Concord NE (IFC-38636)

Countries
  • China
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 31, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Concord New Energy Group Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 60.25 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Concord New Energy Group Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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/

How it works

How it works