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Shanghai solar project wins funding from New Development Bank

January 3, 2017

China announced on Sunday the launch of a new-generation weather satellite.

A new solar photovoltaic (PV) power plant will be built in China thanks to a CNY525m ($75m) sovereign project loan from the New Development Bank.

The Shanghai Lingang Distributed Solar Power Project is the development bank's first project in China.

Under the plans, a solar PV 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.

"As Shanghai embarks on a more balanced, coordinated, and sustainable development path, we look forward to working with the NDB and benefit from its financial, technological, and managerial expertise," commented Ying Yong, Executive Vice Mayor of Shanghai.

"We welcome the signing of our first loan agreement, which is a seminal event for the NDB," added K.V. Kamath, the bank's president. "The Shanghai Lingang Distributed Solar Power Project is a good example of forward-looking and green investment."

China's National Energy Administration (NEA) announced in December that the country is planning to install over 110 million kilowatts of solar power by 2020.

The NEA's solar power development plan for the next five years states that China will reduce the costs for producing photovoltaic power and lower its price by at least 50% compared with that of 2015.

China produced the world's largest installed capacity of photovoltaic power in 2015, with an annual growth rate of over 33% from 2011 to 2015, according to state news agency Xinhua.

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