BVI-registered A-Power Energy to start USD 20 million project

A-Power Energy Generation Systems Ltd, power systems firm, announced that it has signed an agreement. According to the deal, a wind turbine production facility will be built by the company with the Chinese city government of Bayan Nur.

According to a British Virging Islands corporation, Bayan Nur (Inner Mongolia) is located in one of the 3 premium wind belts in China, and the Chinese central government has approved 2 100 MW of wind power generation in the Bayan Nur region. A-Power Chief Executive Jinxiang Lu commented the following: “The 800 MW annual wind turbine production capacity at this new Inner Mongolia facility combined with over 1 000 MW from the first phase of our Shenyang production facility will give A-Power an annual wind turbine production capacity of over 1 800 MW by the end of 2009”.

The BVI incorporated A-Power Energy Generation Systems Ltd expects the 290 000 square foot plant to cost around USD 20 million, and the project is planned to be completed in July 2009. The newly built plant will have wind turbines of 2.5 MW and 750 kW capacity.

It is also important that, under the deal, the city government of Bayan Nur agreed to tax breaks as well as to coordinate sales with wind farms in and around the city region.

It is also worth noting that the shares of the BVI-registered company grew more than 3% to USD 29.56 on Nasdaq.

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