WASHINGTON, March 11 /PRNewswire/ -- The U.S. Renewable Energy Group (US-REG), A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR or A-Power), and American Nevada Group (ANC) today announced the development and construction of a new production and assembly plant in Nevada that will supply highly advanced wind energy turbines to renewable energy projects throughout North and South America. The state-of-the-art facility will be approximately 320,000 square feet with annual production capacity of 1,100 megawatts of wind energy turbines annually, enough to power 330,000 homes. The facility is expected to employ approximately 1,000 Nevada workers and create even more jobs during the construction process. ANC will identify potential sites for the facility and will develop the facility for the group.
United States Senate Majority Leader Harry Reid (D-NV) is a leader in developing America's renewable energy sector and his commitment to the sector and to promoting investment in Nevada was instrumental to the decision to locate the new facility there. The wind turbine production and assembly plant will create over 1,000 high paying long-term jobs in Nevada and provide a major financial boost to the local and surrounding economies. The affordable real estate in Nevada and the proven track record of Nevada's skilled workforce made Nevada the ideal location for the assembly and production plant. In addition to production and assembly at the new plant, most of the key wind turbine components will be made by domestic U.S. manufacturers. When A-Power selects a suitable site, it intends to arrange the financing of the costs of site acquisition and the construction and operation of the assembly facility from its own funds.
"Senate Majority Leader Reid's vision for the development of clean energy industries in his home state, Nevada's position relative to the major wind corridors, and the strength and sophistication of Nevada's skilled workforce made Nevada the best option for our headquarters and assembly plant for North and South America," said Mr. Jinxiang Lu, CEO and Chairman of A-Power.
"When Senator Reid found out US-REG and A-Power wanted to build a wind turbine manufacturing plant in the United States, he told us that Nevada was poised to be at the epicenter of America's commitment to renewable energy technology," said Ed Cunningham, US-REG Managing Partner. "With a strong commitment to renewable energy and business-friendly climate, we felt that Nevada would be the ideal place to invest in this manufacturing hub. This multi-million dollar investment in Nevada will further advance the Senate Majority Leader's clean energy initiatives while allowing out of work Nevadans to re-enter the work force in high-paying, stable, green jobs."
"We are committed to clean energy development and this partnership, which will allow us to expand our presence in the American renewable energy sector and create over a thousand jobs in Nevada," said John Lin, A-Power's Director and COO. "A-Power highly values the opportunities in renewable energy in America and this state-of-the-art facility will be our first major manufacturing plant in the United States."
The United States Renewable Energy Group is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG's mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America's energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy. US-REG mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, US-REG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
About Shenyang Power Group (SPG)
SPG is a renewable energy industry alliance based in Shenyang, China. SPG's member companies range from power equipment makers to engineering service providers, including A-Power. The alliance was created to integrate local resources and leverage the manufacturing, engineering and government initiatives in the Shenyang area so that SPG can pursue large-scale, international projects in the alternative energy sector.
A-Power Energy Generation Systems Ltd. ("A-Power"), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. In addition to the establishment of strategic relationships with 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 .
American Nevada Company, LLC is among the largest real estate companies in Nevada. Over the last thirty-five years, ANC has developed several award-winning master planned communities in the western United States encompassing more than 11,000 acres. In addition, ANC owns approximately 10,000 acres in Texas and Arizona that are currently being planned for development. ANC also holds a commercial portfolio of nearly 3 million square feet which it developed and manages. For more information, visit www.americannevada.com.
Safe Harbor Statement
This press 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," 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 A-Power's 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 the parties may not be able to access or receive sufficient financing or approvals to design, construct or operate the planned manufacturing facility in Nevada, and the risk that if constructed, the Nevada manufacturing facility may not be profitable as well as other relevant risks detailed in A-Power's filings with the Securities and Exchange Commission, including those set forth in its annual report filed on Form 20-F/A for the fiscal year ended December 31, 2008. The information set forth herein should be read in light of such risks. A-Power assumes no obligation to update the information contained in this press release, except as required under applicable law.
SOURCE The U.S. Renewable Energy Group