According to the bank document, the project involves
(i) a loan of up to US$200 million equivalent to Sinopec Green Energy Geothermal Development (SGE) to support the company's construction and operation of a series of geothermal-based district heating networks;
(ii) a loan of up to US$50 million to Arctic Green Energy, a shareholder in SGE, to refinance certain existing debt which restricts AGE's ability to invest in SGE's expansion.
The project will support the construction, acquisition, rehabilitation, and operation of a series of urban district heating systems based on geothermal energy. ADB will extend financing on a subproject-by-subproject basis, subject to defined environmental, social, development, and financial criteria. Subprojects will be identified during the project implementation stage. By facilitating the delivery of clean and reliable heating services, the project helps mitigate air pollution and climate change, which are key development challenges for the PRC.
Responsible ADB Division: Infrastructure Finance Division 2
Responsible ADB Officer: Roberts, Scott C.
Project Sponsor(s): Sinopec Green Energy Geothermal Development Company Limited
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main