Chinese funding fuels China's global push in wind and solar energy
When A-Power Energy Generation Systems secured a deal to supply turbines for a U.S. wind farm project in October, the little-known Chinese firm had an ace up its sleeve to help it clinch the deal. A-Power was armed with $1.5 billion in financing from state-run Chinese banks to fund the 600 megawatt project in Texas. While global peers have limited access to cheap state loans, Chinese renewable energy firms are getting a boost from Beijing as they win clean technology projects around the world. Much of that is via low-interest loans from big state banks for their clients to finance their purchases.