The New Development Bank (NDB), a multilateral development institution has, sanctioned a $75.6 million loan to Shanghai Lingang Hongbo New Energy Development Limited to help set up a 100 MW solar photovoltaic (PV) farm in China. The farm will be built in the Lingang industrial area of Shanghai, and will be divided into smaller sub-projects to be built over the next three years. Since its inception in 2015, the NDB has approved seven clean energy investment projects worth $1.5 billion, supporting the installation of 1.5 GW of renewable capacity across the BRICS countries.
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