May 7, 2010 (FinancialWire) — China Recycling Energy Corp. (NASDAQ: CREG), an industrial waste-to-energy solution provider in China, said it has entered into a loan agreement for a special loan designed for energy saving and emission reduction projects with Industrial Bank Co., Ltd. Xi'An Branch.

Under the deal, Industrial Bank has agreed to loan RMB 30 million (or around $4,411,765) to the company for a term of three years. The proceeds of the loan are required to be used on payment for equipment for CREG's energy saving and emission reduction projects.

The loan agreement has a floating interest rate that resets at the beginning of each quarter at 110% of the national base interest rate for the same term and same level loan.

China-based China Recycling Energy provides waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources.

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