China Recycling Borrows $29 Million From State for Waste-to-Energy Plant

Aug. 24 (Bloomberg New Energy Finance) -- China Recycling Energy Corp., a Chinese waste-to-energy project developer, borrowed 200 million yuan ($29 million) from a state-owned lender using convertible notes and trust loans

China Recycling, which trades on the Nasdaq Stock Market, will use the funds from China Cinda Assets Management Corp. to finance 39 megawatts of energy recycling systems, the fourth and fifth phases of a project that reuses waste heat from refining plants in Ordos, Inner Mongolia, the company said Aug. 23 in a statement.

Construction of the new phases of the 120-megawatt project is expected to start at the end of 2010 and finish in 2011.

China Recycling said it also signed a cooperation agreement with Cinda, a Chinese state-owned financial institution, for energy-efficient projects.

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