A rooftop solar power project in Shanghai has become the first recipient in China of a loan from the New Development Bank, formerly known as BRICS Bank.

Shanghai Lingang Hongbo New Energy Development Co will receive the equivalent of $81 million in yuan, according to a source at the bank, who did not want to be identified.

The loan is among the first set - worth a combined $811 million - to be approved by the bank's board to fund projects in China, Brazil, India and South Africa.