A bank has approved funding for a large-scale offshore wind project in China.
The New Development Bank (NDB) will provide a RMB2 billion (£233 million) loan for the second phase of the Putian Pinghai Bay Offshore Wind Power Project. The second phase will add 250MW of generation capacity.
It is one of the largest projects of its kind in China, has an expected annual output of 873 million kWh and is forecast to cut CO2 emissions by 869,900 tonnes.
The announcement was made by NDB’s Board of Directors in their seventh meeting, held in Shanghai. During the meeting they also announced they would fund 1,500km of new roads in India.
Kundapur Vaman Kamath, NDB President, said: “The two projects approved today, together with the first set of projects approved by the Board earlier this year, are aimed at meeting infrastructure needs of our members.
“All these projects are in line with the New Development Bank’s mission of mobilising resources for infrastructure and sustainable development projects in our member countries.”