China WindPower $941m PV loans

China WindPower (CWP) has secured an agreement with a unit of China Development Bank (CDB) to obtain up to 5.7bn yuan ($941.4m) to invest in more than 800MW of PV projects in the country through to the end of 2015.

Last month CDB agreed to provide CWP with a 490m yuan loan to build solar projects, following an initial 1.23bn yuan long-term PV project financing arrangement it had already reached with the major Chinese wind developer.

Hong Kong-listed CWP is gradually positioning solar as its main business, chief executive Yang Zhifeng said in a statement.

It started shifting into solar in 2010, and currently operates 150MW of PV capacity, with 133MW of that on its own books. It claimed to own 22 wind farms and seven solar projects throughout 24 Chinese provinces by the end of last June.

The Beijing-based company said it has more than 5GW of solar and roughly 28GW of wind in its pipeline.