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China WindPower secures USD81 million funding from China Development Bank

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(Credit: Reuters) A worker inspects solar panels at a solar Dunhuang, 950km (590 miles) northwest of Lanzhou, Gansu Province in this September 16, 2013 file photo.Solar Farms
December 6
4:26 AM 2013

China WindPower Group Ltd. on Friday said that it has obtained CNY490 million (USD81 million) in loans from China Development Bank Corp. for its solar farm projects. Bloomberg, citing a statement by China WindPower, said the 15-year loans will be used to develop a 50-megawatt solar project in Yongren, Yunnan province. Part of the funds raised will also be used to construct a 20-megawatt plant in Delungha, Qinghai province. 

China WindPower added that China Development Bank has provided a total of CNY1.23 billion in long-term financing to the company's 5 wholly-owned solar power projects, the report stated.

China WindPower in a statement said that the continuous support from the Chinese policy bank has provided solid capital foundation for accelerating its solar power generating business. 

The Chinese clean-energy company operates eight solar power projects with a combined capacity of 150-megawatts to date, Bloomberg said. 

China WindPower is the only pure vertical integrated clean energy company listed on the Hong Kong Stock Exchange, its website said.  

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