Report: China to crank up 2015 renewable target

Chinese state media has today reported that the government will increase renewable energy targets for 2015 as it seeks to beef up efforts to curb greenhouse gas emissions.

China is already one of the world’s largest and fastest-growing renewable energy markets, having emerged as a leader in the development and installation of wind and solar energy.
The government had said it aims to accelerate the roll out of new renewable capacity as part of its next five-year plan and has signaled its intention to increase incentives to attract investment into the sector.

However, according to reports today in the China Securities Journal, the government is now working on plans to further increase its targets for a number of key renewable energy technologies.

The new plan proposes installing 100GW of wind capacity by the end of 2015, an increase of more than 10 per cent on the 90GW target previously announced by the National Energy Administration.

Similarly, the plan says the target for installed hydropower capacity should also be increased by 10GW, from 250GW to 260GW.

It also provides further details on the government’s target to install 10GW of solar energy capacity, outlining how 9GW of capacity should come from solar photovoltaic (PV) installations with the remaining 1GW provided by solar thermal projects.

The government is expected to translate the national targets into regional goals and could implement feed-in tariff style policies that force energy companies to purchase renewable power at above market rates.

In related news, China-based solar PV manufacturer Beijing Jingyuntong Technology announced this week that it has set the price for its planned initial public offering (IPO) at 40-42 yuan per share, putting it on track to raise up to 2.52bn yuan ($395m).

The IPO is nearly three times larger than had been originally planned by the company, prompting analyst predictions that the increased pricing had been fuelled by growing investor confidence over the prospects for the Chinese solar PV market.

Beijing Jingyuntong Technology said it intends to use the money raised through the IPO to build a new silicon PV industrial park in Beijing.

http://www.businessgreen.com/bg/news/2105109/report-china-crank-2015-renewable-target