China WindPower Group Ltd. on Friday said that it has obtained CNY490 million (USD81 million) in loans from China Development Bank Corp. for its solar farm projects. Bloomberg, citing a statement by China WindPower, said the 15-year loans will be used to develop a 50-megawatt solar project in Yongren, Yunnan province. Part of the funds raised will also be used to construct a 20-megawatt plant in Delungha, Qinghai province.
China WindPower added that China Development Bank has provided a total of CNY1.23 billion in long-term financing to the company's 5 wholly-owned solar power projects, the report stated.
China WindPower in a statement said that the continuous support from the Chinese policy bank has provided solid capital foundation for accelerating its solar power generating business.
The Chinese clean-energy company operates eight solar power projects with a combined capacity of 150-megawatts to date, Bloomberg said.
China WindPower is the only pure vertical integrated clean energy company listed on the Hong Kong Stock Exchange, its website said.
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