A-Power Enters into an Agreement to Expand an Existing Distributed Power Generation Contract from $175 Million to $280 Million
2008年3月17日 - 9:00PM
ビジネスワイヤ(英語)
A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) (NASDAQ:
APWRW) (NASDAQ: APWRU) ("A-Power"), announced today that it has
entered into an agreement with Inner Mongolia Wulahot Hengwang Heat
& Electricity Generation Co., Ltd. (�Hengwang�) to increase the
size of its existing contract worth $175 million by approximately
$105 million to $280 million. The initial contract entered into
between A-Power and Hengwang was for the construction of a 300 MW
stand-alone distributed power generation facility for a new
development zone located in Inner Mongolia. As a result of the
decision by the Inner Mongolian government authorities to enlarge
the size of the development zone area, Hengwang is increasing the
size of the planned distributed power generation facility from
300MW to 400MW. The construction of this new facility is expected
to be completed in January 2010. Mr. Jinxiang Lu, A-Power�s
Chairman and CEO, commented, �The Hengwang project is a significant
project for A-Power and is the first of many large distributed
power generation projects we expect to receive in Inner Mongolia
and other rural areas of China. The PRC government continues to
promote new development zones in these areas, most of which are
typically far removed from the national grid. By producing power at
a local level, our distributed power generation systems eliminate
the need for the state-owned utilities to string new power lines
over hundreds of miles to reach these new developments. In
addition, our systems can efficiently provide all of the necessary
heat and power required by these new developments and eliminate the
increased electricity demand burden that would otherwise be put on
the national grid.� With the increased value of this contract,
A-Power�s backlog has increased to $566 million. 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 new or amended
contracts and entry into expanded markets. 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.
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