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International Finance Corp (IFC), the private investment arm of the World Bank Group, is providing a loan of up to US$150 million to Chint Solar (Hong Kong) Ltd for the development and construction of the company’s downstream solar projects outside of China, including in Turkey, Pakistan, and Thailand.
Chint New Energy Development (Zhejiang) Co. was founded in 2006, and is one of the leading private renewable companies in China. It is an integrated solar system solution provider, engaged in solar photovoltaic (PV) manufacturing, and solar power generation. The company is engaged in solar downstream project investment and operation; PV manufacturing and Engineering; and Procurement and Construction (EPC) in China and overseas.
The proposed investment is a corporate loan of up to US$150 million, including an A loan of up to US$50 million, and a B loan of up to US$100 million, to support the operational expansion of Chint New Energy Development (Zhejiang) in developing solar power generation projects in emerging markets outside of China. The IFC loans will not be used for solar projects in China, or PV panel manufacturing projects.
According to the IFC, in China the company has developed about 1.9GW of solar power assets with 37 operating ground-mounted sites, mostly in remote rural locations. The company also builds, owns, and operates rooftop assets in urban locations. The company’s assets in China range in their capacity from 10MW to 200MW, with an average of 45MW. Most of their assets are located within solar power generation industrial parks developed by the local Governments, while others are located in remote locations, such as the Gobi Desert.
The company also operates a solar PV manufacturing plant in Hangzhou. Outside of China, the company has developed and is operating about 100MW of solar power assets in Japan, South Korea, Bulgaria, Romania, and Spain. It also has a pipeline of potential solar projects of about 360MW, including those located in Turkey, Pakistan, and Thailand.
In another solar deal, PV manufacturer GCL System Integration Technology has allied with Vina Solar Technology of Vietnam to build a 600MW power plant at Vina’s Bac Giang facility.
Meanwhile, Asia Clean Capital (ACC) and SUMEC New Energy & Development have announced plans to develop projects amounting to 100MW in China. Under the terms of the agreement, Beijing based ACC will provide construction and financing for the solar panels, and SUMEC will provide technical support, engineering design, and other services for the associated rooftops.
SUMEC is a subsidiary of China National Machinery Industry Corporation, which is a Fortune 500 company. ACC specialises in rooftop solar projects, and has offices in Beijing and Hong Kong.
11 Jan 2017