- China-based energy service provider CF Energy (CFY) has received a loan facility from the Bank of China valued at almost C$45 million
- The company received the facility through its 70 per cent interest in the joint venture EDF Changfeng Energy, which it owns in tandem with French EDF Group
- This latest round of funds will help advance the joint venture’s flagship integrated smart energy project in Haitang Bay, China
- The loan facility has a duration of 15 years and is repayable through yearly instalments, which commence two years from its initial drawdown
- CF Energy (CFY) is down 5.36 per cent and is trading at 53 cents per share
China-based energy service provider CF Energy (CFY) has received a loan facility from the Bank of China valued at almost C$45 million.
The company received the facility through its 70 per cent interest in the joint venture EDF Changfeng Energy, which it owns in tandem with French EDF Group.
The joint venture was created to pursue renewable energy projects in the region and this latest round of funds will help advance its integrated smart energy project in Haitang Bay.
The flagship project is being developed to combine solar, hydro, electricity, and natural gas energy sources, to eventually provide cooling, heating and hot water to hotels, shopping centres, and households in Sanya City, China.
The new loan facility has a duration of 15 years and is repayable through yearly instalments, which commence two years from its initial drawdown. The loan is secured against cash flow and assets associated with the project and has also been guaranteed by a CF Energy member company.
Ann Lin, CEO and Chair of CF Energy’s Board, said the company was very pleased to have received approval for the facility and was grateful for the continued support from the Bank of China.
“The facility forms the final piece of the puzzle to fully fund the project, with tenure and repayment terms commensurate with the long-term nature of the project.
“With this capital support, we expect the project to commence operations on schedule, which is planned for first quarter, 2021,” she said.
CF Energy (CFY) is down 5.36 per cent and is trading at 53 cents per share at 9:30am EDT.