July 28, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) —  NF Energy Saving Corp. (OTCBB: NFEC) said that it has signed a two year unsecured credit facility with a domestic bank to borrow up to RMB 40 million ($5.88 million). Under the agreement, NF Energy will be able to draw up to a maximum of RMB 40 million ($5.88 million) over a 24 month period ending June 28, 2012.

Outstanding balances under the facility will accrue interest at a rate of 1.3 times the Bank of China benchmark lending rate. Any amounts of principal repaid may be redrawn during the 24 month period.

NF said that drawings under the facility will be used to complete the company’s new manufacturing plant, increasing capacity from 6,000 tons to 20,000 tons per year, and for general corporate purposes.

China-based NF Energy Saving is a provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients.

The company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, wind power, and nuclear power), water supply, and heat supply industries. The majority of NF’s revenues are from energy efficient flow control equipment and energy efficiency projects.

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