China’s ballooning renewables subsidy deficit is putting huge pressure on the finances of some of the country’s biggest clean-power developers, which are having to borrow more or even sell assets to plug ever-growing black holes on their balance sheets, Recharge can reveal.
The Renewable Energy Development Fund (REDF) hit a record deficit of 140bn yuan ($20.8bn) last year, and has become “the primary bottleneck of renewable development in China”, Li Junfeng, director general of the National Center for Climate Change Strategy Research told local media, amid growing calls to sort the situation out.
