The New Development Bank has signed a 525 million yuan ( million) sovereign loan agreement to fund a solar power project in Shanghai — the BRICS bank's first loan project in China, the lender said yesterday.
The loan, to be used in Shanghai Lingang Distributed Solar Power Project, will allow the Lingang Industrial Area to have a solar photovoltaic power plant with a total capacity of 100 megawatts, the bank said.
The loan deal, jointly signed by Shi Yaobin, vice minister of finance, and Kundapur Vaman Kamath, president of the NDB, will be issued in stages over three years to sub-projects.
"As Shanghai embarks on a more balanced, coordinated and sustainable development path, we look forward to working with the NDB and benefit from its financial, technological and managerial expertise," said Ying Yong, executive vice mayor of Shanghai.
The NDB, founded by Brazil, Russia, India, China and South Africa in 2009, plans to lend US.5 billion in 2017, Kamath said in an earlier statement.
In November, the lender proposed a 2 billion yuan loan for a wind power project in southeast China's Fujian Province, which is waiting for final approval from the government.