Rystad Energy Gives Gloomy Forecast of the Impact of COVID-19

Image: Rystad EnergyImage: Rystad Energy
Huge bump expected for the next two years

Official Press Release Rystad Energy:

COVID-19 set to wipe out global solar and wind project growth for 2020, slash new capacity from 2021

Wind Industry Profile of
COVID-19 set to wipe out global solar and wind project growth for 2020, slash new capacity from 2021

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. A Rystad Energy analysis shows that forecast growth in newly commissioned solar and wind projects will now be wiped out for 2020 and cut by a further 10% next year as the US dollar surges and currencies fall across the globe.

We expect these movements in the foreign exchange market to cause companies to pause contracting key components, which are typically procured in US dollars. Renewable projects in Australia, Brazil, Mexico and South Africa will be especially impacted, as projects in the procurement phase could face capital cost increases of up to 36% due to the rapid depreciation of local currencies in these... ... More: Official Press Release Rystad Energy

Rystad Energy, forecast, COVID-19, corona, growth, capacity, 2020, 2021, impact, pandemic, crisis, wind, solar, project, onshore, offshore

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