Message #34 From:
NewsBot Date: March 11, 2008 11:35:54 PM
UPDATED -- China Holdings, Inc. Announces Biomass Renewable Energy Development: Total Potential 270 MW in Alternative Energy Projects Pipeline
BEIJING, and LAS VEGAS, March 10 /Xinhua-PRNewswire-FirstCall/ -- China
Holdings, Inc. (OTC Bulletin Board: CHHL), a global diversified asset holdings
company, and its subsidiaries that engage in multiple China-focused business
activities including energy, renewable energy, resources, utilities, finance,
real estate, and pharmaceuticals, announced today the Company has executed its
4th development contract with the exclusive right to develop and construct a
Biomass Energy Power Generation Plant with a power capacity of 50 MW through
its controlled subsidiary 'China Power, Inc.' with the local Ongniute
Government (''Ongniute'') , Inner Mongolia Province, People's Republic of
China.
The breakthrough brings the Company's total potential power capacity to
270 MW in Alternative Energy Power Generation Plant/Projects (Biomass Energy
Projects 200MW (4 X 50MW) and Hydropower Projects 54 MW - 72 MW).
Under the Construction Agreement, Ongniute has agreed to provide China
Power with the land rights for up to 200 MU, or 133,400 square meters of land,
to develop a biomass energy power plant, together with an additional 500,000
MU, or 333,500,000 square meters, of land, rich in straw resources to support
the power plant. Conversely, China Power has committed to invest up to 580
million Yuan, or approximately $81,586,000, towards the development of the
power plant, or 56,000 Yuan, or approximately $7,877, for every 667 square
meters of land provided by Ongniute. Legally protected by the Chinese Central
Government's biomas energy policies: Ongniute has guaranteed (i) the financing
for up to 65% of the total 580 million Yuan of the power plant through a local
bank at a preferred interest rate, (ii) that 100% of the power generated by
the Biomass Energy plant shall be purchased by the China State Grid at a
purchase price of between 0.60 and 0.65 Yuan, or approximately $0.09 and $0.08,
per kilowatt, and that the Biomass Energy Power Generation Plant/Project
(Power Capacity: 50MW) has the total expected annual power generating capacity
of 400 million kilowatt-hour (kWh) and (iii) the payment of 13.2 million Yuan,
or approximately $1,856,797, back to China Power once construction of the
power plant is completed. Ongniute will also guarantee securing all necessary
government approvals and ensuring the supply of all required utilities, such
as electricity, water, communications and roadways, and China Power shall be
responsible for obtaining all required financing for the plant and operating
the plant with the most advanced technology available. The construction of
the plant is estimated to take approximately two years. In addition, Ongniute
has agreed to ensure that the plant is not subject to income taxes for its
first three years of operation and then subject to a tax rate of no more than
12.5% for the following three years.
The Company is establishing longstanding strategic relationships with
other power operators, financial sponsors, suppliers, subcontractors and
governmental representatives that will ensure the Company's successful
development of renewable power generating facilities.
The Company is developing its Renewable Energy Projects & Pipeline in
Biomass Energy Power Generation Plants/Projects & Hydropower Plants in hopes
of reaching a total Potential Power Capacity of 3200 MW by the year 2013 via
Merger & Acquisitions (M&A), Joint-Venture Partnerships with Biomass Projects
& Hydropower Plants and companies, governments in China, or/and worldwide.
The Company's Advanced Renewable Energy Strategy & Plan in Hydropower
Plants and Biomass Energy Power Generation Plants will enhance the technical,
social, and environmental benefits of Biomass Energy /hydropower and provide
investment and business opportunities in the cost-competitive Biomass Energy
/hydropower capacity energy supply in China as well as around the world, which
will increase worldwide shareholders' value in the long term.
The Company's objective is to achieve long-term capital appreciation
through investment in companies and other entities with significant assets,
investments, production activities, trading or other business interests in
China, or/and worldwide, or/and which derive a significant part of their
revenue from China, or/and worldwide. For the Company's profile, please feel
free to visit our website: http://www.chinaholding.net .
About China Holdings, Inc.
China Holdings, Inc. (NASD OTC Bulletin Board: CHHL), is a diversified
global assets holding company. The Company and its subsidiaries engage in
multiple China-focused business activities including energy, renewable energy,
resources, utilities, finance, real estate and pharmaceuticals. Its objective
is to achieve long-term capital appreciation through investment in companies
and other entities with significant assets, investments, production activities,
trading or other business interests in China, or/and worldwide, or/and which
derive a significant part of their revenue from China, or/and worldwide.
The Company has three wholly-owned subsidiaries: (i) China Power, Inc., and
(ii) China Minerals Holdings, Inc.; (iii) China Health Holdings, Inc.
For the Company's profile, please feel free to via website:
http://www.chinaholding.net .
About China Power, Inc.
China Power Inc., a controlled subsidiary of China Holdings, Inc., is a
global energy & renewable energy holding corporation, which focuses on Merger
& Acquisition, Joint-Venture Partnership, Investment, Research & Development,
Construction and Operation of energy, and renewable energy, and environment
protection projects in China and worldwide. The Company is developing its
Renewable Energy Projects & Pipeline in Biomass Energy Projects & Hydropower
Plants to reach the Total Potential Power Capacity 3200 MW by the year 2013.
The Company's Advanced Renewable Energy Strategy & Plan in Hydropower Plants
and Biomass Energy Projects will enhance the technical, social, and
environmental benefits and provide investment and business activities in the
cost-competitive biomass energy and hydropower capacity energy supply in China
and worldwide, and also increase its worldwide shareholders values in the long
term.
About Biomass Renewable Energy in China
Renewable Power Producers are involved in generating electricity power
from renewable energy sources, such as Hydropower (Water), Wind Energy and
Certain Waster Products such as Biomass. The demand on renewable energy power
in the world continues growing and is largely driven by long-term trends
towards stronger policies for environmental protection. The combustion of
fossil fuels such as coal, oil and natural gas to generate electricity power
emits greenhouse gases, and is acknowledged worldwide as a major source to
global warming. For environmental protection, combined with an increase in
electricity demand, lower-level growth of electricity supplies, and near all-
time high energy commodity prices are enticing electricity producers and
providers to diversify their mix of power generation sources to include a
larger share of renewable power.
Biomass Renewable Energy: straw to energy. Straw is renewable energy and
is a part of nature's plants. The carbon on the inside of the straw can
change to organic carbon through absorption of carbon dioxide (CO2) from the
atmosphere during photosynthesis. The biomass energy project, as an
alternative and renewable energy source, is fully supported by the central
government and local governments of China. The development and construction
of the renewable energy project is protected by The Renewable Energy Law,
created on January 1, 2006, by the People Congress of China. The Chinese
central government has set a series of tax exemption/deduction regulations to
encourage the construction of renewable energy projects. The National Reform
and Development Committee implements the purchase electricity price for
renewable energy. It ensures the standard purchase electricity price is 0.25
Yuan/kWh addition base on the local average grid connection price (0.25-0.44
Yuan/kWh). In addition, there is a supervision system to ensure full purchase
and payment.
For worldwide investor and media inquiries, please contact:
Wall Street Reporter Magazine (New York) Jack Marks, CEO & Publisher Tel: +1-212-363-2600 x260 Web: http://www.WallStreetReporter.com
China Holdings Inc. (Las Vegas and Beijing) Julianna Lu, Chief Executive Officer Tel: + 86-1370-133-1287; Tel: +86-10-6586-4770; Fax: +86-10-6586-4790; Email: info@chinaholding.net; lujulianna@yahoo.com Web: http://www.chinaholding.net
