But Israeli investor Solaredge and Indian supplier of engineering, procurement and structure facilities Sterling and Wilson presented hope for a recovery in Europe, and Chinese glass manufacturer Xinyi said it would keep the furnaces running in the worst era of the pandemic.
There was little cheer for traders on solar stocks – or much of the wider market – during the second quarter.
Picture: skeeze / Pixabay
U.S. microinversor company Enphase Energy defined the effects of the Covid-19 crisis on the industry in a quarter in which profits declined 39% in the first 3 months of the year, with a net loss of US$47.3 million. The company said it saw an uptick in demand in June and last month and a strong follow-up on the spread of coronavirus in the United States. The polysilicon business of the German chemical company Wacker Chemie also suffered in the quarter, with the virus reaching a 17% quarterly drop in profits due to a gross loss of 35 million euros ($41.6 million) during the 3 months.
The Norwegian polysililine manufacturer REC Silicon ASA, which has production services mainly in the United States, said that not to implement the Phase I agreement between the United States and China in January means that it does not have a prompt chance of reopening its solar grade polysilifience. plant in Lake Moses in Washington state. The industry agreement was never put into effect due to the emergence of Covid-19 in the United States and the upcoming disintegration of relations between the White House and Beijing. The REC revealed in its quarterly figures at the time that it had obtained a $8.3 million coronavirus relief loan from the U.S. government, which required it to obtain staff titles and salaries or pay the amount.
European acquisition
Solaredge, an Israeli company of electric investors and garages, announced that sales had returned to pre-Covid-19 grades in Europe and had even taken a step forward in pre-pandemic figures in some countries. By posting figures for the quarter, the company also said it saw symptoms of recovery in the United States.
Mercom India Research reported that the price of sun imports into the country at the time of the quarter fell 84% compared to last year’s era, from $399 million to $69 million, due to the Covid-19 crisis
China’s solar glass corporation Xinyi Glass revealed that although Covid-19 has affected its product processing facilities and lagging behind in the progress of sun projects for its production business, the manufacturer has kept its 24-hour glass furnaces in the first part of the year, adding the first 3 months of the year. Matrix when the coronavirus devastated the country.
Developer in position to move west
An executive at solar project engineering, procurement and construction services provider Sterling and Wilson has talked to pv magazine India about how Covid-19 has affected the business and how the company is intent on targeting new markets which are easing coronavirus measures, including Europe.
China Energy Engineering Corp Ltd, headquartered in the state, blamed Covid-19 for “pandemic and prevention measures” in the first quarter for allocation delays that led to a year-over-year decrease in first-half net earnings to RMB750-1.3 billion. (US$108-187 million) this year.
The rescued Chinese sun developer SFSY admitted that it was still affected by the Covid-19 crisis even though it reported that “the group’s operations had begun to normalize,” as it expected a gross profit for the first part of the year, after its $1.55 billion ($200 million) rescue through a department of state structure giant Sfahui Group in November. -time in July 2018. Outdated print journalist, he has also worked in environmental consulting, education, local government, infrastructure, aerospace, forensic medicine and sports.
More articles from Max Hall
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