The COVID-19 pandemic has hit renewable energy companies worldwide and its effects are threatening to undermine recent years’ efforts to provide affordable, reliable, sustainable and modern energy for all. Sector surveys paint a picture of challenges ranging from a decrease in revenue, shortage of working capital, staffing concerns and supply chain disruption to uncertainty about credit risk management. At the same time, some companies have experienced short-term surges in demand, reflecting consumer confidence in ensuring their own energy supply based on decentralised systems. Overall, both the challenges and opportunities require adapted business strategies, revisiting financing structures and accessing additional finance.

GET.invest, a European programme supported by the European Union, Germany, Sweden, the Netherlands and Austria, has repositioned quickly to assist project and business developers in these challenging times. The support has been adjusted to meet the new needs in ‘crisis mode’.

Companies operating in the African and Caribbean regions can now apply for dedicated business advice as part of GET.invest’s COVID-19 window. A team of experienced advisers is on stand-by to assist companies with acute and critical finance-related problems. For instance, advisory topics could include support with reviewing business planning in light of a viability gap caused by COVID-19, understanding and where required re-negotiating existing financial obligations as well as introductions to available relief and emergency funds. A business continuity checklist and a scenario modelling tool developed by the advisers are available from the GET.invest website. To provide effective support, GET.invest coordinates closely with other partners.

In collaboration with the Private Financing Advisory Network (an initiative of initiated the Climate Technology Initiative and the United Nations Framework Convention on Climate Change), GET.invest has created the COVID-19 Support Database, which currently lists about 100 references of business advisory and financial support options offered by associations, impacts funds, international associations and programmes across the sector.

In parallel to its COVID-19 response, GET.invest continues its standard services of market information, a funding database, (virtual) business-to-business events, as well as regular, long-term support to bring clean energy business opportunities to fruition.

These efforts are all geared towards ensuring that energy service provision continues during the crisis and that once it is over the sector is in a good position to continue its role as an enabler of development and a ‘green recovery’. Find out more at www.get-invest.eu.