Arup Roychoudhury

Chinese solar company Suntech Power Holdings Co Ltd said it was starting a 1.5 megawatt rooftop solar system project in Jiangsu province in China and the project is expected to be eligible for subsidies by the Chinese government

CHINA; May 22, 2009.- The photovoltaic module maker said it was building the system in HuaiAn City with state-owned Jiangsu Guoxin Asset Management Group.

Suntech said the project is expected to be completed by October 2009.

On May 11, China said it was considering investing more than 3 trillion yuan ($440 billion) by 2020, to boost the renewable energy sector. This, along with announcement of another subsidy program by the Obama administration has supported the recent surge of solar stocks around the world.

Shares of Suntech closed at $15.10 Monday on the New York Stock Exchange.

(Reuters)

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