The Asian Development Bank (ADB) has agreed to lend China WindPower $240 million, which will be used to build and operate up to 800MW of new wind farms by 2013.

The loan will be financed partly from the proceeds of ADB’s landmark 1.2bn renminbi-denominated ($182mn) bond issued in Hong Kong in October 2010.

ADB will also provide an additional loan of up to $120mn for the project through a B-loan.

According to ADB, China is expanding the use of renewable energy resources and is scaling up plans for installed capacity of 150GW of wind power by 2020.

The wind farms will be located mainly in Jilin province, Northern China, reports The Asset.