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ADB support for Chinese wind farm
Source: Xinhua |
July 8, 2009, Wednesday
|
Print Edition
Print Edition
THE Asian Development Bank is to partly finance a US$73-million wind farm in the Inner Mongolia Autonomous Region to support China's efforts to cut greenhouse gas emissions and promote private investment in renewable energy, the bank said yesterday.
ADB is extending a long-term local currency loan of up to 164 million yuan (US$24 million) to Datang Sino-Japan (Chifeng) Renewable Power Corp, a joint venture between China Datang Corp and Japan's Kyushu Electric Power Co, Sumitomo Corp and Sumitomo Corp (China) Holdings, the Manila-based development bank said.
With its economy still growing strongly, China has become the second-largest power consumer in the world after the United States. The Chinese government has identified wind power as a commercially viable clean energy alternative to fossil fuels.
In a nation with abundant wind resources, it's estimated that if the industry were fully developed, its production capacity could hit about 1,000 gigawatts, more than 1.5 times the country's current electricity generation capacity.
"The lack of finance on reasonable terms has held back the development of clean energy projects in China. This project could become a model for future collaborations between state-owned enterprises and foreign investors in renewable energy projects, and may encourage China's private sector to invest in wind power projects," said Hisaka Kimura, an ADB investment specialist.
ADB is extending a long-term local currency loan of up to 164 million yuan (US$24 million) to Datang Sino-Japan (Chifeng) Renewable Power Corp, a joint venture between China Datang Corp and Japan's Kyushu Electric Power Co, Sumitomo Corp and Sumitomo Corp (China) Holdings, the Manila-based development bank said.
With its economy still growing strongly, China has become the second-largest power consumer in the world after the United States. The Chinese government has identified wind power as a commercially viable clean energy alternative to fossil fuels.
In a nation with abundant wind resources, it's estimated that if the industry were fully developed, its production capacity could hit about 1,000 gigawatts, more than 1.5 times the country's current electricity generation capacity.
"The lack of finance on reasonable terms has held back the development of clean energy projects in China. This project could become a model for future collaborations between state-owned enterprises and foreign investors in renewable energy projects, and may encourage China's private sector to invest in wind power projects," said Hisaka Kimura, an ADB investment specialist.
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