China WindPower Group (CWP) has secured RMB5.7 billion (US$924 million) in project financing for its PV pipeline.
The China Development Bank’s (CDB) Qinghai branch will provide the money to support the company’s proposed 800MW of solar power investments throughout 2014 and 2015.
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“With the continuous financial support from CDB, we will fully utilise CWP's advantages in solar resources reserves to develop more solar power projects,” said Yang Zhifeng, CWP’s executive director and CEO.
“CWP will gradually push forward our solar power generation business to become our core business and major profit contributor to the group,” he added.
The investor and project developer has already developed 28GW of wind power and 5GW of solar. It has exclusive project development rights in 24 of China’s 34 provinces and regions.
On 2 January the company issued a positive profits warning stating that its expected net profits for 2013 had been “significantly increased”.