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NewsBot Date: May 10, 2008 07:19:54 PM
A-Power Energy Receives a $150 Million Distributed Power Generation Contract in Thailand, Its First Major International Contract
A-Power Energy Receives a $150 Million Distributed Power Generation Contract in Thailand, Its First Major International Contract
A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) ("A-Power"),
announced today that it has signed a contract with National Power Supply
Co., Ltd., a subsidiary of Advance Agro Public Co. Ltd., a large
Thai-based conglomerate, to develop a 300 MW distributed power
generation system worth approximately $150 million for a large paper
mill project located about 100 kilometers south of Bangkok, Thailand.
The system will be built to utilize two separate fuel sources. Half of
the system will be a conventional distributed power generation system
fueled by coal, while the other half will be a biomass distributed power
generation system fueled by recycled waste from the paper mill. The
project is expected to begin in May 2008 and will take about 24 months
to complete.
Mr. Jinxiang Lu, A-Power’s Chairman and CEO,
commented, “This contract represents a
significant milestone for A-Power as it’s our
first major contract outside of China. Thailand, as with other Southeast
Asian countries, continues to struggle to provide a consistent and
adequate power supply to its rural areas. Our proven distributed power
generation system is a solution that helps fill this supply gap and will
ultimately contribute to continued economic growth in the region. With
the support of the Thai government and an increasing amount of interest
being expressed from other Southeast Asian countries, we anticipate this
to be the first of many major contracts in the region.”
About A-Power
A-Power Energy Generation Systems, Ltd., formerly Chardan South China
Acquisition Corp., through its PRC operating subsidiary, Liaoning GaoKe
Energy Group Co., Ltd., is the largest provider of distributed power
generation systems in China and will enter into China’s
wind energy market in 2008. The Company is also focused on developing
and commercializing additional renewable energy technologies and has
strategic relationships with both Tsinghua University and the China
Sciences Academy in Guangzhou.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, about
A-Power and GaoKe. Forward-looking statements are statements that are
not historical facts. Including statements relating to expected future
contract performance targets and potential new contracts. Such
forward-looking statements, based upon the current beliefs and
expectations of A-Power’s and GaoKe’s
management, are subject to risks and uncertainties, which could cause
actual results to differ from the forward looking statements. The
following factors, among others, could cause actual results to differ
from those set forth in the forward-looking statements: business
conditions in China; continued compliance with government regulations;
legislation or regulatory environments, requirements or changes
adversely affecting the businesses in which GaoKe is engaged; cessation
or changes in government incentive programs; fluctuations in customer
demand; management of rapid growth and transitions to new markets;
intensity of competition from or introduction of new and superior
products by other providers of distributed power generation and other
energy generation technology; timing, approval and market acceptance of
new product introductions; general economic conditions; geopolitical
events and regulatory changes, as well as other relevant risks detailed
in A-Power’s filings with the Securities and
Exchange Commission. The information set forth herein should be read in
light of such risks. Neither A-Power nor GaoKe assumes any obligation to
update the information contained in this press release.
A-Power Energy Generation Systems, Ltd. Mark Brewer,
949-212-5320 Investor Relations Ian Shanno, 310-928-3780
