larger, more complex and increasingly located in catastrophe-prone regions.  

Recent years have seen multi-million-dollar losses at US solar farms from severe storms, with hail accounting for just 6% of loss incidents but 73% of financial losses. 

A key determent of loss severity is the engineering characteristics of a solar farm. In spring 2024, a severe hailstorm destroyed thousands of panels at Fighting Jays Solar Farm in Texas, causing extensive damage to the 35 MW site. Just 15km away, two solar farms equipped with weather tracking systems that automatically adjust panels to a vertical stow position ahead of storms sustained no direct hail-related damages. A third nearby site experiences only minimal damage due to a motor issue in its hail mitigation system.  

Renew Risk’s new model supports insurers and reinsurers with resilience planning across their renewable portfolios, through an asset-first approach to modelling storm risk to solar farms.  

Dr Joshua Macabuag, CEO of Renew Risk, said: “Historically, risk management has focused on rarer but catastrophic events such as hurricanes and earthquakes. However, high-frequency, highly localised severe convective storms are now the primary loss driver in the US, accounting for 51% of natural catastrophe related losses in 2025 – totalling $46bn.  

“For the solar market, traditional models fail to capture how this complex peril interacts with varied engineering systems. Our next generation US Solar Model gives our clients the competitive edge to grow their portfolios profitably and with confidence.” 

At a time when insurers are under pressure to deploy capacity with greater confidence, the model incorporates:  

David Vicary, Head of Solar at Renew Risk, said: “By taking an asset-first approach to model development and partnering with best-in-class organisations, we have developed a technically robust, highly asset-specific view of SCS risk that captures the unique risk drivers of utility scale solar farms.” 

The launch forms part of a broader product expansion strategy, following the recent release of windstorm models for offshore wind farms along the UK, Ireland and Europe’s coastlines. These new offerings build on Renew Risk’s established portfolio of existing models addressing offshore wind risk across other global markets, including Taiwan, Japan, and the US.  

Founded in 2021, Renew Risk has rapidly established itself as a specialist in renewable risk analytics, raising £4.7 million in seed funding at a £16 million valuation. The company’s agile approach enables it to develop new catastrophe models in around nine months, significantly faster than traditional providers, whose timelines often exceed three years. The models have been developed and validated in collaboration with early market adopters, ensuring they reflect real-world underwriting and risk management needs.   

Renew Risk works with leading insurers and market participants, supporting underwriting and risk management across global renewable portfolios.  

By improving risk transparency and enabling more accurate pricing, Renew Risk aims to unlock insurance capacity, accelerate renewable infrastructure deployment, and support global decarbonisation goals.