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3TIER and Galileo have announced their collaboration in offering the first financial products designed to assist the wind power industry in hedging the financial risk of wind variability.

Galileo’s WindLock product will provide on-site settlements based on 3TIER’s wind resource data, enabling wind project developers and financiers to mitigate the risk of project underperformance. Galileo uses 3TIER’s wind resource time series to price and structure WindLock products based on expected variability with settlements based on wind speeds provided by 3TIER. Using 3TIER’s weather modeling expertise in generating historical time series helps avoid errors in on-site measurements and isolates wind speed from other factors that can impact power production. WindLock products are indexed to wind-driven megawatt-hours allowing for the utilization of a power curve to provide accurate mapping of wind speed to generation. Galileo offers WindLock globally and products can be tailored to match project financing structures with protection commencing across a wide range of estimated production.
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