EIB Studies $127 Million in Loans for China Wind, Solar

The European Investment Bank may loan 96 million euros ($127 million) to wind farms and solar power in China as it seeks to boost cooperation with the nation.

The European Union lending arm is studying a 70 million- euro loan for two wind farms with 99 megawatts of capacity in Chongqing province and a 26 million-euro loan for a 20-megawatt solar plant in Shaanxi, according to a website statement.

Ninety percent of the EIB loan volumes go to EU countries though it has mandates to lend elsewhere to Asia, Latin America and Africa. The bank agreed to a 500 million-euro program to China, the Climate Change Framework Loan II, for clean-energy projects in 2010. The wind and solar loans detailed on the website on April 24 are part of that program, designed to strengthen the EU presence’s and cooperation in China.

The loan must be approved by the EIB board and a finance contract signed before the funds can be disbursed, according to the bank’s website.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net