BEIJING -- China has made a detailed plan for subsidy management of on-grid power generated from renewable energy sources, the Ministry of Finance (MOF) said.

The ministry said in a circular posted Thursday on its website that the plan aims to promote utilization of renewable energy, regulate the management of the subsidy fund and raise the efficiency of fund usage.

The amount of subsidy for on-grid power from renewable energy projects will be decided by factors including the on-grid power price and the benchmark price of electricity generated by desulfurized coal-firing power plants, the circular said.

Renewable energy sources include wind, biomass, solar energy, geothermal energy and ocean energy, according to the circular.

The plan was jointly made by the MOF, the National Development and Reform Commission, and National Energy Administration.