China to cut renewable energy subsidy

Total subsidies for solar projects are set at 2.63 billion yuan, while wind farms will receive 2.97 billion yuan and biomass generators will get 73.39 million yuan

China will cut its renewable power subsidy to 5.67 billion yuan (806.50 million USD) in 2020 from 8.1 billion yuan in 2019. The subsidy for 2020 will be allocated to wind farms, biomass power generators and distributed solar power operators, as well as solar power projects for poverty alleviation purposes, in 11 regions across the country. Because of a decline in manufacturing costs, China has been scaling back the amount of subsidies to renewable power providers, who are expected to compete with coal-fired utilities and achieve "grid price parity".

Source : https://bit.ly/2XFMvZL