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BUSINESS & TECH

Sun Sets Further on China’s Solar Subsidies

A floating solar energy farm is seen at a photovoltaic power station in Hangzhou, Zhejiang province, on May 17. Photo: IC
A floating solar energy farm is seen at a photovoltaic power station in Hangzhou, Zhejiang province, on May 17. Photo: IC

China has abruptly put the brakes on solar power subsidies, seeking to stem overcapacity in a sector that has benefited for years from government incentives.

The move caught many in the industry off guard.

The government won’t grant subsidies to any new ordinary solar projects this year. For those that are being built, the incentives will be cut by 0.05 yuan (0.8 U.S. cents) per kilowatt-hour (kWh).

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