Coronavirus company news summary – Hitachi ABB Power Grids expects strong recovery – Korean investors end coal power support

28 September 2020 (Last Updated September 28th, 2020 09:12)

28 September

Hitachi ABB Power Grids CEO Claudio Facchin told Reuters the company will reach the upper end of its 2025 targets, despite the impact pandemic downturn. Facchin said: “Covid-19 has a negative impact on us in 2020 and 2021… but by 2023 and 2024, we should not see any more effect. We expect an actual positive swing when the recovery and stimulus packages kick in." The power grids business was acquired by Hitachi for $11bn from ABB.

South Korea-based KB Financial Group has decided to cease financing the construction of coal-fired power plants inside and outside the country in a bid to combat global climate change. The group will instead increase its investment in renewable energy businesses and the issuance of ESG bonds, The Korea Herald reported, citing the company’s officials.

Vestas has received a 144MW turbine order from Terna Energy for the Karystia wind project in the prefecture of Evia, Greece. As per the terms of the contract, Vestas will supply and install 40 V105-3.45 MW wind turbines delivered in 3.6MW Power Optimised Mode. It also includes a ten-year Active Output Management 5000 service agreement.

Solar power projects under construction in India face greater risks due to the numerous uncertainties caused by Covid-19-related lockdowns. According to a report by ratings agency India Ratings, solar power generation in Q1 of the financial year 2020-21 was 3%-4% lower than the same period one year ago.