COVID-19 Pandemic Puts $35 Billion in Wind Energy Investments at Risk, Says Industry Group

In one of the latest examples of the havoc that the novel coronavirus is wreaking on the U.S. economy, the American Wind Energy Association (AWEA) -- the national trade association for the U.S. wind industry -- yesterday stated its concerns that COVID-19 will "pose significant challenges to the American wind power industry." According to AWEA's calculations, the disease is jeopardizing the development of approximately 25 gigawatts of wind projects, representing $35 billion in investments.

Rural communities, where about 99% of wind projects are located, in particular, face considerable risk. The AWEA estimates that rural communities stand to lose about $8 billion in state and local tax payments and land-lease payments to private landowners. In addition, it's estimated that the pandemic threatens the loss of over 35,000 jobs, including wind turbine technicians, construction workers, and factory workers.

Image source: Getty Images.

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Source Fool.com