Coronavirus company news summary – North American energy projects maintain value through Covid – MHI Vestas to install 90 turbines in UK

7 October 2020 (Last Updated October 7th, 2020 10:20)

7 October

In its latest report, Fitch Ratings has said that North American energy projects have generally weathered the effects of the Covid-19 pandemic well. The rating agency affirmed its outlook for 37 of its 46 energy projects in North America, and revised the outlook of five projects to negative. It also downgraded the outlook of three projects; and placed one project on Rating Watch Negative.

Consumption of electricity in the US is expected to fall by 2.3% in 2020 as Covid-19 induced lockdowns impacted businesses, according to the US Energy Information Administration. Electricity demand is expected to fall to 3,809 TWh this year, against 3,896 TWh last year. In 2021, the administration expects consumption to remain steady, at 3,806 TWh.

Swedish wind power developer Eolus has signed a deal to sell the 46.5MW Wind Wall 1 wind farm in the US to Cubico Sustainable Investments. The project is located near Tehachapi, California, and is Eolus’ first wind project developed, financed, and constructed in the US. The project will comprise of 13 wind turbines, whcih will be commissioned during the fall of this year.

Turbine maker MHI Vestas has started preparatory works to install turbines at the Triton Knoll project in the UK. The company plans to install 90 of its V164-9.5 MW in the first quarter of 2021. The company has moved in to Able Seaton Port in Hartlepool, which will serve as the turbine logistics and pre-assembly hub for the project.