News Article
CWP Borrow $900M to Chase Solar Success
China WindPower Group has successfully obtained an additional $942 million in long term project loans from China Development Bank ("CDB").
To date, CDB has provided a total of RMB 1.23 billion of long term project financing to 5 CWP's wholly owned solar power projects, a total of 150MW. The continuous support from CDB has provided a solid capital foundation for accelerating the solar power generation business to be the core business of the Group.
CWP obtained a total of RMB490 million 15-year long term project loans from CDB to develop its solar power projects, including a 50MW solar power project in Yongren, Yunnan Province and a 20MW phase 3 solar power project in Delingha, Qinghai Province, of which the loans amounted to RMB340 million and RMB150 million respectively. Both projects are wholly-owned by CWP.
CWP which has extensive experience in the solar power industry, took a lead in expanding its business to the solar power generation area in 2010 and successfully secured abundant high-quality solar resources. To date, the Group operates eight solar farms with total capacity at 150 MW, while attributable capacity has reached over 133.3 MW.
In addition, CWP owns 410MW solar power projects which are approved and pending construction as well as 530MW solar power projects which have received initiation approval from the National/Provisional Development and Reform Commission (N/PDRC). In addition, the Group has attained exclusive project development rights with the regional governments for more than 5GW solar resources.
