Solar acquisition

Chinese power company GCL-Poly Energy Holdings said yesterday that it would pay $3.38 billion for a Jiangsu Province solar parts maker controlled by its chairman, in a move to tap into the country’s growing solar energy industry.

China is expected to raise its 2020 solar power generation target more than five-fold to at least 10 gigawatts, or 10 billion watts, enough to power 10 million homes.

The government has said that it will unveil more cash incentives for solar projects to boost China’s renewable energy industry and cut the nation’s carbon emissions.

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