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