China Recycling Energy Corp. provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of low-cost electricity and reduce the need for outside electrical sources.
The company announced today its financing project in conjunction with China Cinda Asset Management Limited Corporation. China Cinda is one of the largest state-owned financial institutions and also an owner or shareholder of numerous large-scale high energy consuming industrial firms. China Recycling Energy hopes these companies will become users of its waste-to-energy solutions.
The two companies also detailed additional information from their recently announced strategic cooperative agreement. Under the agreement, Cinda will encourage its portfolio company and clients to cooperate with China Recycling and assist the company and its subsidiaries to develop energy improvement projects. In return the company will pay service fees to Cinda for any business or assistance provided.
Cinda is also funding some of China Recycling Energy’s projects. The projects to be funded include Phases 4 and 5, a total of approximately 39 megawatt power capacity energy recycling systems, of the joint venture between Xi’an TCH and Erdos Metallurgy to recycle waste heat from Erdos Metallugy’s refining plants. Cinda will provide the company with up to 200 million renminbi in the form of convertible notes and trust loans for the construction projects which are expected to be completed in 2011.
For more information on China Recycling Energy, please visit the company’s website at www.creg-cn.com.