China establishes first 2022 solar subsidy pot at US$ 357.2 m.

Nov 18, 2021 03:04 PM ET
  • China has exposed its preliminary subsidy limits for existing renewables projects in 2022, nevertheless it remains to be seen whether the financing is to be topped up.
China establishes first 2022 solar subsidy pot at US$ 357.2 m.
Image: Panda Green Energy

Earlier today China's Ministry of Financing laid out its very first tranche of funding for existing sustainable projects for the upcoming year, making RMB3.87 billion (US$ 607.3 million) available. Of that overall, RMB2.28 billion (US$ 357.2 million) has actually been alloted for solar PV projects, with RMB1.55 billion offered for wind.

At RMB2.28 billion, the price available in 2022 is a significant decrease-- down 32.6%-- on the RMB3.384 billion provided for projects last year. However it is yet uncertain whether the financing ministry plans for this to be the full amount available in 2022 or whether the pot will be topped up at a later day.

A note issued by the finance ministry establishes the priority for subsidies to be paid by power grid firms in the nation according to main fund monitoring steps, as per the common procedure.

All funds are to be alloted to generators consisted of in China's listing of projects, with top priority offered to national PV projects that are minimizing hardship as well as supposed 'Top Jogger' projects confirmed by China's main government.

Half of the overall subsidy payable to these projects is to be allocated by the end of this year.

Other projects, including distributed systems as much as and including 50kW in size and also projects figured out by competitive bidding process tendered by 2019 will certainly have subsidy assigned proportionally.

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