Overview
kWh Analytics is a property and performance insurance MGA focused on renewable energy projects, serving solar, wind, and battery energy storage system (BESS) sponsors, lenders, and investors in North America. Founded in 2012 by Richard Matsui, the company built a proprietary database covering over 300,000 operating renewable energy assets -- approximately 30% of U.S. solar capacity -- and uses that data foundation to underwrite specialized insurance products for the clean energy transition.
The company offers two core product lines: property insurance for renewable energy assets, and performance (revenue protection) insurance that shields project sponsors and lenders from generation shortfalls. Carrier capacity is provided by Antares, Aspen, Everest, Fortegra, and Swiss Re, among other global reinsurers. kWh Analytics describes its model as data-driven underwriting where risk data sharing from installed assets informs pricing and coverage terms.
In March 2026, kWh Analytics was acquired by Beazley, a specialty insurer, and now operates within Beazley's Marine, Accident and Political (MAP) Risks division. The company has protected over USD 50 billion in total renewable energy assets and over USD 4 billion via its Solar Revenue Put product. It has received multiple U.S. Department of Energy grants, including a USD 2.4M award in 2024 under the MORE PV program.
Products & Services
Property Insurance for Renewable Energy
Data-backed property coverage for solar, wind, and BESS assets addressing natural catastrophe and physical damage risks. Projects that implement resiliency measures -- such as hail-resistant panel designs -- qualify for reduced premiums, reflecting a telematics-style approach where asset data influences pricing.
Key Features
- Natural catastrophe coverage for renewable energy installations
- Coverage for solar, wind, and battery energy storage systems
- Risk-based pricing informed by proprietary asset performance data
Target Users: Solar, wind, and BESS project owners and investors in the U.S.
Distribution: Direct to project sponsors and institutional investors
Solar Revenue Put (Performance Insurance)
A credit-enhancement insurance policy protecting project sponsors and lenders against revenue shortfalls from solar energy underproduction. Structured as an insurance product backed by kWh Analytics' proprietary actuarial models and the HelioStats platform, it has been used in transactions by IGS Solar, Invenergy, Capital Dynamics, and others.
Key Features
- Revenue protection against solar generation underperformance
- Credit-enhancement structure accepted by institutional lenders
- Backed by actuarial models derived from 300,000+ asset database
Target Users: Solar project sponsors, lenders (ING, MUFG, Rabobank), and institutional investors (Ares Management, Commonwealth Bank of Australia)
Distribution: Direct to project finance participants
Wind Proxy Hedge (Performance Insurance)
A revenue firming product for wind energy assets analogous to the Solar Revenue Put, designed to reduce downside risk for wind project sponsors on generation variability.
Key Features
- Revenue protection for wind generation variability
- Designed for project finance structures
Target Users: Wind energy project owners and investors
Distribution: Direct to project owners and investors
HelioStats (Data Intelligence Platform)
A risk management and analytics platform for solar project finance investors. HelioStats provides data parsing, integration, benchmarking, and performance analytics drawn from kWh Analytics' database of over 300,000 renewable energy assets and USD 100B in loss data.
Key Features
- Performance benchmarking against 300,000+ asset portfolio
- Data-driven underwriting insights for capital deployment
- Integration with project performance data streams
Target Users: Solar project investors, lenders, and asset managers
Distribution: Direct to institutional investors and lenders
At a Glance
- Founded
- 2012
- Headquarters
- Sacramento, CA
- Employees
- 11-50
Category & Focus
Last updated: 2026-06-21