(ADPnews) - Nov 24, 2010 - Canadian wind power firm China Wind Power International Corp (CVE:CNW) said on Tuesday it had raised CAD 4.3 million (USD 4.2m/EUR 3.2m) in a stock offering, as a condition of a pending USD-50-million (EUR 37.5m) loan agreement.
Proceeds will go towards the company's working capital and for general corporate purposes, while the loan will be used to complete the second phase of a 546-MW wind power project in China. The whole project will be built in five phases, with phase two including the installation of 35 turbines with total capacity of 49.5 MW. The wind farm is to kick off operations in 2014.
The company offered 2.4 million common shares for CAD 1.80 apiece. Its biggest investor, Ruihao Trust subscribed for 950,400 shares, or 39.47% of the amount, while other directors and senior officers purchased the remaining 1.46 million shares.
Ontario-based China Wind Power owns the exclusive rights on a wind power project in Heilongjiang province in northeastern China with a demonstrated potential installed capacity of 1,150 MW.