November 22 (Renewables Now) - China plans to lower its renewable power subsidy to CNY 5.67 billion (USD 805.6m/EUR 729.3m) next year from CNY 8.1 billion now, Reuters cited the country’s finance ministry as saying on Wednesday.
The state has allocated CNY 2.97 billion to subsidies for wind farms, CNY 2.63 billion for solar projects and CNY 73.39 million for biomass power generators. The solar subsidies concern only distributed generation projects and schemes for poverty alleviation purposes, according to the report.
In 2020, subsidies for centralised solar installations will be reduced, while at the start of 2021 those for onshore wind projects will be ended, Reuters said.
China brought online 16 GW of solar photovoltaic (PV) capacity in the first nine months of 2019, down 45% from a year earlier, according to data by China’s National Energy Administration.
(CNY 10 = USD 1.421/EUR 1.286)