The Ministry of Economy and Finance is the sole shareholder of GSE, a company involved in the development of renewable energy sources in Italy, particularly through the provision of subsidies for the production of electricity.
It manages the incentives for renewable energies, particularly for photovoltaic systems, biofuels, gasifiers, biomass, and the issuance of certificates for existing plants on Italian territory.
The tenders issued by GSE include the construction of renewable energy plants or the management of these plants. Since 2013, GSE tenders require the issuance of a provisional and a definitive surety, which include a clause making them “standalone guarantee contracts.” A standalone guarantee contract is an agreement in which a party undertakes to guarantee the fulfillment of an obligation towards the creditor, excluding the guarantor’s ability to oppose the creditor with the defenses normally available to the principal debtor.
In practice, the insurance company, in the event of a claim, must pay without being able to raise any objections, even if the request may seem unwarranted.
This clause excludes the main Italian and European insurers.
We have the solution with an Italian company.
