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Coronavirus company news summary – Minnesota Power advances clean energy strategy – Earnings increase for Sterling and Wilson Solar and Encavis

17 Nov 2020 (Last Updated November 17th, 2020 10:39)

17 November

Indian engineering and construction provider Sterling and Wilson Solar reported that its third quarter revenue rose by 12% to $179.07m. This compares to $159.9m revenue for the same period in 2019. The company’s net profit for the quarter stood at $2.02m, plunging 81% from the $10.64m it earned in the corresponding period last year.

Utility firm Minnesota Power plans to advance its $40m energy strategy to generate energy free of carbon emissions, to accelerate the state’s recovery from Covid-19 induced economic slump. The company urged the state utility commission to approve its plan of constructing 20MW of solar arrays in the region. A company spokesperson said the solar farms would create jobs, power thousands of homes and add $16m to the gross regional product of 2021.

German wind and solar operator Encavis reported that its raw operating earnings (EBITDA) from January to September 2020 stood at $214m, compared with $205.4m for the same period last year. The ongoing pandemic did not affect power generation at its plants, even as the company confirmed its full year projections. Encavis’ revenue increased by 5% to $259m, thanks to the acquisition of wind parks in Denmark last year.

Indian power demand during the first fortnight of November increased by 7.8% to 50,159TWh, compared with the corresponding period in 2019. The rise in consumption is attributed to resumption of economic and commercial activity after easing of Covid-19 lockdowns. This is the third consecutive month where the electricity demand rose on a year-on-year basis.