Enigin Update - ADB Provide $100 Million Energy Efficiency Finance to Shandong
THE Asian Development Bank (ADB) has provided a loan of $100 million for an energy efficiency project in the Shandong province of China.
ADB’s Board of Directors approved the funding for the Shandong Energy Efficiency and Emission Reduction Project, as well as financing state-of-the art energy technologies at two private companies.
The loan will increase the capacity of the Chinese governments and financial institutions for planning, investment, and management of further improvements in energy efficiency. Dramatically reducing the amount of coal used for power generation and industrial production.
Energy Specialist in ADB's East Asia Department, Shigeru Yamamura, stated: "Shandong has the second largest level of industrial output of all provinces in the PRC (People’s Republic of China) and is heavily dependent on fossil fuels. This project, which incorporates an innovative financing mechanism, will reduce energy intensity and emissions, as well as helping to spur future investments in energy efficiency.
It is estimated that the total amount of investment will be $553.2 million, with $141.8 million designated for the first cluster of projects., with the ADB loan supplied from ordinary capital resources with a 15-year term, and a 10-year grace period. Interest will be determined in line with ADB's LIBOR-based lending facility.
Enigin provide cutting edge technology to provide control and management of energy use in the hands of decision makers, leading to lower energy costs and reduced emissions, all through their global network of Enigin Distributors.
Picture of Chinese heavy industry by Harald Groven reproduced under Creative Commons license.
