Chinese Firm Commits $2.5 Billion to Renewable Energy

China Energy Conservation Investment Corporation will invest in new renewable projects from wind to biomass.

Published: 29-Dec-2005

China Energy Conservation Investment Corporation (CECIC), one of the country's flagship State-owned enterprises for alternative energy development, plans to invest at least 20 billion yuan (US$2.47 billion) over the next five years to build new projects across the nation.

These projects will generate electricity using alternative energy sources like wind, biomass and garbage treatment, said a senior official from the company.

"Almost a third of the total investment will come from our internal capital, with the rest financed by bank loans or other sources such as absorbing new strategic investors," said Wang Yi, a senior official from the Beijing-based company.

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