UPDATE 1-Suntech to start new solar project in Jiangsu, China
* Says first project in Jiangsu above 1 MW
* Says eligible for government subsidies
May 19 (Reuters) - Chinese solar company Suntech Power Holdings Co Ltd (STP.N) said it was starting a 1.5 megawatt rooftop solar system project in Jiangsu province in China and the project is expected to be eligible for subsidies by the Chinese government.
The photovoltaic module maker said it was building the system in HuaiAn City with state-owned Jiangsu Guoxin Asset Management Group.
Suntech said the project is expected to be completed by October 2009.
On May 11, China said it was considering investing more than 3 trillion yuan ($440 billion) by 2020, to boost the renewable energy sector. This, along with announcement of another subsidy programme by the Obama administration has supported the recent surge of solar stocks around the world.
Shares of Suntech closed at $15.10 Monday on the New York Stock Exchange.
For the alerts, please double click [ID:nWNAB1296] (Reporting by Arup Roychoudhury in Bangalore; Editing by Vinu Pilakkott) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))
