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 the signing of a RMB 218 million (approximately US $32.5 million) engineering, procurement and construction contract with Hainan Century Light Investment Co. for a straw-based biomass power plant in Baisha.
Mr. Jinxiang Lu, A-Power's Chairman and CEO commented, "We are pleased to announce this new contract which will generate additional revenues and profits over a relatively short period of time."
Based on the availability of straw resources within a 50 kilometer radius of the proposed location and local economic development, Hainan Century Light Investment Co. intends to develop 2 sets of straw boiler with 2 x 12MW condensing steam turbines and affiliated equipments for the proposed power plant. The project is located in Baisha County Bangxi Industrial Park, where no other straw plant is within 50km of the proposed location and adequate space has been reserved for the development of this project.
A-Power will act as the contractor for the engineering, procurement, construction, and installation phases until the project becomes operational. The project started at the end of November 2010 and is expected to last approximately 15 months. The project will strictly comply with relevant national and industry standards for power projects.
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