June 15, 2018 / 3:41 AM / 2 months ago

China cuts subsidies for some renewable power projects: finance ministry

SHANGHAI (Reuters) - Some Chinese biomass and waste-to-energy plants will no longer be eligible for renewable energy subsidies, the country’s finance ministry said on Friday, as it bids to resolve a huge payment backlog.

The Ministry of Finance said in a notice that a series of co-fired plants burning a mixture of coal, forest waste and household refuse would no longer be entitled to financial support.

The ministry has been struggling to find the funds to pay a subsidy backlog now amounting to an estimated 120 billion yuan ($18.71 billion), following a rapid surge in solar and wind capacity.

Reporting by David Stanway; editing by Richard Pullin

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