Willis allies with clean energy financier to develop renewable energy market

LONDON—Willis Group Holdings P.L.C. says it has launched a strategic alliance with clean energy financier Narec Capital to develop opportunities in the renewable energy market.

In a statement Thursday, Willis said the alliance will “unlock fresh opportunities for firms in the renewable energy market to develop and scale up technologies that generate low carbon power from the air, sea and sun.”

Narec Capital is a joint venture between the Northumberland, England-based National Renewable Energy Centre Ltd. and London-based financial services firm Ashberg Ltd.

Narec Capital will open up finance opportunities by identifying investors interested in this area, while Willis will provide an array of insurance products, Willis said. Combining the firms’ dedicated finance and insurance capacity will “give would-be investors and developers of renewable technologies the confidence they need to test and deploy new clean energy solutions that are expected to provide an increasing share of the world’s power in years to come,” according to the statement.

“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,” Michael Buckle, London-based Willis renewable energy practice lead, said in the statement.