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CHINA ENERSAVE SECURES US$20.4 MILLION
PROJECT FINANCING FROM STANDARD CHARTERED BANK
Singapore, 17 October 2008 ? Catalist-listed China EnerSave Limited (?EnerSave? or
the ?Group?) has signed a US$20.4 million project financing loan and related hedging
facilities for its second renewable energy project in China.
Standard Chartered Bank is the sole arranger of the 7 year project financing loan facility
(?Facility?). Funds will be swapped to RMB and used to partly finance the construction
and operation of a 24MW biomass-to-energy cogeneration plant in Changyi, Shandong
province, China (?the Project?). The Group has completed financing the construction of
the Project. The utilisation of the Facility remains subject to the satisfaction of customary
conditions precedent.
Construction of the Project, which began in May 2007 with funding provided by the
Group, is substantially completed and commercial operation is expected in Q1 2009. The
Project will be owned by Changyi Enersave Biomass to Energy Co., Ltd (?Changyi
Enersave?) an indirect subsidiary of EnerSave.
EnerSave CEO, Mr Koo Ah Seang said, ?With the completion of the Facility, we have now
secured long term funding for our second renewable energy project in China. We are
delighted with the support of Standard Chartered Bank despite the extraordinary credit
and liquidity crunch affecting global financial markets. The success of the project
financing is a significant endorsement of the Group?s strategy to focus on renewable
energy projects in China and we look forward to partnering Standard Chartered for
future renewable energy projects.?
Mr Conor McCoole, Head of Project Finance in Asia for Standard Chartered Bank,
commented, ?We are very pleased to support EnerSave for this biomass-to-energy
cogeneration project. The Project will provide a reliable, affordable and renewable
source of power in Shandong province and is evident of China?s successful renewable
energy policy. The Project is significant because it is Standard Chartered?s first biomassto-
energy project financing in China and the plant is expected to save more than
100,000 tonnes of carbon dioxide emissions per annum. It is a further demonstration of
Standard Chartered Bank?s commitment to, and leading position in, advising and
financing the renewable energy sector.?
None of the Directors or substantial shareholders of the Group has any interest, direct or
indirect, in the above transaction.
About China EnerSave Limited:
Singapore-based, non-sponsored Catalist-listed Company, China EnerSave Limited, is a
leading renewable energy provider in Asia that develops clean and carbon-neutral power
sources for future energy needs.
The Group has been expanding its renewable energy business in China since 2005. Its
Energy division is divided into three segments, namely the biomass power, waste-toenergy
power and coal-fired power. The Group?s strategy is to build, own and operate
power plants in Asia, as well as to acquire suitable power plants for conversion from
coal-fired into biomass power.
The Group is supported by an internal engineering division that has capabilities covering
the full spectrum of design, construction, fabrication, installation, commissioning,
operation and requisite management competencies related to the energy industry.
For more information, please visit the Group?s website at
www.enersavegroup.com.For further information, please contact:
Issued on Behalf of: China EnerSave Limited
By: iGlobal Consultancy Pte Ltd
For iGlobal
Contact:
During office hours (Office):
After office hours (Mobile):
Email:
Ms Goh Sue Lin (Principal Consultant)
(65) 6438 1671
(65) 9846 6216
suelin@iglobal.com.sg
Contact:
During office hours (Office):
After office hours (Mobile)
Email:
Mr Lee Wen Jun (Consultant)
(65) 6438 1671
(65) 9846 6213
wenjun@iglobal.com.sg
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Gruß
Prof.Dr.Weissnix
Rechne immer mit dem Schlimmsten...
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