China has given a lift to the renewable energy industry by formally setting out plans to more than quadruple its solar power generating capacity to 35 gigawatts by 2015.
China’s State Council, or cabinet, said it hoped 10GW of capacity would be added annually over the next three years, which should help soak up the country’s sizeable share of a global glut in supply that has savaged many of the industry’s biggest names and seen solar panel prices plummet in the past two years.
“This confirms previous expectations that the Chinese government would solidify a significantly higher target than previously for 2015,” said Jenny Chase at Bloomberg New Energy Finance.
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