Navajo seals first tranche of $50 million financing for China project

By Jennifer Chiou

New York, May 20 - Navajo Wind Energy Corp. (formerly Caliber Energy Inc.) announced the completion of the $10 million first tranche of its previously announced $50 million financing.

Navajo said it will receive gross proceeds of $10 million for the issuance of a promissory note, which is subject to a hold period of two years plus one day from settlement.

Net proceeds of $9.2 million are expected for July and will be used to fund the acquisition of 200 MW Xinjiang Wind Farm Project as well as working capital.

Based in Atlanta, Navajo Wind is a renewable energy company pursuing opportunities to provide clean wind power to meet the growing demand in China.

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