Renewable energy developer, China Wind Power (CWP), has been awarded a CNY490 million (US$80 million) loan from the China Development Bank (CDB) for two solar projects totalling 70MW.
The two projects include a 50MW plant in Yongren, Yunnan, which receives CNY340 million of the loan, and 20MW in Delingha,Qinghai, which will get the remaining CNY150 million.
The CDB has already financed CNY1.23 billion (US$195 million) for five solar projects owned by CWP.
CWP already has eight solar projects, totalling 150MW as part of its portfolio and a pipeline of 950MW of solar projects in different stages of approval. CWP has also attained exclusive project development rights with the regional governments for more than 5GW of solar project development.
CWP also has an agreement with CNNC Rich Energy to build renewable energy projects in China, including the finance of 100MW in 2013, and by 2015, to complete a further 200MW of solar projects in China.
CDB also provided CNY200 million (US$32.8 million) for a 20MW solar CPV plant in China last month.