Environmental Power plans convertible offering
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- November
- 3
Environmental Power Corp. of Tarrytown said that it hopes to use proceeds from the sale of convertible notes to fund the construction and operation of the renewable energy projects that are under development by its subsidiary Microgy Inc.
Environmental Power said that the offering will raise at least $10 million and possibly as much as $25 million. The notes will be offered with at a proposed interest rate of 13 percent per year.
The company said its Microgy subsidiary specializes in technology that looks to extract methane gas from animal wastes to generate energy.
“We are very pleased to begin this important phase in the company’s history,†Chief Executive Officer Richard Kessel said in a written statement. “Proceeds will be used to advance…projects that are ready to go, with all permits, tax-exempt debt financing, and off-take agreements in place.â€
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on Monday, November 3rd, 2008 at 12:25 pm by Jay Loomis.
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