The global Covid-19 pandemic is expected to hit planned wind and solar projects in Australia and other countries particularly hard, and wipe out any anticipated growth in renewables deployment in 2020, according to a new study. The Norway-based Rystad Energy says it had expected global solar additions to grow 15% to 140 gigawatts in 2020, and wind additions to grow 6% to around 75GW. But it now expects this growth to be eliminated, and its forecasts for 2021 have also been cut by around 10 per cent.
Rystad suggests a bigger impact could be felt in countries where the currency has declined sharply against the US dollar, and this will have a particular impact on Australia, where capital costs could rise by more than one third, along with Brazil, Mexico and South Africa. “The full extent of the impact of Covid-19 on the renewable energy market is just beginning to reveal itself,” it says in a new report authored by senior vice president Gero Farruggio.
In Europe, over 20 GW of solar capacity was expected pre-crisis. However, all of the Euro’s gains on the US dollar from the beginning of the year have now been lost. Foreign exchange issues for projects in Europe are less of an immediate concern but could take the forefront if the Euro falls further. Strict travel restrictions implemented across the continent have now halted projects under construction. In Latin America, Mexico and Brazil have the greatest capacity of utility solar PV projects under construction. However, both countries are experiencing steep currency declines versus the US dollar and procurement is expected to come to a complete halt on most – if not all – projects yet to be committed. Projects hoping to be commissioned in 2021 will be significantly slowed or even indefinitely delayed.
Source: Renew Economy
Finnish site 
Global site