China’s southern province of Guangdong, the country’s largest regional economy, plans to offer subsidies to offshore wind power projects, to boost lower-carbon investment and reduce emissions, an industry website reported on Tuesday.
The subsidies target projects that were approved before the end of 2018 and get fully connected to regional power grids between 2022 and 2024, industry portal bjx.com.cn reported, citing a Guangdong government document released on June 12 reviewed by Reuters.
Depending on the timeline of grid connection, the grants range between 500 yuan ($78.16) and 1,500 yuan ($234.47) per kilowatt capacity, with earlier starters entitled to higher subsidies.
These projects are outside those qualified for national-level subsidies, the report said, without giving specifics.
Developers will be able to sell electricity at prices on par with the provincial benchmark tariffs for thermal power generators, the report added.
Guangdong will stop giving subsidies for projects that start generating power from 2025.
The province, also China’s largest consumer of oil and natural gas, aims to install 4 gigawatts of offshore wind capacity by the end of 2021, expanding to 18 GW by the end of 2025.
($1 = 6.3973 Chinese yuan renminbi)
(Reporting by Chen Aizhu; editing by Jason Neely)
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