Coronavirus company news summary – Seven power plants delayed in Indonesia – EDP Renewables sells 242MW wind turbines

11 August 2020 (Last Updated August 11th, 2020 09:24)

11 August

The Covid-19 pandemic has delayed the completion of seven power plants and four power distribution projects in Indonesia, The Jakarta Post has reported. The majority of the delayed plants are coal-fired, which contribute around 74% of the total delayed capacity. The list also includes one gas-fired and one hydropower plant.

Canada-based Jade Power Trust has wrapped up the sale of its Vistea (Suha) hydro project, which ceased operations in the second quarter of 2018. The project was sold for a conditional amount, equal to 20% of any free cash generated over five years.

EDP Renewables has agreed to sell its entire stake in a portfolio of onshore wind farms in Spain with. Portugal’s Finerge has agreed to buy the 242MW-capacity turbines. Based on the transaction price and the value of the net outstanding debt, the value of these assets stands at around $596m (€507m). After the completion of this deal, EDPR has concluded the sale of seven onshore wind farms located in Ávila and Catalonia.

ReNew Power has cancelled its power purchase agreement with Solar Energy Corporation of India for the upcoming 265MW wind project in Tamil Nadu. A company spokesperson said the agreement was revoked due to force majeure events. This includes the impact of the Covid-19 outbreak on the supply chain and delays by other parties in land allocation.