Stocks & Investing
Stocks and Investing
Stocks and Investing
Fri, January 23, 2009
Thu, January 22, 2009
Wed, January 21, 2009
Tue, January 20, 2009 Navajo Wind Energy Secures $2.5 Million Financing
ATLANTA--([ BUSINESS WIRE ])--Navajo Wind Energy Corp. (the "Company" and formerly Caliber Energy Inc.) (Pink Sheets: CLBN), today announced that it has secured a line of credit financing for up to $2.5 Million USD with private energy fund Xiyas Development Capital Ltd. (XDCL). The Company has already drawn $200,000 from the line of credit for acquisitions, development and operations.
Barry Doyle, CEO of Navajo, commented, "We are very pleased to announce this significant financing from XDCL that will provide the Company with the necessary capital to expand and develop our wind energy projects in China during 2009."
China is one of the world's largest and most attractive markets for renewable energy projects. Wind power generation has increased by more than 100 percent per year since 2005 in China, but it still relies heavily on coal which supplies 65 per cent of the country's energy needs. China currently ranks fifth globally in installed wind energy capacity with over 9,000 MW in 2008, with forecasts projecting an increase to 50,000 MW by 2015. In 2006, the Chinese government announced a renewable energy initiative by setting a target of 10% by 2020. This initiative combined with the population-driven demand for energy will likely see China become the world's largest consumer of wind-generated power.
About Navajo Wind Energy
Navajo Wind Energy, Corp. is a renewable energy company focused on the development of more than 500 megawatts of clean wind energy to drive its future revenues and growth. The Company is pursuing significant opportunities to provide clean wind power to the growing demand in China. With the key acquisition of wind farm and power trading company Guangzhou Jianianxiang Co. Ltd, Navajo will become one of only a few companies licensed to trade electrical power in and outside of China.
