China to allocate $217 mln to new solar power projects in 2020

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China to allocate $217 mln to new solar power projects in 2020

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BEIJING : China will allocate 1.5 billion yuan ($217.27 million) to new solar power projects in 2020, its energy administration said in a statement on Thursday.

Of the funds, 500 million yuan will be given to distributed power projects for residential users, and the remaining 1 billion yuan will be split between large-scaled solar stations and distributed power projects for industrial and commercial users.

China has planned to scale back its total renewable power subsidy to 5.67 billion yuan in 2020 from 8.1 billion yuan last year, as Beijing believes clean energy sources are capable of competing subsidy-free with coal-fired power.