A-Power Receives Advance Payment for Thailand Biomass Power Plant
SHENYANG, China, March 8, 2011 /PRNewswire-Asia-FirstCall/ — A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) (“A-Power” or the “Company”), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that it has received from Thailand’s Biomass Electricity Co., Ltd. (“Biomass Electricity”) an advance payment of US$ 8.97 million that starts the implementation phase of a project to develop a 150 megawatt biomass-fueled power plant in the Prachinburi province of Thailand. The $8.97 million deposit is 10% of the total equipment value in the contract. Biomass Electricity expects to make an advance payment for plant construction and equipment installation in a short time.
A-Power and Biomass Electricity signed the definitive contract for this power plant in December 2009, covering the design of the biomass power station, procurement and installation of three main engines and other auxiliary equipment, and contracting of five main power station systems. The total contract value includes fees related to design and installation and expenses related to procurement and sub-contracting with third-party vendors and construction companies.
A-Power Energy Generation Systems, Ltd. (“A-Power”), through its China-based operating subsidiaries, is a leading provider of distributed power generation systems in China and is expanding into the production of alternative power generation systems. Focusing on energy-efficient and environmentally-friendly distributed power generation projects of 25 to 400 megawatts, A-Power also operates one of the largest wind turbine manufacturing facilities in China. A-Power acquired Evatech Co. Ltd., a designer and manufacturer of industrial equipment for amorphous-silicon photovoltaic panels, in January 2010 and acquired Hallys Corporation in May 2010.
In addition to the establishment of strategic relationships with some of the world’s leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies.
For more information, please visit http://www.apowerenergy.com .
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For more information, please contact: A-Power Energy Generation Systems, Ltd. Ben Ruan Tel.: +1-626-898-2088 Email: email@example.com Richard Cai Tel.: +86-131-2230-4436 Christensen Patty Bruner Mobile: +1-480-332-6397 in Scottsdale AZ Email: pbruner@ChristensenIR.com Tom Myers Mobile: +86-139-1141-3520 in Beijing Email: tmyers@ChristensenIR.com
SOURCE A-Power Energy Generation Systems, Ltd.