NDB to finance China’s Offshore Wind Power Project.

K.V. Kamath, president of the New Development Bank (NDB), attends a groundbreaking ceremony at New Development Bank permanent headquarters building in Shanghai, Sept 2, 2017. [Photo/VCG]

As a part of an $800 deal, the BRICS New Development Bank (NDB) signed $800 million loan agreements for three green development projects in China’s Fujian, Hunan and Jiangxi provinces.

The loan will finance the Fujian Putian Pinghai Bay Offshore Wind Power Project, the Ecological Development Project in the Green Heart Center of the Hunan Chang-Zhu-Tan City Cluster and Jiangxi Industrial Low-Carbon Restructuring and Green Development Pilot Project.

The NDB President K.V. Kamath said at the signing ceremony that China invested $100 billion in renewable energy from 2015 to 2016, more than the investments of Europe and the United States combined.

China’s Vice-Minister of Finance Shi Yaobin, who witnessed the signing ceremony, said the NDB has loaned 5.8 billion yuan to China so far.

He urged provinces that have secured loans to cooperate with the NDB to be strict in projects’ qualities, carry out review of compliance, ensure the projects will be completed on schedule and play due roles as soon as possible.

According to the agreements, the NDB will loan 2 billion yuan to the Fujian wind power Project, the first of its kind in Fujian, to support the construction of 246 mW offshore wind turbines.

The agreement follows a meeting between China’s and Denmark’s energy ministers earlier this month.

 

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