Iceland's Arctic Green Energy Corporation and China's Sinopec (SNPMF) have secured a $250 million loan from the Asian Development Bank that will help develop geothermal resources in China.
The loan, which has been granted to a joint venture between the two companies, will be used to expand geothermal heating in cities near Beijing and reduce the area's reliance on coal.
The plan envisions that geothermal energy will replace 50 million tons of coal by 2020. Last year, the government raised the target to 70 million tons, according to the state-run news agency Xinhua.
From the Global Geothermal News archives:
- Monday, September 24, 2018 - China: Special Economic Zone Looks to Geothermal to Provide Clean Power
- Monday, November 27, 2017 - China: Sinopec to Boost Geothermal District Heating to Mitigate Pollution
- Thursday, August 24, 2017 - China: "Rich Geothermal Energy Resources" Discovered in Xiongan New Area
- Monday, April 10, 2017 - China: Geothermal Energy Powers Xiongan Special Economic Zone
