On Oct 8th of 2010, Chairman Mr. LIU Shunxing attended IMF World Bank Group 2010 Annual Meeting Event at International Finance Corporation's invitation in Washington DC, U.S.. As the representative of wind power industry, Mr. Liu met with IFC’s CEO, Mr. Lars Thunell, Vice President, Mr. Rashad Kaldany and Director, Regional Industry Infrastructure East Asia Pacific, South Asia Ms. Anita Marangoly George respectively, and had a very cheerful conversation. Mr. Thunell and other executive leaders of IFC gave China WindPower Group highly appreciation on successful cooperation of both sides and expressed very positive comment that IFC hopes to build a long-term relationship with the company based on existing cooperation and will support the group’s development in the world.
Below article is sourced from “IFC 2010 ANNUAL REPORT”
An Emerging Player
China is now the world’s largest wind market. IFC is helping build one of its industry pioneers, China WindPower Group.
Listed in Hong Kong just three years ago, China WindPower (CWP) is a fast-growing, entrepreneurial firm committed to developing top-quality clean energy in the country that has the world’s highest carbon emissions. Using a vertically integrated business model, it makes wind turbine towers, then designs, constructs, and maintains the wind farms for itself and other developers.
Opportunities abound: China has doubled its wind power capacity every year for the last four years and shows no sign of stopping, committed to getting 15 percent of its power from renewable sources by 2020.
Having developed 12 mid-size Chinese wind farms in partnership with large state-owned enterprises, CWP sought IFC’s assistance to reach the next level.
We are financing its first wholly owned project: the 200 megawatt Xiehe plant in northwestern Gansu province, one of China’s poorest regions. Located deep in the Gobi desert, it is part of a mammoth project to develop 3.8 gigawatts of that region’s wind power potential in the first phase, and ultimately up to 10 gigawatts. IFC is providing a $45 million loan for the project, and mobilizing up to $107 million more from leading foreign commercial banks. By itself, Xiehe is expected to offset more than 421,000 tons of carbon emission annually over the next 20 years—the equivalent of taking more than 85,000 cars off U.S. roads every year.
The collaboration between CWP and IFC extends much further. We have also taken a $10 million equity stake to help CWP at the corporate level as it is exploring opportunities outside China for the first time starting in India and Africa. As more and more developing countries move to utilize their wind power potential, CWP can play a major role, helping them go green.