Canadian Shear Wind to get USD 5m credit from Genera Avante
(ADPnews) - Dec 28, 2010 - Canadian Shear Wind Inc (CVE:SWX) will take a loan of CAD 5 million (USD 4.97m/EUR 3.8m) from its largest shareholder Genera Avante Holdings Canada Inc to cover project development expenditures, operating expenses and support its unit Vindt Resources Inc.
The company will issue an unsecured promissory note to Genera Avante, which is part of Spanish utility conglomerate Inveravante, with an initial draw down of CAD 3 million. The note will carry a 10% annual interest, Shear Wind said last week. Half of the principal drawn on the note will mature by the end of 2012, while the rest will be due December 31, 2013.
At present, Genera Avante holds a 62% stake in Shear Wind.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.