(Yicai Global) Sept. 4 -- Construction of a photovoltaic power station in Lingang, Shanghai, the first construction project funded by the New Development Bank, is underway.

The New Development Bank, previously known as the BRICS Development Bank, was set up by Brazil, Russia, India, China and South Africa, collectively known as BRICS.

Shanghai Lingang Hongbo New Energy Development Co. is running the 17-year project, China's state-owned news agency Xinhua reported yesterday. The firm will build a 100-megawatt PV power station on the roofs of buildings inside a Lingang industrial park and use Big Data-based energy management technology.

The New Development Bank loaned the company CNY525 million (USD80 million) to build the plan. The loan will be delivered in installments, said Li Xiaohui, deputy general manager at the company. The first installment, USD3.5 million, has already been delivered. The second, USD2.75 million, will be paid soon.

The first phase of the power plant will have a capacity of 13 megawatts, generating 13.4 million kilowatt-hours of electricity a year and cutting carbon dioxide emissions by 10,900 tons.

The bank has also approved three green development projects in Fujian, Hunan and Jiangxi provinces. The global economy is undergoing a transition toward ecofriendly development and China is playing a leading role in the shift, said K V Kamath, the lender's president.