China has successfully completed its first wind power deal financed entirely through international bank syndication thanks to the IFC.

The IFC raised US$140mn for China WindPower Group’s wind farm in the northwest province of Gansu.

A debt facility of US$140mn for the project was made up by a US$45mn contribution from the IFC, US$35mn from Intesa Sanpaolo, US$35mn from Société Générale and a US$25mn provision from Rabobank.

The funding will be used to build a 201MW plant in Gansu, one of China’s poorest provinces.

“IFC’s investment in China WindPower will help avoid over 420,000 tonnes of carbon dioxide emissions every year in one of China’s poorest regions,” says Hyun-Chan Cho, IFC’s country manager for China and Mongolia.

Furthermore, the IFC has taken a US$10mn equity stake to help the company expand its business into Africa and India.

Shunxing Liu, chairman of China WindPower, comments: “IFC’s knowledge of international best practice and ability to offer customised financing will enable us to succeed and expand in this growing sector.”