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NDB’s investment in wind power project in Fujian

THE New Development Bank approved 2 billion yuan (US$290 million) worth of loans to a wind power project in China's Fujian Province, according to bank's announcement after a board meeting held in Shanghai yesterday.

The Putian Pinghai Bay Offshore Wind Power Project, which has one of the largest installed capacities among projects with similar design in China, will use the fund on its second phase capacity extension of 250 megawatt, the bank said.

The multilateral lender, founded by Brazil, Russia, India, China and South Africa in 2009, approved seven projects within the year and lent out over US$1.5 billion by far.

The bank plans to lend out US$2.5 billion for 2017, mainly in use of "further development of a robust and dynamic project pipeline in all member countries," bank president Kundapur Vaman Kamath said.

Separately, the bank had issued its first yuan-denominated green bonds worth 3 billion yuan in China’s interbank bond market in July, which was said to be invested in four renewable-energy projects in Brazil, India, China and South Africa.


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