A power producer in the city of Tianjin has issued “green bonds” worth 1 billion yuan ($150 million) to finance a 2,000-megawatt (MW) coal-fired power plant, a move slammed by an environmental group for diverting funds from cleaner projects.
Tianjin SDIC Jinneng Electric Power Co Ltd announced this week that it had registered the short-term “green bonds” on the interbank market and would complete the sale in the third quarter of this year. It said it was the first “green bond” of its kind to be launched by China’s thermal power sector.
The bond sale will be used to pay back loans used to build two 1,000-MW ultra-supercritical coal-fired generation plants, the company said in a statement.
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