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

20 Nov 2020

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.