SHENYANG, China, Sept. 30 /PRNewswire-Asia-FirstCall/ -- 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:
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.
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