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BRICS bank approves first loan for Shanghai solar project
December 21, 2016 / 10:15 AM / 9 months ago

BRICS bank approves first loan for Shanghai solar project

BEIJING, Dec 21 (Reuters) - The New Development Bank signed its first loan agreement on Tuesday for a 525 million yuan ($75.6 million) solar power plant, the bank said on Wednesday.

The plant is being developed by Shanghai Lingang Hongbo New Energy Development Co with a total capacity of 100 MW.

The BRICS - Brazil, Russia, India, China and South Africa - agreed to create the New Development Bank (NDB) in July 2014 with initial authorised capital of $100 billion. The lender was officially launched a year later.

$1 = 6.9490 Chinese yuan renminbi Reporting by Elias Glenn; Editing by Gopakumar Warrier

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