ADB approves $55m loan to fuel distributed wind energy in China

This will help the fossil fuel-reliant country in its transition.

The Asian Development Bank (ADB) has issued a $55m loan to financial institution Huaneng Tiancheng Financial Leasing Co., Ltd. (HTFL) to boost the development of distributed wind energy power plants in China.

“This project will help accelerate the country’s transition to clean energy, reduce greenhouse gas emissions, and support the PRC’s sustainable development goals,” said ADB Country Director for the People’s Republic of China Safdar Parvez.

DWE plants, strategically located near consumption points, offer a stable and cost-effective energy solution for small-scale operations and rural areas, reducing dependence on long-distance power transmission.

Since China is heavily dependent on fossil fuels, support for renewable energy development will be key to addressing this and meeting its climate goals of peak carbon emissions before 2030 and carbon neutrality by 2060.

“HTFL’s partnership with ADB marks a milestone in the company’s mission to promote industrial financial services and drive clean energy development,” ADB said.