Early Warning System

Countries

China

Geographic location where the impacts of the investment may be experienced.

Specific Location

Putian city, Fujian 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

New Development Bank (NDB)

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

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

Nov 22, 2016

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

People's Republic of China

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Climate and Environment
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)

$ 279.78 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.
Currency conversion note:
Bank reported RMB 2.00 billion
Converted using 2019-10-06 exchange rate.

Loan Amount (USD)

$ 279.78 million

Project Cost (USD)

$ 693.85 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.
Currency conversion note:
Bank reported RMB 4.96 billion
Converted using 2019-10-06 exchange rate.

Bank Documents

country-summary-disclosure_-Pinghai-China-

Primary Source

Original disclosure @ NDB website

Updated in EWS Nov 20, 2019

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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 document, the project aims to increase offshore wind power capacity in Putian Pinghai Bay to provide adequate electricity supply to Fujian province and to catalyze offshore wind energy development with technological advances. The NDB will support the project by providing financing to the cost of equipment and civil works. The project is estimated to have a capacity of 3,490 hours of effective electricity generation per year. This capacity will provide electricity of 873 million kWh per year, to meet the demand of rising power consumption in Fujian province.

The project is the second phase of a three-phase project. All three projects combined have a total targeted capacity of 700 MW offshore wind power. In phase one, 10 turbines were constructed with a total power capacity of 50 MW. In phase 2, a capacity of 250 MW will be added over a period of 3 years, building on the existing turbines. In phase 3, a feasibility study is being conducted for an additional targeted capacity of 400 MW.

The project is estimated to be implemented over 3 years by Fujian Investment and Development Group Co., Ltd. The suppliers for the project will be selected through a competitive bidding process, open to all NDB member countries. Procurement will proceed in accordance with the national framework and NDB's Procurement Policy.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

New Development Bank (NDB)

The total cost of the project is estimated to be RMB 4.96 billion. The NDB will support the project through a long-term loan of RMB 2.00 billion. The Loan will be repayable in 30 semi-annual equal principal installments, over a period of 15 years starting from 2020, with a grace period of 3 years.

New Development Bank RMB 2000 million (US$ 279.78 million)

Fujian Investment and Development Group Co., Ltd RMB 990 million(US$ 138.5 million)

Chinese banks RMB 1970 million (US$ 275.58 million)

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Fujian Investment and Development Group Co., Ltd	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.

*There is no further information being disclosed at this stage of the project*

For further information, comments or suggestions please reach out to us at info@ndb.int.