World’s Top Renewable Firms Reel Even as Installations Surge
- Volatile costs, high interest rates, overcapacity taking toll
- SunPower plunges after cutting full-year forecast on demand
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The biggest manufacturers of wind turbines and solar panels are facing their most serious financial challenges in years even as deployments of clean energy head for an annual record.
About 500 gigawatts of renewable generation capacity will be added this year, according to the International Energy Agency, and at least $1 billion a day is being spent on new solar additions alone. Yet companies in the sector are being squeezed by volatile costs, snarled projects, high interest rates and — in the solar sector — a rush to add new capacity that’s overwhelmed demand.