A-Power Energy Generation Systems, Ltd Announces EPC Contract with Baishan Long Run Water Conservancy Development Co., Ltd.
SHENYANG, China, Sept 29, 2010 /PRNewswire via COMTEX News Network/ -- 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 three-phase, six-year RMB 1.87 billion (approximately USD$279 million) engineering, procurement and construction (EPC) contract with Baishan Long Run Water Conservancy.
Mr. Jinxiang Lu, A-Power's Chairman and CEO commented, "We are very excited about this new win at our Liaoning (Gao Ke) Hi-Tech Energy Group subsidiary and the continuing success in our core distributed generation (DG) business. Building upon our current pipeline in our DG division, this multi-year EPC project provides us with improved sales visibility heading into the second half of our fiscal year and beyond. "
The Baishan long run water conservancy project, located in the city of Baishan in Jilin province, is divided into three phases, with each phase expected to last twenty-four months:
•Phase One: The Xibeicha 12.8MW key water control project in Baishan;
•Phase Two: Design and construction of a 64MW hydro-power station in Laosong Township of Baishan; and
•Phase Three: Design and construction of two 16MW hydro-power stations on Baijianghe River in the Jingyu Township of Baishan
Liaoning Hi-tech (Gao Ke) Energy Group, A-Power's wholly-owned subsidiary and exclusive EPC contractor for this project, will be responsible for all the planning, engineering, and construction within the power stations, the building and repairing of access roads to the facilities, as well as the construction of the power stations' auxiliary projects (including office buildings, staff apartments, and hotels).
The Company anticipates that it will recognize revenue over the six year anticipated implementation of the project on the percentage of completion method it customarily employs for projects in its DG business.
About A-Power
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 DG projects of 25MW to 400MW, A-Power also operates one of the largest wind turbine manufacturing facilities in China and in March 2009, entered into an agreement to establish a partnership with W2E Wind To Energy GmbH to produce wind turbine gearboxes in Shenyang, Liaoning Province. It also acquired Evatech, a designer and manufacturer of industrial equipment for amorphous-silicon (a-Si) photovoltaic (PV) panels, in 2010.
In addition to the establishment of strategic relationships with 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.
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 "may", "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 our 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: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
SOURCE A-Power Energy Generation Systems, Ltd.
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