China Development Bank to Lend $162 Million to Shunfeng Units

Jan 08, 2014 12:16 am ET

Jan. 8 (Bloomberg) -- China Development Bank Corp. will lend 980 million yuan ($162 million) to units of Shunfeng Photovoltaic International Ltd., a Chinese maker of solar panels, to build solar power plants.

The loan will fund solar farms in China’s northwestern region of Xinjiang with a combined generation capacity of 130 megawatts, Shunfeng said in a statement to the Hong Kong stock exchange yesterday. The terms weren’t disclosed.

China Development Bank, a state-owned lender, has lent at least 7.08 billion yuan for solar power development this month, according to data compiled by Bloomberg. Other borrowers include China WindPower Group Ltd. and JinkoSolar Holding Co.

--Feifei Shen. Editors: Abhay Singh, Iain Wilson