Coronavirus company news summary – Covid-19 brings US wind sector to a standstill – Rockfeller Foundation commits $1bn to Covid recovery

27 October 2020 (Last Updated October 27th, 2020 10:39)

27 October

The wind energy market in the US is expected to lose approximately 35,000 jobs and $35bn in investments in 2020 due to the Covid-19 pandemic, which has impacted supply chains and lead to project delays. The industry was growing at 10% a year before the pandemic but the pandemic has led to cancellation or deferment of ongoing projects.

The Northern Ireland parliament, Stormont, has granted $654k (£500,000) in allowances to 52 wind turbine owners in the UK province. Many businesses already received a small business rates relief of $13,000 (£10,000). The Department for the Economy had since declared the wind turbine sector unqualified for grants after paying more than £500,000 ($651,283).

Rockfeller Foundation, a philanthropic organisation, has launched a $1bn Covid recovery fund aimed at increasing investments in grid-scale renewables. The aim of the foundation’s green and inclusive recovery plan is to use the investments to increase renewable energy footprint in underdeveloped economies and provide subsidies for renewables-powered electrification.

The first two units of the 1,670MW Srisailam Left Bank Hydroelectric Station located in Telangana, India were restarted, after a huge fire caused damage in August. The trial run of the units was conducted in phases to check important parameters, before the official relaunch. The re-launch was originally scheduled for September but postponed to October after engineers working on the restoration of units contracted Covid-19.