Wind projects delayed owing to COVID-19

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Photo by Camila Fernández León on Unsplash

Germany-based renewables developer PNE anticipates that the company’s implementation of projects as well as supplies may be delayed by a year in the wake of the Coronavirus outbreak. However, it observes that the pandemic shouldn’t have had a significant long-term impact on business. PNE is a Morgan Stanley-backed company in which Morgan Stanley Infrastructure Partners is the largest (almost 40%) shareholder.

“At present, we assume that there may be shifts in our operating business as regards the sale of project rights and project implementation from 2020 to 2021 and from 2021 to 2022, due to the current developments concerning the spread of the COVID-19 virus,” Markus Lesser, CEO, PNE said while presenting the company’s 2019 earnings results.

He added: “This has already been taken into account in the guidance. At this point in time, we assume that there should be no significant impact on our business in the medium to long term.”

A statement issued by PNE said that although there is justified optimism, PNE sees possible consequences for society and the market resulting from the spread of the COVID-19 virus. PNE responds to this threat with a large number of measures to protect employees, but also to safeguard the implementation of projects as well as supplies.”

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