The wind power project will use Chinese wind turbines packaged with financing that is less expensive and easier to arrange. The country has been blocked from international bond markets such as ones in the U.S. and Europe since it defaulted on $95 billion of debt in 2001 and 2002, the article said.
The 12-year loan will have an annual interest rate of 6.25 percent above the London Interbank Offer Rate (Libor), and a two-year grace period, according to the article.
China’s Beijing Construction Engineering Group will build the project. The construction group and the unnamed turbine supplier will jointly own 25 percent of the project, the article said.