UPDATE: First Solar Rallies 5%; Solar Stocks Power Higher as Japan Minister Confirms Generous Subsidy.

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Shares of First Solar are up 5% and several other solar sector stocks have joined this rally after Reuters, citing Industry minister Yukio Edano, reported that Japan has confirmed some generous subsidies for solar sector participants as the country moves to subsidize renewable energy.

For solar-generated electricity, the subsidy will be 53 U.S. cents per kilowatt hour, roughly double what Germany currently offers.

Other solar stocks rallying include Suntech Power Holdings ( STP ), which is up 11%, JinkoSolar ( JKS ) is up nearly 4%.

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This article appears in: Investing , Commodities
Referenced Symbols: JKS , STP

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