CWP gets $734.5M loan for wind projects

CWP will get a stand-by credit line of US$734.5 million from China Construction Bank to support its business development in China. China WindPower’s five-year development plan sets forth to invest in and construct wind power projects with a total installed capacity of 700 MW in 2010.

“We expect new wind power projects with an installed capacity of 500 MW or more to commence operation within the year. Leveraging the financing facility from China Construction Bank, the Group may raise these targets, depending on the progress of development," said Mr. Liu Shunxing, Chairman and CEO of CWP.

"We are very pleased to have signed this agreement thereby forging a strategic alliiance with China Construction Bank and are grateful for their support. The collaboration reflects their confidence in our business prospects. It also represents a major milestone to strengthen our strategic cooperation and gives us solid capital support for our rapid development of wind power plants in China," he added.

The Group has invested in 28 wind farms, 12 of which have commenced generating electricity with a capacity of 566.25MW. Thos e presently in operation are able to sell "green" electricity totalling 1.35 billion kWh to the nation's electrical power grid corporations a year, realising a revenue of nearly RMB0.8 billion and preventing the emission of about 1,400,000 tonnes of carbon dioxide a year.