Coronavirus company news summary – Canadian Solar sees material costs hit profits – Indian solar growth recovers

20 November 2020 (Last Updated November 20th, 2020 09:33)

20 November

Solar manufacturer Canadian Solar has projected its fourth quarter profits to decline due to supply shortage and doubling of material costs after global Covid-19 restrictions lifted. Supply scarcity for glass, polysilicon and EVA materials will directly affect the company’s revenue.

India's solar capacity grew by 438MW in the third quarter, recording a 114% increase from 205MW during the previous quarter. However, the added capacity sits 80% lower than the 2.2GW added in the corresponding period in 2019. The solar sector made a recovery because of economic activities resuming after the lifting of Covid-19 related lockdown restrictions across the country.

The Indian renewable energy sector witnessed a 75% increase in mergers and acquisitions in 2020. The current year saw M&A transactions in the renewables sector reach $2bn, a substantial growth from $1.2bn in 2019.