Carlyle Asia antes up $5m for stake in China waste-to-energy firm

Waste-to-energy provider China Recycling Energy has sold 4.15 million shares of its common stock to Carlyle Asia Growth Partners III.

The deal comes alongside the sale of 184,593 shares of their common stock to CAGP III Co-Investment and together the value of the transaction is USD5m.

Together, Carlyle Asia Growth Partners III and CAGP III Co-Investment have converted the USD5m principal amount under the five percent Secured Convertible Promissory Note into a total 4.33 million shares of China Recycling Energy's common stock at the conversion price per share of USD1.154.

China Recycling Energy is based in Xi'an, China and provides waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China.