A-Power Energy Generation Systems (APWR) Receives Shenyang Government Meeting Minutes Regarding Shenyang Power Group

June 19, 2009 8:37 AM EDT

A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) announced it has received official meeting minutes of the Shenyang Municipal Government dated June 8, 2009, to agree to form Shenyang Power Group, with A-Power as lead investor and subsidies from the city of Shenyang.

According to the meeting minutes, Shenyang government has approved in principle the establishment of Shenyang Power, a local DG industry alliance, to be established with $147 million (RMB 1 billion) in registered capital, of which 60% will be provided by A-Power, 20% from Shenyang Ruida Investment Co., the investment arm of the Shenyang Government, and the remainder from companies and research institutes participating in the alliance. In addition, Shenyang government will provide a total of $14.7 million (RMB 100 million) from the city's Industrial Development Fund to subsidize the entities joining Shenyang Power. The subsidies will be disbursed in installments, and the first installment, about $6 million (RMB 40 million), is expected to be received by Shenyang Power by the end of June 2009.

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