Concord NE (IFC-38636)

Countries
  • China
Where the impacts of the investment may be experienced.
Specific Location
Nanyang City in Henan Province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 31, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Concord New Energy Group Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 60.25 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 248.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 9, 2019

Disclosed by Bank Jan 2, 2018


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Project Description

According to the bank website, Concord New Energy Group Limited is a leading renewable energy company in China. It is listed on the Hong Kong Stock Exchange. The Company is engaged in development of wind and solar power plants, operations and maintenance, as well as engineering, procurement and construction. As of June 2017, Concord owns and operates 40 wind projects with around 1.2 gigawatt (“GW”) of attributable capacity, and 17 solar projects with around 0.3 GW of attributable capacity. IFC proposes to provide a convertible loan to the Company to support construction of two wind power plants in China.

The project will increase China's installed wind capacity by 200MW and will displace GHG emission equivalent to 390,000 metric tons of CO2 each year, supporting the country's plans to significantly increase the contribution of renewable energy to its energy mix in line with its Intendeda Nationally Determined Contributions (INDC) commitment. China's INDC outlines a vision of reduction of 60-65% in emission intensity of China's GDP by 2030 from 2005 levels and achieving 20% of generation based on non-fossil fuels versus 12% in 2016. The majority of installed generation capacity in China is in traditional coal-fired plants and using cleaner generation will help alleviate the severe air pollution problem in China.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Concord is currently 26.64 % owned by China Wind Power Limited, which is 47.78% owned by Chairman Mr. Liu Shunxing. The second largest shareholder in Concord is Huadian Fuxin International Investment Co Ltd with 10.14% ownership. The remaining is held by other public shareholders which account for less than 5% each. IFC holds around 1.2% stake in the Company.

Contact Information

Concord New Energy Group Ltd
Yang Shuke
Financial Management Department
+86-10-88314969
yangsk@cnegroup.com
CWP building, No. 9 South Shouti Road, Haidian District, Beijing, China
www.cwpgroup.hk

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/