ICBC Financed Chinese Wind Energy Expansion Across Europe Investigation Finds

Confidential banking records reveal that the Industrial and Commercial Bank of China financed the expansion of Chinese energy companies into Europe’s wind power sector, years before European officials launched an inquiry into foreign subsidies.

An investigation examining millions of internal files from ICBC’s London branch and a UK subsidiary shows how the state-owned bank facilitated hundreds of millions of dollars in financing to help Chinese firms secure a foothold across the continent.

The investigation examined approximately 4.8 million confidential files covering activities between 2016 and 2024. Files show that Chinese state-owned enterprises received upwards of US$140 million in approved loans from ICBC London to purchase stakes across a minimum of 16 UK wind farms. Additionally, the bank facilitated at least $450 million in financing for Chinese energy firms operating across Europe.

Internal bank documents justified these transactions as part of Beijing’s top priorities, including the Belt and Road Initiative and the Made in China 2025 industrial policy. An internal 2021 memo noted, ICBC tops the chart of the commercial banks in providing financing to the Chinese solar and wind renewables energy market, according to records reviewed by the International Consortium of Investigative Journalists.

Principal beneficiaries included Goldwind Science & Technology Co., Ltd., the world’s top supplier of wind turbines. The company generated more than $10 billion in global revenue in 2025 and counts Chinese state entities among its largest shareholders.

Records show ICBC London and other ICBC branches provided $110 million in 2018 as part of a wider $300 million loan involving other lenders. Documents also indicate Goldwind previously obtained approximately $11.5 billion in loans from five Chinese state banks at favorable rates, alongside at least $135 million in government grants.

Another beneficiary identified was State Development and Investment Corporation Power (SDIC Power). Back in 2016, a financing package exceeding $95 million was committed by ICBC London to back the purchase of equities in a minimum of two offshore wind projects situated off the eastern coast of Scotland.

The disclosures arrive as the European Union scrutinizes the wind energy sector. Following Russia’s 2022 invasion of Ukraine and subsequent natural gas disruptions, the EU pledged to source nearly half its energy from clean technology by the end of the decade. However, European officials suspected Chinese firms offered cheaper prices thanks to generous state subsidies.

In 2024, the European Commission launched an inquiry to assess whether state aid and preferential bank loans gave Chinese manufacturers an unfair advantage and distorted the internal market. ICBC did not respond to requests for comment.