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Changfeng Energy Inc
Symbol CFY
Shares Issued 65,248,155
Close 2018-10-31 C$ 0.85
Market Cap C$ 55,460,932
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Changfeng, Sichuan Tianzhiyuan to build energy project

2018-11-01 16:43 ET - News Release

Ms. Ann Lin reports

CHANGFENG ANNOUNCES THE MEISHAN INTEGRATED DISTRICT ENERGY DISTRIBUTION PROJECT

Sanya Changfeng New Energy Investment Co. Ltd. and Hunan Changfeng Energy Co. Ltd., subsidiaries of Changfeng Energy Inc., and Sichuan Tianzhiyuan Energy Technology Ltd., an independent Sichuan-based energy company, have entered into an agreement to jointly invest, construct and operate an integrated district energy distribution project in the new economic development zone of Meishan, Sichuan, China. In accordance with the Meishan agreement, the Meishan project will be operated by Meishan Hengtai Tianzhiyuan Energy Ltd., with a registered capital of 10 million renminbi and owned as to 60 per cent by Sanya Changfeng, 20 per cent by Hunan Changfeng and 20 per cent by Tianzhiyuan Energy.

Prior to the entering into of the Meishan agreement, Tianzhiyuan Energy and the government of Meishan Dongpo District, Sichuan province, China, entered into a district distributed natural gas combined cooling, heating and power (CCHP) project investment agreement, which provided for Tianzhiyuan Energy to invest 180 million renminbi in the development, investment, construction and operation of the Meishan project to provide heat and power to the Meishan new economic development zone. As a result of the Meishan agreement, the project company is expected to assume the CCHP investment agreement from Tianzhiyuan Energy, pursuant to the CCHP investment agreement. In addition, under the Meishan agreement, Sanya Changfeng has undertaken to: (i) finance Tianzhiyuan Energy for its 20-per-cent equity contribution (two million renminbi) to the project company; and (ii) in the event that debt financing is required for the Meishan project, but such funds from financial institutions are not yet in place, provide initial debt financing to the project company. Both the equity financing and project financing are subject to interest. Tianzhiyuan Energy is to pledge its shares in the project company to Sanya Changfeng as a condition of both the equity financing and project financing, and Hunan Changfeng is to pledge its shares in the project company to Sanya Changfeng as a condition of the project financing.

The Meishan project

The Meishan project is in the Meishan new economic development zone, an economic zone situated next to central urban area of Meishan, Sichuan province, China, with a planned development area of 50.5 square kilometres. The Meishan new economic development zone will be a hub for manufacturers of drugs, supplements, medical equipment and other medical-related supplies. The year-round constant demand of steam necessary to produce drugs makes the Meishan new economic development zone an ideal platform for integrated district energy distribution. The Meishan project is planned to be developed in two or three phases.

About Changfeng Energy Inc.

Changfeng Energy is an integrated energy provider and natural gas distribution company (or natural gas utility) in China. Changfeng Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in China.

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