China Development Bank to Lend ¥30 Billion for Wind Projects
The China Development Bank (CDB) is to extend 30 billion Yuan ($4.8 billion) of finance to China Guangdong Nuclear (CGN) to fund its wind energy activities domestically and abroad.
The financing will be administered through debt and leasing over the next three years.
“In light of the recent trade disputes and the slowing markets elsewhere, the Chinese government is doing whatever it can to support its new energy industry, one of the seven ‘strategic emerging’ industries,” according to Jun Ying, an analyst at BNEF
He believes that CDP and other state-controlled banks will "definitely play a key role in providing the much needed funding" for the sector for the foreseeable future.
It must be nice to be in a growing market in China, knowing that the government will bend over backwards to make sure you not only survive, but thrive on the international market as well.
I think the Obama administration is taking NOTES.. If we loose the Energy Independence race to the Chinese, we a doomed as a nation..
You better step it up a bit then. China already has around 34% of gloabl wind capacity, at 80GW, and has plans to increase that to 150GW by 2015. It is also pretty dominant in the solar panel manufacturing sector.
The US needs to invest some serious cash in renewable energy development if it hopes to compete. Unfortunately they wont be able to support shale gas and renewable energy on the scale that is needed. One must take a back seat.
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