Chinese Solar Support to ‘Soak Up’ Glut Sends Stocks Higher
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Chinese solar manufacturers rose as the world’s biggest maker of panels announced plans to boost the power it gets from the sun, a move that may help the industry cut a supply glut and increase profits.
China plans to add 10 gigawatts of solar power a year during the next three years, according to a statement from the State Council posted on the government’s website today. Both Xinyu-based LDK Solar Co. and Wuxi-based Suntech Power Holdings Co. rose more than 19 percent in New York trading.