Coronavirus company news summary – India’s renewable energy share increases – Orsted reports higher-than-expected quarterly profits

29 October 2020 (Last Updated October 29th, 2020 09:32)

29 October

India’s installed power capacity increased to 374.4GW in Q3 from 372.9GW in the previous quarter. The country’s renewable energy share rose to 36.4% for the same period, a minor increase of 0.1% from Q2, owing to the Covid-19 related lockdown restrictions. The renewable installations accounted for 24.2% share in the country’s power mix, standing at 90.6GW by the end of September.

Danish power company Orsted’s third quarter profits exceeded expectations as EBITDA registered a 18% drop to $0.53bn against analysts’ expectations of $0.51bn. The company has retained its 2020 guidance of EBITDA at $2.5bn-$2.7bn despite the impact of the pandemic on its operations. Orsted’s offshore wind projects in the US were postponed owing to delays in permits, even as it is actively investing in the renewable energy sector.

The total number of offshore wind projects being developed across the world increased by 47% since January despite the supply chain disruptions and economic slowdown caused by the Covid-19 pandemic, according to non-profit organisation RenewableUK. The total capacity of offshore wind projects globally increased from 134.7GW in January to 197.4GW. The UK emerged as the leader in offshore wind with a pipeline of 41.32GW, followed by China at 26.1GW.

US-based solar PV manufacturer First Solar reported a 70% increase in sales in the third quarter to $928m from $285m in the previous quarter. The increase in sales was attributed to increase in international project sales and the number of modules sold to third party companies. First Solar has restored its full-year guidance owing to increase in sales. The company had previously withdrawn the guidance due to the uncertainty related to the coronavirus pandemic.