SHENYANG, China, Dec. 15, 2010 /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 fast-growing manufacturer of wind turbines, today announced that it has started constructing a new heat and power generation plant under an engineering, procurement, and construction contract signed in September with Jinzhou Mengguzhen Thermo Electric Co.
Total investment for engineering, procurement, and construction of the heat and power generation plant is estimated to be about RMB 699.4 million or about US$ 105.0 million (at 6.658 RMB = $1.00). The project is expected to be completed in 18 months.
Mr. Jinxiang Lu, A-Power's Chairman and Chief Executive Officer, said, "Our recent good momentum in our distributed power generation business is an indication that customers believe that we deliver quality and performance at a competitive price. We are very pleased to help support the development and success in the Jinzhou development zone, while at the same time reducing the Jinzhou city's need to dispose of bio-waste material. It is a win-win situation for Jinzhou, its development zone, the environment, and A-Power and its shareholders."
The power generation plant will support the development of Jinzhou Economic and Technology Development Zone by providing heat to nine manufacturing enterprises and by providing additional electric power in the zone. As of December 31, 2008, the zone's total heating area was 2.37 million square meters or 25.5 million square feet.
The plant will include three circulating fluidized bed boilers and two 25 megawatt back pressure steam turbine generators. The three boilers together have a capacity to consume 240 metric tons of bio-waste per hour.
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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SOURCE A-Power Energy Generation Systems, Ltd.