China-based independent solar power producer United Photovoltaics Group said it expected FiT back payments of RMB1.328 billion (US$199.2 million) from 16 solar power plants after confirmation of payments have been authorised by the Ministry of Finance, National Development and Reform Commission and National Energy Administration on September 23.
United PV would seem to be the first solar company to acknowledge and detail payments due under the sixth batch of the ‘Renewable Energy Tariff Subsidy Catalogue’ that have become an increasing issue for solar power plant owners in China that have yet to receive crucial subsidy contributions from operating plants.
United PV noted that the subsidy payments related to approximately 630MW of solar power plants owned and operated in China by the company.
United PV had reported aggregate electricity generation for the six months of 2016 of approximately 611,211MWh and an installed base of 996MW.
Not surprisingly, United PV noted in a financial filing that the expected payments ‘significantly enhanced’ its liquidity position.