A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR), announced today that it has signed a Memorandum of Understanding with the National Power Supply Co., Ltd., a subsidiary of Thai-based Advance Agro Public Co. Ltd., to develop a 600-megawatt (MW) distributed power generation system worth approximately $300 million in Chachengsao Province, Thailand.
The project is expected to begin in August, 2008 and will be completed in approximately 42 months.
Mr. Jinxiang Lu, A-Power’s Chairman and CEO, commented, "This project represents a significant milestone for A-Power as it will be our largest distributed power project and second major project with National Power Supply in Thailand. National Power Supply is a major provider of electricity to Thailand’s state-owned power grid and we are excited to announce our expanded relationship with them. Based on our performance on the contract we signed with them in April to construct a 300MW distributed power system, we have reached an agreement to construct this new 600MW system and are in discussions for multiple other opportunities."
Mr. Lu continues, "Thailand and other Southeast Asian countries continue to struggle to provide a consistent and adequate power supply to feed their growing economies and based on our track record, efficient distributed power system design and ability to quickly develop new high-quality systems, A-Power is well positioned for major contract wins in this region."
About A-Power
A-Power Energy Generation Systems, Ltd., through its PRC operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and will enter into China’s wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University and the China Sciences Academy in Guangzhou.
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