BEIJING, PEOPLE'S REPUBLIC OF CHINA - The Asian Development Bank (ADB) has signed a loan of $55 million in CNY equivalent with Huaneng Tiancheng Financial Leasing Co., Ltd. (HTFL) to advance the development and operation of distributed wind energy (DWE) power plants in the People's Republic of China (PRC).

"The partnership with HTFL in scaling up DWE power plants reflects our commitment to promoting sustainable development, while also fostering private sector participation in renewable energy," said ADB Country Director for the PRC Safdar Parvez. "This project will help accelerate the country's transition to clean energy, reduce greenhouse gas emissions, and support the PRC's sustainable development goals."

As the world's leading energy consumer, the PRC relies on fossil fuels for most of its primary energy consumption. Supporting renewable energy development will be key to meeting the country's climate goals of peak carbon emissions before 2030 and carbon neutrality by 2060. DWE plants, strategically located near consumption points, offer a stable and cost-effective energy solution for small-scale operations and rural areas, reducing dependence on long-distance power transmission. Despite its potential, DWE development has faced policy and market barriers. ADB's financing aims to bridge this gap, enabling private developers to access long-term funding, facilitate upstream policy dialogue and accelerate the deployment of renewable energy technologies.

Financial leasing companies provide solutions for financing renewable energy equipment and fill a financing gap that traditional banks do not address. HTFL's partnership with ADB marks a milestone in the company's mission to promote industrial financial services and drive clean energy development. By expanding its financing for distributed wind energy projects, HTFL is not only supporting the growth of renewable energy but also empowering communities, reducing greenhouse gas emissions, and contributing to the green development of PRC's financial leasing industry.

Established in 2014, HTFL is a leading financial institution for industrial financial services, with expertise in the renewable energy sector including wind, solar, and small and medium-sized hydropower. The company has pioneered innovative financing models for distributed wind energy, particularly for private sector developers, making it a key player in the PRC's clean energy transition.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members-50 from the region.