Skip to content
AidData logo

Overview

[Cancelled] CDB provides $136 million loan for 120MW Milkovitsa Wind Farm Project.

Commitments (Constant USD, 2023)$147,399,225
Commitment Year•2012Country of Activity•BulgariaDirect Recipient Country of Incorporation•BulgariaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Cancelled

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • W. Power EOOD

Loan desecription

[Cancelled] CDB provides $136 million loan for 120MW Milkovitsa Wind Farm Project.

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2011, Ming Yang Wind Power Group secured a $5 billion line of credit from China Development Bank to finance overseas wind power project. Then, in 2012, the Guangdong Branch of China Development Bank issued a $136 million loan to W.Power EOOD (“W.Power”) — a special purpose vehicle — for the 120MW Milkovitsa Wind Farm Project. The proceeds of the loan were to be used by the borrower to partially finance an EUR 150 million commercial (EPC) contract between Ming Yang Wind Power (International) and W.Power EOOD (“W.Power”). The purpose of the project was to construct a 120MW wind farm in Milkovitsa, Pleven, Bulgaria. A first batch of wind turbine generators for a 4.5MW pilot project in Somovit, Bulgaria was shipped in February 2012. The 120MW wind farm project in Milkovitsa was originally scheduled to commence during the second half of 2012. However, it appears that the project and the CDB loan were cancelled in 2012 after the Government of Bulgaria announced its intention to reduce its wind subsidy by about 22 percent to 148.71 lev ($95) a megawatt-hour.

Staff comments

1. Mingyang Holdings (Singapore) Pte. Ltd holds 66% equity interest in M.W. Wind Power OOD, a Bulgarian company, which currently has two wholly owned subsidiaries, namely W.Power EOOD (“W.Power”) and W.Power-2 EOOD. 2. Mingyang Wind Power (International) Co., Limited held 66.7% equity interest in MW EP Renewables International LTD. (CYPRUS) (“MW EP Group”), a Cyprus company, which currently has two wholly owned subsidiaries, namely A1 Development EOOD and 99% equity interest in MW Renewable International SRL (Romania).