Chint New Energy (IFC-38815)

Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Specific Location
China, Turkey, Pakistan and Thailand
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
B
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
Feb 15, 2017
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
CHINT SOLAR (HONG KONG) 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)
$ 50.00 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.
Project Cost (USD)
$ 150.00 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 Sep 3, 2017

Disclosed by Bank Dec 22, 2016

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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.
The proposed investment is a corporate loan of up to US$ 150million, including an A loan of up to US$ 50million and a B loan of up to US$ 100 million to support the operational expansion of Chint New Energy Development (Zhejiang) Co. Ltd. ("CNE" or the "company") in developing solar power generation projects in emerging markets outside of China. The company is a China-based integrated solar system solution provider, engaged in solar photovoltaic (PV) manufacturing and solar power generation. In the past, the company developed in China about 1.9GW solar power assets with 37 operating ground-mounted sites, mostly in rural remote locations. The company also builds, owns, and operates roof top assets at urban locations. The company's assets in China range in their capacity from 10MW to 200MW with an average of ~45MW. Most of assets are located within solar power generation industrial parks developed by the local Governments, while others are located in remote locations such as Gobi desert with sparse human settlements. The company also operates a solar PV manufacturing plant in Hangzhou. Outside of China, the company developed and is operating about 100MW solar power assets in Japan, South Korea, Bulgaria, Romania, and Spain. It also has a pipeline of potential solar projects of about 360MW. The potential projects are located in Turkey, Pakistan, and Thailand. Solar PV projects developed outside of China are typically small, i.e. in the 1 - 15 MW capacity range. The proceeds from the proposed IFC loan will finance the company's new solar generation projects in emerging markets outside of China. IFC's funds will not be used for solar projects in China or PV panel manufacturing projects. The company is currently in the early stages of consideration of several potential overseas acquisitions and will ensure, in accordance with the ESAP, that site selection and asset development will be undertaken in accordance with IFC Performance Standards and the company's corporate ESMS will be applied to each new project. A project specific Environmental and Social Management System (ESMS) will be established for each new project with significant impacts.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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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