IFC and China's Chint Group Commit to Bringing Sustainable Power to Emerging Markets
BEIJING, Dec. 11, 2013 /PRNewswire/ -- IFC, a member of the World Bank Group, and Chint Group, a leading Chinese power solutions provider, have signed a Memorandum of Understanding to work together to improve the sustainable power supply in emerging markets and help bolster their economies.
Developing markets need universal access to sustainable energy supplies to strengthen their economies and provide more job opportunities in under-developed areas. IFC and Chint Group will collaborate to develop solar farms, acquire targeted companies that offer complementary products and services, and open more manufacturing plants in emerging markets around the world.
"Due to the booming utilization of solar power and strong development of energy infrastructure, we have seen great opportunities in emerging countries," said Chint Group Chairman Nan Cunhui. "With the support of IFC, Chint is aiming to become a world-class clean energy developer and energy management solution provider."
Chint Group provides solutions for most aspects of the electrical industry, from low- and high-voltage electrics to solar products, all of which are in demand from emerging economies in need of conventional and renewable energy supplies.
"Universal access to power is critical to improve people's living standards and grow businesses in emerging markets," said IFC Executive Vice President and CEO Jin-Yong Cai. "IFC and Chint have worked together in India to develop solar power during the last year. Now we are scaling up our partnership to find affordable and climate-friendly power solutions for developing countries in other parts of the world."
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world's most pressing development challenges. For more information, visit www.ifc.org
About Chint Group
The Chint Group consists of 8 major divisions that mainly cover high and low voltage electronic products, measuring instruments, construction appliances, automobile appliances, as well as PV modules and other balance of system components. Chint also owns more than 2,000 domestic distribution centers and more than 40 sales organizations worldwide. The complete electrical product lines and the horizontal integration strategy of Chint Group make it simple for the clients to get a total solution to the PV project with the warranty from one supplier. For more information, please visit: www.chint.com