China to Subsidize 294 Solar Power Plant Projects

China is working its way to become a major solar power market as it plans to subsidize at least 50 percent of 294 solar power projects with total generating capacity of 642 megawatts (MW).

Beijing recognizes it will need to strengthen its alternative power sources to continue economic growth and remedy its worsening pollution problems under the golden sun plan released in July.

According to the Ministry of Finance, the solar projects would cost an estimated RMB20 billion and is scheduled to finish within three years time.

Around 232 projects will have a generating capacity of 290 MW to be built by industrial and commercial firms reports Reuters. There will be 27 lower capacity 46 MW projects to provide power in isolated areas.The rest with a capacity of 306 MW will be utility-scale plants.

Beijing is also willing to subsidize as much as 70 percent for solar projects located in powerless regions. “The Chinese government has recognized that these industries are the 21st century’s industries of importance, and it wants to be the Silicon Valley of renewables,” Alan Salzman, the CEO of U.S.-based VantagePoint Venture Partners, told USA Today.