World Bank to Provide $300 Million to China for Battery Storage and Renewables Advancement

The World Bank has announced that it has sanctioned $300 million in loans for the China Renewable Energy and Battery Storage Promotion Project to surge the integration and utilization of renewable energy.

“This project will help accelerate the ongoing clean energy transition in China and contribute to the country’s emission reduction targets,” believed Martin Raiser, World Bank Country Director for China.

“By providing financing for battery storage and distributed renewable energy applications, the project will reduce the curtailment of renewable energy capacity and therefore encourage further investments into changing China’s energy mix. Parallel technical assistance will help improve the policy and regulatory framework for green energy technologies, thereby reducing risks and encouraging private investment,” he added.

Hua Xia Bank has been allocated to implement this project. The Chinese commercial bank will deliver co-financing of at least $450 million to accomplish the development goals of the project

Global Environmental Facility (GEF) and the Energy Sector Management Assistance Program (ESMAP) will be accountable for shaping suitable technology and safety standards, technical assistance for policy and regulatory reforms, and developing institutional capabilities.

This project is part of the World Bank Group’s September 2018 obligation to meaningfully increase support to battery storage solutions globally through a $1 billion battery storage investment program. The World Bank Group has by now established a new international partnership – the Energy Storage Partnership (ESP) – a platform where countries can share lessons and experiences from China’s deployment of batteries in power systems.