Expresso explains that “a few months ago, solar energy was one of the most promising areas for investment on the horizon” involving projects of “hundreds of millions of euros” which would have been “the backbone of (Portugal’s) energetic transition in the coming decade”.
But now “the pandemic has started to contaminate the economy” threatening to delay or even cancel many of the plans in the pipeline.
Explains Expresso, with Covid-19 provoking historic losses on the Stock markets and business leaders predicting a global economic crisis, it’s very possible that bit by bit throughout the planet many investments will be suspended, along with many decisions” like those associated with the next ‘solar auction’ for large projects in Portugal, due to go ahead in June.
President of Endesa power giant Nuno Ribeiro da Silva put the situation in a nutshell: “We don’t know if there are solar panels (these are imported from China), when they will arrive, or what price they will be. The banks and insurance companies are in “hibernation”, funds are worried and business people in freefall”.