China Development Bank extends billions in credit to Three Gorges

China Development Bank will lend more than US$11 billion to China Three Gorges Corp., developer of the world’s largest dam and hydropower project, the state-run Xinhua news agency reported.                                                                                                                                                                                                      

The credit lines, which will come as 50 billion yuan (US$7.2 billion) and another US$4 billion over the next five years, will be used by Three Gorges to develop other hydropower projects, to build wind power farms and to undertake power projects in overseas markets, Xinhua reported.

China Development Bank has been a key financial backer of the US$23-billion Three Gorges Dam on the Yangtze River in the country’s south. The bank has granted 47.8 billion yuan in loans to Three Gorges Corp. and its affiliates to date.

The deal was announced after the 22,400-MW Three Gorges Dam recently reached its full capacity for the first time since it was commissioned, with a water level rising to 175 meters. The hydroelectric project began generating power in 2008.

Earlier in 2010, Three Gorges passed a major test of its flood control capabilities as the structure played a critical role in controlling massive flooding.

China Three Gorges, the builder and operator of Three Gorges Dam, is the parent company of Shanghai-listed China Yangtze Power Co.

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