Renewable energies
Connection points
In the field of renewable energies, companies need to face assembly and manufacturing costs that increase the total cost of connecting a plant to the grid. For this reason, the Administration requests financial guarantees to carry out the projects, as a way of guaranteeing that the company has sufficient economic resources to develop them.
We highlight two types of guarantees:
- Connection Point Guarantees or Grid Connection Guarantees
- Decommissioning Guarantees
The Administration allows these financial guarantees to be presented in the form of surety bond.
Guarantees for Connection Points
In order to have access and connection to the electricity transmission and distribution networks, a connection point guarantee or grid connection guarantee must be submitted to the administration. This is a prerequisite for applying for authorisation to subsequently operate energy distribution.
Once the grid connection point has been built and the final operating permit has been obtained, the guarantee may be requested to be returned.
The amount of the guarantee depends on the power to be installed. Surety bond is one of the ways in which the company can provide point-of-connection guarantees.
Decommissioning Guarantees
These are guarantees required by the public sector from companies that install solar photovoltaic plants or wind farms in order to guarantee the restoration of the land on which they are located once their use has ended. These are guarantees to ensure the decommissioning of the renewable energy plant so that the land is returned to its original state.
Advantages of
Surety Bond
Policies over
5 years
We study surety bond policies with a duration of more than 5 years.
Increased ability to
participate in auctions
No blocking/pledging
of bank balances
Does not consume CIRBE
Surety bond does not consume bank credit limit, it is not a major bank risk which means higher eligibility for bank products (loans, credit accounts, etc.)
More efficient
Rapid evaluation of the application for the issuance of the surety bond policy, faster in its study and issuance than the bank guarantee.
Plafond System
Pre-approved line of surety bond that allows you to get your guarantee quickly when you need it.
Coverage:
Types of Surety Bond
SURETY BOND
Consult the different Surety Bonds that we have available
Every contractor who applies for a public tender, as established in the Law on Contracts with Public Administrations, needs to submit, together with their bid, a bid bond to ensure that, in the event that they are awarded the contract, they will sign the performance contract in accordance with the conditions under which they made their bid.
For those Contractors who have not been awarded the contract, the validity of this guarantee shall last until the awarding of the contract.
These guarantees may be constituted by means of a surety bond policy issued by an insurance company authorised to do so by the Directorate General of Insurance.
The loss arises in the event that the Insured Party awards the contract to the Policyholder and it is not formalised for reasons attributable to the bidder (Policyholder).
