An Australian green investment bank will partner with a Chinese associate in the aim of encouraging more companies to invest in solar energy and, in particular, the use of photovoltaic panels, local media said on Wednesday.

Shareholders have approved the sale of Europe's largest supplier of solar panels, Norway-based REC Solar, to a subsidiary of solar maker China National Bluestar, Norway's Elkem Group, for NOK4340 million ($694 million).

The silicon metal market price in China hit the bottom after dropping by CNY50 per ton after the turn of the year, rebounded by the same amount and now stabilized while remaining flat.

On 15 January, at an extraordinary general meeting, the shareholders of REC Solar approved the sale of the company to Bluestar Elkem Investment (Hong Kong).

In China, the market for 553 grade as a low-grade product again showed a declining trend.

The Commerce Dept. confirmed steep import duties yesterday on solar products from China and Taiwan earlier on Wednesday in a decision that may inflame trade tensions between the two countries.

The Department of Commerce slapped high tariffs on solar products from China and Taiwan yesterday in a decision intended to address dumping and unfair subsidization of imports to the United States.

Chinese solar panel makers will have to pay big tariffs to import some of their products into the United States, the US Department of Commerce confirmed this week.