IFC invests in Chinese wind power

Guazhou Xiehe Wind Power loaned $132 million from IFC for the development of Gansu Guazhou Ganhekou No.8 Wind Farm.

The Project is a part of Jiuquan City 10GW Wind Power Base - Phase I, which is in a desert 60 kilometers northwest away from Guazhou County of Gansu province, one of the frontier regions in western China. The total installed capacity of the project is 201MW, and the total investment is US$250.8 million, which includes registered capital of US$98.7 million and the rest will be supplemented by IFC loan. This project is expected to be operated by the end of 2010 with 400GWH annual power generation capacity and 400,000 tons of CO2 emission reduction capacity per year.

China WindPower Group Limited has investments in Guazhou Xiehe Wind Power Co., Ltd.
In addition, China WindPower Group Limited signed an equity subscription agreement with IFC. According to the agreement, IFC will invest $10 million in China WindPower Group Limited.

International Finance Corporation, a member of the World Bank Group, fosters sustainable economic growth in developing countries by supporting private sector development, mobilising capital for private enterprises, and providing advisory and risk mitigation services to businesses and governments. The loan and equity financing will strengthen the cooperation between CWP and IFC, as well as extend CWP’s financing channels which will further support CWP’s rapid growth in the future.