BRICS Bank Approves First Loan for Shanghai Solar Project
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)