SINGAPORE (XINHUA) – Singapore’s major banking group DBS yesterday announced a CNY500-million (USD70 million) green loan facility to develop a 100-megawatt wind turbine farm in central China’s Henan Province.
The project is expected to generate about 270 gigawatt hours of renewable energy, which can power 90,000 households and avoid 212,600 tons of carbon emissions annually.
The loan will be issued under the People’s Bank of China’s (PBOC) Carbon Emission Reduction Facility and represents the first successful transaction in the programme by a Southeast Asian bank, according to the DBS.
The PBOC will provide financial institutions with funds equal to 60 per cent of a loan’s principal at an annual interest rate of 1.75 per cent under the programme.
