Deal to boost so­lar power devel­op­ment

Plant with to­tal ca­pac­ity of 100 MW to be built in Lin­gang In­dus­trial Area

China Daily (Hong Kong) - - BUSINESS - By REN QI renqi@chi­nadaily.com.cn

The Chi­nese gov­ern­ment and the New Devel­op­ment Bank signed a loan agree­ment on Wed­nes­day, ap­prov­ing the pro­vi­sion of 525 mil­lion-yuan ($75.5 mil­lion) sovereign project loan for the bank’s first project in China, the Shang­hai Lin­gang Dis­trib­uted So­lar Power Project.

The agree­ment was signed by Shi Yaobin, vice-min­is­ter of fi­nance and K.V. Ka­math, the pres­i­dent of the NDB.

The NDB, for­merly re­ferred to as the BRICS Devel­op­ment Bank, is a mul­ti­lat­eral devel­op­ment bank es­tab­lished by the BRICS coun­tries (Brazil, Rus­sia, In­dia, China and South Africa).

“This demon­strates the strong com­mit­ment of the Chi­nese gov­ern­ment to sup­port NDB in de­liv­er­ing its man­date of pro­mot­ing in­fras­truc­ture and sus­tain­able devel­op­ment in mem­bers of the bank,” said Shi.

“As Shang­hai em­barks on a more bal­anced, co­or­di­nated, and sus­tain­able devel­op­ment path, we look for­ward to work­ing with the NDB and ben­e­fit­ing from its fi­nan­cial, tech­no­log­i­cal, and man­age­rial ex­per­tise,” said Ying Yong, ex­ec­u­tive Shang­hai.

The project will be im­ple­mented by Shang­hai Lin­gang Hongbo New En­ergy Devel­op­ment Co Ltd. Un­der the frame­work of the project, a so­lar pho­to­voltaic power plant with to­tal ca­pac­ity of 100 MW will be built in Lin­gang In­dus­trial Area, one of the six ma­jor func­tional devel­op­ment ar­eas of Shang­hai. The project will be di­vided into a num­ber of smaller sub-projects that will be se­quen­tially im­ple­mented over a pe­riod of three years. vice-mayor of

mil­lion

the New Devel­op­ment Bank’s first project loan in China

Ka­math said: “We wel­come the sign­ing of our first loan agree­ment, which is a sem­i­nal event for the NDB. The Shang­hai Lin­gang Dis­trib­uted So­lar Power Project is a good ex­am­ple of for­ward-look­ing and green in­vest­ment. We hope that this project and other projects sup­ported by the Bank will act as cat­a­lysts for devel­op­ment in our mem­ber states.”

In July 2016, the NDB is­sued its first bond in China. It was the first time that an in­ter­na­tional fi­nan­cial in­sti­tu­tion is­sued a green fi­nan­cial bond in China’s on­shore interbank bond mar­ket. The size of the is­sue was 3 bil­lion yuan. The project will be fi­nanced by the pro­ceeds of the is­sue.

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