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November 17, 2020

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

By Matt Farmer

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.

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