CWP 70MW solar power projects obtain additional RMB490 million loan from CDB

HONG KONG, China WindPower Group Ltd and its subsidiaries announced that 70MW solar power projects wholly-owned by CWP have successfully obtained an additional RMB490 million of 15-year long term project loans from China Development Bank.

To date, CDB has provided a total of RMB 1.23 billion of long term project financing to 5 CWP's wholly owned solar power projects, a total of 150MW. The continuous support from CDB has provided a solid capital foundation for accelerating the solar power generation business to be the core business of the Group.

CWP obtained a total of RMB490 million 15-year long term project loans from CDB to develop its solar power projects, including a 50MW solar power project in Yongren, Yunnan Province and a 20MW phase three solar power projects in Delingha, Qinghai Province, of which the loans amounted to RMB340 million and RMB150 million respectively. Both projects are wholly-owned by CWP.

CWP, which has extensive experience in the solar power industry, took a lead in expanding its business to the solar power generation area in 2010 and successfully secured abundant high-quality solar resources. To date, the Group operates eight solar farms with total capacity at 150 MW, while attributable capacity has reached over 133.3 MW.

In addition, CWP owns 410MW solar power projects which are approved and pending construction as well as 530MW solar power projects which have received initiation approval from the National/Provisional Development and Reform Commission (N/PDRC). In addition, the Group has attained exclusive project development rights with the regional governments for more than 5GW solar resources.

Yang Zhifeng, executive director and CEO of CWP, said: "We are grateful to CDB for its strong support for the Company's solar power projects. With the continuous financial support from CDB, this will allow CWP to shift from the joint venture power plants investment model to develop and invest in more wholly owned power plants. Thus, with the change in such investment model, power generation will gradually constitute a greater portion of the Group's revenue and profit.

"Benefiting from a series of positive national policies and guidance, the solar industry will poise a favorable development opportunity. We will seize this new opportunity, fully utilize our advantages and experience to increase quality solar resources and develop more solar power projects. CWP will gradually push forward our solar power generation business to become our core business and major profit contributor to the Group."