China cuts subsidies for solar projects
May 31, 2012 Category Alternative energy, Environment
China has cut a subsidy for solar projects under a demonstration program this year by more than 20% to reflect falling costs of photovoltaic system installations. The government will offer CNY5.50 per watt for the combined capacity of 1.71 GW approved for this year under the Golden Sun program. It earlier proposed to offer CNY7 per watt this year. Engineering, procurement and construction contractors typically ask for CNY8 to CNY10.50 per watt for solar projects today, said Liu Wenping, Analyst at investment research firm Pacific Epoch. Golden Sun was launched in 2009 to facilitate the development of China’s solar power industry and aims to cover 50% to 70% of the investment in solar installations. Developers must meet certain requirements in capacity, scale and capital to qualify for the subsidy. Cao Min, CFO of Nasdaq-listed JA Solar Holdings, said the solar industry may see improved prospects in the second half of 2012 or the first half of next year due to industry consolidation and improving demand. JA Solar signed a strategic R&D tie-up with the Shanghai Institute of Technical Physics of the Chinese Academy of Sciences (CAS). In January, the National Energy Administration (NEA) said China plans to double its solar power capacity in operation by installing 3 GW this year.
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