Asian bank backs Chinese wind farm

The Asian Development Bank (ADB) is helping to finance a pioneering wind farm in Inner Mongolia that will help China to cut its greenhouse-gas emissions and promote private investment in renewable energy, Agence France-Presse reported. The 12-square-kilometre wind farm at Chifeng city is China's first to be built as a joint venture between Chinese and Japanese companies.

Based in Manila, the ADB is lending about US$24 million toward the facility’s total cost of US$73 million. The wind farm is expected to produce about 133 gigawatt-hours of electricity a year and reduce China’s annual carbon dioxide emissions by 140,000 tonnes.

“The lack of finance on reasonable terms has held back the development of clean energy projects” in China, ADB investment specialist Hisaka Kimura said in a statement. “This project could become a model for future collaborations between state-owned enterprises and foreign investors in renewable energy projects, and may encourage [China’s] private sector to invest in wind-power projects.”

The development is a joint venture between the state-owned China Datang Corporation and three Japanese companies — Kyushu Electric Power, Sumitomo Corporation and Sumitomo Corporation (China) Holdings.

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