17 April 2020 | The current pandemic caused by the disease Covid-19 threatens the viability of many de-central energy actors directly and indirectly through economic impacts. Supply chains are disrupted, as shipments are delayed and staff cannot work. Demand may be affected due to social distancing measures as well as prospective customers running short on cash, leading to decreased payment discipline. A survey taken amongst businesses and project developers supported by GET.invest’s Finance Catalyst service reflects these general impressions from the sector. Among the main challenges they were currently facing or expecting to face, clients mentioned decrease in revenue, shortage of working capital, HR concerns and supply chain suspension. 57% assumed that they would almost immediately face disruption to their business or market.
To respond to this challenge and to contribute to a stable renewable energy sector for both its end-users and suppliers, GET.invest has opened its Finance Catalyst service to help renewable energy projects and businesses navigate the crisis. In this way, the programme reacts to results from its client survey showing that services mostly requested at this point are assistance with introduction to programmes or funds designed to assist Covid-19 affected companies (81%), assistance with strategic approaches to financial forecasting (46%), as well as support with the review of business models (35%).
The Covid-19 window will provide project and business developers with fast-tracked access to the Finance Catalyst advisory team to help adapt operations to the effects of the crisis. Support will be available in the areas of investment strategy, business structuring and financial modelling, access to finance and transaction services. The application process is now open via this link.
GET.invest will implement the Covid-19 window in close consultation with stakeholders and partners, for instance the COVID Energy Access Action Network, and in close contact with financiers.
For more information on the Covid-19 window please follow this link to a webinar we hosted with SolarPower Europe on the 29th April where it is discussed in much detail.