Donald Trump’s US election victory has dealt a blow to the renewable energy industry, prompting at least half a dozen developers to put projects on hold and investors to dump shares.
Canadian solar manufacturer Heliene is pausing progress on its $150mn plan to manufacture solar cells in the US until it gets more policy clarity from the incoming Trump administration. Battery recycling start-up Princeton NuEnergy is reconsidering its timeline to build a $300mn factory in 2028, the companies told the Financial Times.
Clean energy fears Trump’s re-election spells doom for the industry. The president-elect has vowed to turbo-charge the country’s oil and gas production and do away with President Joe Biden’s climate policies on the campaign trail, including repealing the Inflation Reduction Act, the strongest action the US has taken to boost renewable energy.