A-Power Energy Generation Sys (MM) (NASDAQ:APWRU)
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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.