India Renewables Projects Set for Slowdown on Lockdown

Source Bloomberg:

India’s renewables installations are set to slow after the country enforced a three-week lockdown to curb the spread of coronavirus, according to BloombergNEF.

Wind power installations in 2020 by independent power producers could decline almost 18% from the prior year to 1.95 gigawatts, according to BNEF, which cut its estimate for the year by 24%. Solar power installations are seen at 6.8 gigawatts (AC), down 20% from an earlier forecast.

India’s steps to counter Covid-19 are weighing on the broader economy, with most factories and offices forced to halt operations. An extension of the lockdown could spur a further reduction in targets, BNEF said.

Meanwhile, the government is allowing extensions for commissioning projects to help companies re-mobilize workers after the lockdown. This follows guidance last week to project developers that they could invoke force majeure on supply chain disruptions caused by the virus.