March 30

Report: Global Renewables Expansion in 2020 Will Be ‘Wiped out’ by COVID-19

By Darius Snieckus

The momentum-building global expansion of wind and solar power plant could be stymied for at least year as government restrictions on movement impact construction timeframes and foreign exchanges market contract around the world, according to new forecast by Rystad Energy.

The Norwegian analyst group calculates growth in newly commissioned renewables projects will now be “wiped out” for 2020 and cut by a further 10% next year, reversing its pre-Covid-19 expectation of some 140GW of PV and 75GW of wind capacity being added this year.

“Renewable energy projects expecting to achieve financial close or break ground globally will not avoid taking a hit from Covid-19’s effect on the economy,” said Rystad Energy, in its latest research note.

Photo courtesy of European Space Agency.

Source: Recharge News (link opens in a new window)

Coronavirus, Energy
renewable energy