China solar heater firm sees 25% growth

China's top maker of solar water heaters, Himin Solar Energy Group, expects earnings to grow 25% to around 2.5 billion yuan (US$333.2 million) this year, Reuters reported.

But the company said raw material costs and a lack of government support are denting profits. Solar heaters are the only form of renewable energy competing on China’s markets without any subsidies, Reuters said, citing company president Huang Ming.

China already accounts for over three-quarters of world output of the systems which use the sun’s energy to heat water for daily use.

Beijing recently pledged to up the energy it gets from renewable sources to 15% by 2020, and aims to more than triple the amount of installed solar water heating capacity by the same date, the report said.

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