Coronavirus company news summary - Australian Granite Hills project suspended - Siemens Gamesa posts loss of more than $1bn

French renewables company Akuo Energy has suspended the 132MW Granite Hills wind project, located in New South Wales, Australia, due to uncertainty from the ongoing coronavirus pandemic. The company is currently preparing its environmental impact statement for the project.

Wind turbine maker Siemens Gamesa posted a net loss of $1.08bn during the current fiscal year, compared with $165m net profit registered in 2019. The company’s revenues slumped by roughly $1.17bn as business activity came to a standstill as projects were postponed amid Covid-19 lockdown restrictions.

Wind power installations across the world are expected to increase by nearly 20% in 2020, despite the impact of the Covid-19 pandemic, according to the Global Wind Energy Council (GWEC). A total of 71.3GW of wind power capacity, comprising both offshore and onshore installations, is expected to be added this year. This compares to 60.4GW capacity added in 2019. GWEC estimates 78GW of wind power installations will be added in 2021, partly because of projects postponed due to the pandemic.