AZZ Inc. Announces Contract Award from Three Gorges Jinsha River Yunchuan Hydropower Development Co., Ltd. for 550kV Gas Insulated Line installed in the People's Republic of China
AZZ to provide 550 kV GIL for Jinsha River Baihetan Project, the second of a four phase hydroelectric power project being constructed on the Jinsha River
FORT WORTH, Texas, Sept. 26, 2018 /PRNewswire/ -- AZZ Inc. (NYSE: AZZ), a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services, today announced that it was awarded a contract from the Three Gorges Jinsha River Yunchuan Hydropower Development Co., Ltd. to provide 8 circuits of 550kV 4,000 Amp Gas Insulated Line ("GIL") for the Ningnan Baihetan Hydro Power Project. The Baihaten Hydropower Project and the Wudongde Project together form the second phase of four large hydropower projects being constructed downstream on the Jinsha River. AZZ had previously announced a contract award to provide 8,900 meters of GIL to be installed in two vertical shafts for the Wudongde Project.
Under the terms of the contract, AZZ will provide approximately 16,850 meters of 550kV GIL and auxiliary equipment for the Baihetan hydropower plant. The 16,000 MW capacity Baihetan project is the second largest hydropower plant in the world. The GIL will be installed in a series of vertical shafts that will transmit high voltage electricity from 120 to 300 meters. The total value of the contract award is estimated to be valued at approximately $50 million USD with delivery scheduled to begin the second half 2019 and complete by the third quarter of 2020.
Ken Lavelle, President of AZZ Electrical Systems, commented, "We are extremely proud to have been chosen as a partner to deliver a high voltage bus system for this critical power application in the Three Gorges River Delta Region, a large economic hub of the People's Republic of China. AZZ has a proven and successful history in delivering high voltage gas insulated lines for these demanding and challenging projects. We are pleased that the Three Gorges Region has invested their confidence in AZZ as its trusted partner to complete this very important project."
About The China Three Gorges Project Corporation
To construct the Three Gorges Project and develop the Yangtze River, the China Three Gorges Project Corporation was founded on September 27, 1993, with the approval of the State Council. On September 27, 2009, it was renamed the China Three Gorges Corporation (CTG). CTG is a clean energy group focusing on large-scale hydropower development and operation. Its main businesses cover the construction and management of hydropower projects, power generation, international investment and contracting, development of wind power and solar energy among other renewable energies, comprehensive development and utilization of water resources, as well as providing relevant professional technical services. After more than 20 years of rapid growth, CTG has become the largest hydropower development enterprise worldwide and the biggest clean energy group in China.
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the metal coatings markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2018 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President –Finance and CFO
AZZ Inc. 817-810-0095
Internet:
www.azz.com
Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe Diaz
Internet:
www.lythampartners.com
SOURCE AZZ Inc.
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