China: Ming Yang and Reliance get CDB finance deal for India projects
China Development Bank (CDB) has thrown its weight behind the project pact between Chinese wind turbine-maker Ming Yang and India’s Reliance Power.
CDB has signed a framework deal to be the co-ordinating bank and lead potential-lender for projects in India developed under the co-operation agreement between Ming Yang and Reliance.
The two companies said in July that they plan to jointly develop up to 2.5GW, indicating at the time that this would cover solar as well as wind projects.
The link-up was the first between Chinese and Indian companies to target the wind-power sector.
The CDB finance deal was signed as part of a wider economic co-operation agreement unveiled today by the two governments.
The Chinese state development bank says: “The amount, terms and conditions of the financing facilities will be subject to the potential lenders’ respective internal approval procedures and further assessment of the projects.”Source: Rechargenews, November 27, 2012