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| Share | January 21, 2009
Breaking News: Navajo Wind Energy Secures $2.5 Million Financing! - (MobiWire) |
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There is important news just released, and Navajo Wind Energy Corp. (formerly Caliber Energy Inc.) (OTC: CLBN) should have the attention of investors and traders this morning. Yesterday after the markets closed, the company, a renewable energy company focused on creating electricity from the power of wind, issued a press release announcing 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.
This should be great news for the company, as the press release states that 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.
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.”
Investors are urged to monitor the progress of the company!
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