Renewables such as wind and solar photovoltaics, or PV, now provide almost three tenths of global electricity. The industry’s spectacular growth ovder the past two decades has been supported by global supply chains that have helped to drive down costs. But the coronavirus pandemic threw an almighty spanner in the works, with border closures, lockdown restrictions and component delays slowing the progress of many clean energy projects.
“These ventures subsequently ran the risk of increased construction costs, as project developers tried to source parts from elsewhere,” says Somik Das, senior power analyst at GlobalData.
Quarantine measures also reduced the workforce on some construction sites, he adds, and contractors reliant on international labour were further impacted by travel restrictions.