The Board of Directors of the New Development Bank (NDB) has approved a CNY 2 billion (EUR 273.3 million) loan for the Putian Pinghai Bay offshore wind power project in China.
Under the framework of Putian Pinghai Bay project agreement, the NDB will provide the Chinese government with the sovereign project loan for the 250MW Phase 2 of the offshore wind power project proposed to be set up in the Pinghai Bay in Putian, Fujian Province.
The project in Putian has one of the largest installed capacities among projects with similar design in China, NDB said. It is estimated that the wind farm will generate 873 million kWh of electricity every year and cut 869,900 tons of carbon dioxide emission annually.
A relative newcomer to the world of infrastructure investments, NDB was created with a vision to support and foster infrastructure and sustainable development initiatives in emerging economies.
The founding members of the NDB – Brazil, Russia, India, China and South Africa (BRICS) – have paid in capital of USD 1.5 billion thus far as capital contributions.
With the signing of the Headquarters Agreement with the Government of the People’s Republic of China and Memorandum of Understanding with Shanghai Municipal People’s Government in February 2016, the bank became fully operational.