China Development Bank to finance China Wind Power's 800 MW PV project pipeline
Post date: 07/01/2014
Hong Kong-based renewable energy company China Wind Power (CWP) says the China Development Bank Corp.’s (CDB) Qinghai Branch could lend it much as 5.7 billion CNY ($934 million) to develop solar projects in China, reports Bloomberg. The funds would be used to finance the development of more that 800 MW of solar projects over the next 2 years. In a press release, the company notes that it aims for solar to gradually become the company’s core business. CWP, which to date has focused primarily on developing wind power plants, currently operates five PV power plants in China totaling 150 MW.
In early December, the company announced it had obtained a 490 million CNY loan from CDB to finance the construction of two PV projects totaling 70 MW. Including the December loan, CDB has provided CWP with a total of 1.53 billion CNY for the construction of its five wholly owned solar projects. The December loan provided financing for a 50 MW project in Yongren, Yunnan Province and a 20 MW project in Delingha, Qinghai Province.
In December, CWP said it owned a further 410 MW of solar power projects approved and pending construction as well as 530 MW of solar power projects that have received preliminary approval by Chinese authorities.