Dragon Power gets RMB28bn loan for biomass in China

The China Construction Bank could provide up to RMB28 billion in loans for the construction of biomass power plants in China over the next five years.

Dragon Power says the biomass funding agreement “supports the consistent messages from Premier Wen Jiaobao on the importance of renewable energy most recently reinforced by the designation of alternative energy as an emerging strategic industry.”

Kai Jiang, Chairman of National Bioenergy and the Dragon Power Group says:“This agreement gives us the platform to continue to execute our strategy and the access to capital to build an additional 100 biomass power plants in China. We are very grateful for the support given to us by CCB and for their vision in supporting the development of biomass as a key source of power for China.”

Dragon Power

Dragon Power has established 19 biomass power plants controlling 60% of China’s biomass market since its start in 2004.

There are currently 10 biomass plants under construction and plans to start construction of another 13 biomass plants this year. Power generation capacity is expected to expand to 1 GWh by 2011.

Following the RMB 28bn, loan Dragon Power plans to establish 100 biomass power plants with a capacity of 3 GW over the next five years.

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