GreenStream completes financing round for energy efficiency business growth in China

GreenStream completes financing round for energy efficiency business growth in China

Feb 8, 2016
Energy & resource efficiency
Energy production & distribution

GreenStream Group completed a EUR 5.4 million financing round of joint equity and debt financing. Of the total, EUR 4 million is for the mother company GreenStream Network Ltd. 

The financing enables GreenStream to continue the dynamic growth of its energy efficiency business in China. As part of this transaction GreenStream Network Ltd. is particularly pleased to welcome the Nordic Environment Finance Corporation (NEFCO) as a cornerstone shareholder and is grateful to Ilmarinen Mutual Pension Insurance Company (Ilmarinen) for its ongoing support of the Company.

"We are very pleased to now become a shareholder in GreenStream which will enable us to strengthen our fruitful cooperation and influence new investments in Chinese energy efficiency projects," says Senior Financial Manager Thor Thorsteinsson at NEFCO.

The direct financing of EUR 1.4 million for GreenStream’s China business consists of FinnFund increasing their investment in GreenStream’s subsidiary GreenStream Energy Efficiency Investments Ltd (GEEI) in Hong Kong and Shanghai Pudong Development Bank granting a loan to GEEI’s subsidiary in Shanghai Free Trade Zone. 

"The injection of this additional capital will enable us to grow our energy efficiency investments and project portfolio in China. It also completes the picture of our near term EMC strategy," Jussi Nykänen, CEO of GreenStream says. 

“At the beginning of 2015 we had one project in operations, now the fifth is being commissioned and we have three more project agreements closed.”

GreenStream’s business concept and the company’s reliable cooperation with both its Finnish technology partners and Chinese clients has been the key element GreenStream's success in China.

"As of today already nine Nordic cleantech companies have delivered equipments and knowledge to our projects. It is this blend of Western technology and expertise with a Chinese industrial client network that has proved so attractive to investors," says Harri Roto, Chief Operating Officer of GreenStream.

Image: GreenStream

Source: GreenStream

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