China WindPower wins PV loans

China WindPower (CWP) Group has nailed down a follow-on 490m yuan ($80.6m) loan from the China Development Bank to build PV projects, as solar energy becomes the company’s “core” focus.

Hong Kong-listed CWP says the 15-year loans will be ploughed into a 50MW project in Yunnan province and a 20MW project in Qinghai province.

The China Development Bank had already provided CWP with 1.23bn yuan in long-term project financing for PV arrays.

CWP – a major player within China’s wind sector and the UN’s Clean Development Mechanism – began shifting into solar in 2010, and currently operates 150MW of PV capacity, 133MW of it on its own books.

The loans provide CWP with “a solid capital foundation for accelerating the solar-power generation business to be the core business of the Group”, the company says.

CWP claims to have a more than 5GW pipeline of PV projects in China, 410MW of it approved and awaiting construction.