China to slash solar subsidies by 50% in 2020 - report

Image by: Risen Energy (www.risenenergy.com).

March 12 (Renewables Now) - China plans to make a 50% cut in the 2020 subsidies budget for new solar capacity and completely remove support for new offshore wind farms to ease the financial burden on its budget.

News service Caixin Global reports that the National Energy Administration (NEA) will allocate CNY 1.5 billion (USD 214.7m/EUR 190.1m) for subsidising new photovoltaic (PV) projects, of which CNY 1 billion will go for large-scale projects awarded through auctions. The remaining CNY 500 million will be set aside for distributed generation (DG) schemes. The total envisaged subsidy amount in the solar segment is 50% lower than the one in 2019.

In addition to cancelling support for new offshore wind farms in 2020, the country will also end the subsidies for onshore wind projects in 2021, according to the report.

China brought online 30 GW of solar PV capacity in 2019, down from 44 GW in 2018.

(CNY 1.0 = USD 0.143/EUR 0.127)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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