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 .
Safe harbor statement
This news release may contain forward-looking statements. Any such statement is made within the ‘safe harbor’ provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipates,” “believes,” “expects,” “estimates,” “future,” “intends,” “may,” “plans,” “will,” and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this news release, except as required by law.
For more information, please contact: A-Power Energy Generation Systems, Ltd. Ben Ruan Tel.: +1-626-898-2088 Email: firstname.lastname@example.org 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.