| CHINA: ENERGY
PROJECT
The World Bank approves:
The Renewable
Energy Development a US$100 million loan and US$35 million
equivalent grant will use wind-generated electricity to increase
the power supply to those already receiving electricity and will
use photovoltaic, or solar-generated, electricity to supply
schools, households, and small businesses in the poorest parts
of northwest rural China with electricity. The project consists
of two parts-the first involves the use of solar-powered energy
to provide isolated rural populations in the poor northwestern
regions with electricity. Individual homes, shops, and schools
in rural China will be equipped with solar panels that will
generate electricity that could be stored and used during
evening and night time hours. The second aspect of the project
will increase the supply of electricity to local communities in
four selected provinces-Inner Mongolia, Hebei, Fujian, and
Shanghai-and reduce greenhouse gas emissions through the
construction and operation of windfarms at five strategically
chosen sites.
Loan Terms:
Maturity=20 years, grace period=5 years, commitment fee=0.75
percent, front-end fee on Bank loan=1 percent, LIBOR-based,
single currency.
|
China in Brief
