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A-Power Energy Receives a $150 Million Distributed Power Generation Contract in Thailand, Its First Major International Contract

Posted on: Tuesday, 15 April 2008, 15:00 CDT

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.

Source: Business Wire

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