- Capacity to reach 150 gigawatts from 36 gigawatts now
- Government will also push mergers, acquisitions, report says
Solar-power capacity in China, already the world’s largest market, will jump more than fourfold by 2020, according to a senior official cited Tuesday by the government’s official news agency.
Solar capacity in China will reach 150 gigawatts in five years, up from 35.8 gigawatts at the end of June, Dong Xiufen, director of new energy for the National Energy Administration, told the Xinhua news agency. The government’s goal is to boost photovoltaic-power capacity by 20 gigawatts annually from 2016 to 2020, according to Xinhua’s report.
The increase would come amid signs of an economic slowdown in China and would require growth above what analysts have predicted. Bloomberg New Energy Finance in August forecast 17.5 gigawatts of solar power would be installed this year, up 35 percent from 13 gigawatts in 2014.
China will also continue to push mergers and acquisitions among domestic solar companies as well as technological advances, Huai Jinpeng, deputy head of the Ministry of Industry and Information Technology, said in the Xinhua report. He said further efforts are needed in research and development and company financing.