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Tim Buckley, head of South Asia energy finance research at the Institute for Energy Economics and Financial Analysis (IEEFA), said one of the most relevant impacts of the COVID-19 pandemic was the collapse
of interest rates in developed markets around the world.
Bid prices for solar projects in Abu Dhabi hit new lows in 2020 Image source: IEEFA
In a recently published report, Buckley said: "For solar, the required tax rate is a direct function
of the solar resource, the capital cost of installation, and the required return on debt.
”
However, due to the continuing impact of the decline in solar modules, the capital cost and financing cost of solar energy, the two important inputs affecting the solar tax rate, have fallen
sharply.
IEEFA further stated that despite the COVID-19 pandemic in April and May, renewable energy winning prices continued to break records
.
Most notably, in April 2020, Emirates Hydropower (EWEC) awarded 1.
5 gigawatts (GW) of solar projects
to a consortium of French energy group EDF and China JinkoSolar.
The consortium offered an offer of $13.
50/MWh
.
The result is 13% lower than Qatar's winning bid for 800 MW of solar in January, which hit a record low of $15.
60/MWh
from Total and Marubeni.
"Despite the global pandemic, the global transition to energy continued to accelerate
in April and May 2020," Buckley said.
”
According to IEEFA, as renewable energy and battery costs continue to fall, the risk of trapped thermal assets will increase
.
Meanwhile, as available capital continues to be constrained, major global financial institutions announced six new or tightened coal exit policies in April-May, bringing similar announcements so far in 2020 to 37
.
Tim Buckley, head of South Asia energy finance research at the Institute for Energy Economics and Financial Analysis (IEEFA), said one of the most relevant impacts of the COVID-19 pandemic was the collapse
of interest rates in developed markets around the world.
Bid prices for solar projects in Abu Dhabi hit new lows in 2020 Image source: IEEFA
In a recently published report, Buckley said: "For solar, the required tax rate is a direct function
of the solar resource, the capital cost of installation, and the required return on debt.
”
However, due to the continuing impact of the decline in solar modules, the capital cost and financing cost of solar energy, the two important inputs affecting the solar tax rate, have fallen
sharply.
IEEFA further stated that despite the COVID-19 pandemic in April and May, renewable energy winning prices continued to break records
.
Most notably, in April 2020, Emirates Hydropower (EWEC) awarded 1.
5 gigawatts (GW) of solar projects
to a consortium of French energy group EDF and China JinkoSolar.
The consortium offered an offer of $13.
50/MWh
.
The result is 13% lower than Qatar's winning bid for 800 MW of solar in January, which hit a record low of $15.
60/MWh
from Total and Marubeni.
"Despite the global pandemic, the global transition to energy continued to accelerate
in April and May 2020," Buckley said.
”
According to IEEFA, as renewable energy and battery costs continue to fall, the risk of trapped thermal assets will increase
.
Meanwhile, as available capital continues to be constrained, major global financial institutions announced six new or tightened coal exit policies in April-May, bringing similar announcements so far in 2020 to 37
.
