China has sold more than 100 million shares in solar power company in first year of its solar programme

Beijing, Nov. 11 (Xinhua) — China’s first solar power programme is under way, as the country’s government has sold over 100 million of its own shares in the Chinese company behind it, according to data compiled by Reuters.

The State Administration of Science, Technology and Industry (SAASTI) last week reported that it sold about 1.5 million shares of Solar City in the first nine months of this year, while it said the total number of shares sold this year would reach 4.8 million.SAASTIs shares have been the subject of much media coverage, and analysts say that while it will take years to fully recover from the solar boom, there is some optimism about the sector.

In a recent report, Reuters said that the sector was on track to grow about 15 percent per year for at least the next five years.

In November, the State Administration said that it would invest nearly 1 billion yuan ($16.6 million) in Solar City, while SASTI said it would spend 3.5 billion yuan.SASTI declined to comment.

China has also bought a stake in solar panel maker SunPower in an initial public offering (IPO) and has announced plans to invest about 8 billion yuan in solar farms in 2018.

SolarCity is one of the countrys biggest solar power companies, with about 40,000 megawatts of capacity and a total annual capacity of over 200 GW.

Solar City has also recently signed a joint venture with China Power Group Corp, which owns about 5,000 MW of solar panels in Shanghai.

The company has also been awarded contracts from the State Grid Corporation of China to build a network of solar farms across China, a deal it is currently seeking to finalize.

SolarCity says it is aiming to increase capacity by 50 percent in 2020.

It also has plans to expand its manufacturing capacity in China, which it hopes will help it build up its workforce.

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