China bails out its solar sector. Shares of Chinese solar companies soar.
REW: “Shares in Chinese solar companies soared after the government allocated a further 7 billion yuan ($1.1 billion) of subsidies for domestic installations this year, taking the year’s total to 13 billion yuan ($2 billion), according to the official Xinhua News Agency.”“News of further financial support came after Xinhua reported China may double its upper limit for solar power capacity to 40 GW by 2015. Elsewhere, the Shanghai Securities News said officials may double their target for solar installations, while China’s Ministry of Science and Technology confirmed subsidies for more than 100 developers with a combined capacity of 2.8 GW. The payouts, under the Golden Sun program, are the second round announced this year.”