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A-Power Reaches an Agreement to Develop a $300 Million, 600MW Distributed Power Generation System in Thailand

Posted on: Wednesday, 23 July 2008, 09:01 CDT

A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) ("A-Power"), announced today that it has signed a Memorandum of Understanding with the National Power Supply Co., Ltd., a subsidiary of Advance Agro Public Co. Ltd., a large Thai-based conglomerate, to develop a 600 MW distributed power generation system worth approximately $300 million in Chachengsao Province, Thailand. The project is expected to begin in August, 2008 and will be completed in approximately 42 months.

Mr. Jinxiang Lu, A-Power's Chairman and CEO, commented, "This project represents a significant milestone for A-Power as it will be our largest distributed power project and second major project with National Power Supply in Thailand. National Power Supply is a major provider of electricity to Thailand's state-owned power grid and we are excited to announce our expanded relationship with them. Based on our performance on the contract we signed with them in April to construct a 300MW distributed power system, we have reached an agreement to construct this new 600MW system and are in discussions for multiple other opportunities."

Mr. Lu continues, "Thailand and other Southeast Asian countries continue to struggle to provide a consistent and adequate power supply to feed their growing economies and based on our track record, efficient distributed power system design and ability to quickly develop new high-quality systems, A-Power is well positioned for major contract wins in this region."

About A-Power

A-Power Energy Generation Systems, Ltd., 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; and geopolitical events, 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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