International renewable energy provider GCL New Energy, a subsidiary clean energy conglomerate GCL Group has recently received the first tranche of tariff back payments in China totalling RMB 990 million (US$142.5 million).
A key factor in China’s 531 New Deal, which cut support for large-scale PV and DG projects was due to the ballooning FiT payment backlogs with utilities, which had reached approximately US$17.5 billion at the end of 2017.
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GCL New Energy noted that it had 1,773MW of power plants registered in the Renewable Energy Tariff Surcharge Subsidy Catalogue with approximately RMB 3,050 million (US$439.1 million) in tariff payments outstanding at the end of June, 2018.