IFC supports China's wind power sector

9 December 2010


China WindPower Group is to benefit from $150 million of financing from the International Finance Corporation (IFC) for the construction of a 201 MW wind farm in Gansu province, China.

The IFC has organized a $140 million debt facility for the project and has also taken a $10 million equity stake in China WindPower to help the company expand its business in China as well as overseas.

The $140 million debt facility represents China's first wind-power deal financed entirely through international bank syndication.

“IFC's knowledge of international best practice and ability to offer customized financing will enable us to succeed and expand in this growing sector,” said Shunxing Liu, Chairman of China WindPower.

China WindPower will use IFC's financing to build its first wholly-owned wind farm, a 201 MW facility in the Gobi desert. The plant is part of a plan to develop an initial 3.8 GW of wind power capacity in Gansu province and to ultimately build up to 10 GW - equivalent to roughly one third of the installed wind-power capacity in the United States in 2009.

“IFC's investment in China WindPower will help avoid over 420 000 tons of carbon dioxide emissions every year in one of China's poorest western regions,” said Hyun-Chan Cho, IFC's Country Manager for China and Mongolia.

“In China, we focus on addressing the climate-change challenge through renewable energy development, cleantech investments, as well as innovative energy efficiency financing such as China Utility-based Energy Efficiency Finance Program.”

China is currently the biggest wind power market in the world, and by the end of 2010, its total installed wind power capacity will top other countries, according to the Global Wind Energy Council (GWEC).




Linkedin Linkedin   
Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.