A-Power Energy (APWR) Signs an MOU to Construct a New 290,000 Sq FT Wind Turbine Production Facility in Inner Mongolia

July 14, 2008 9:21 AM EDT
A-Power Energy Generation Systems (NASDAQ: APWR) announced that it has entered into a Memorandum of Understanding with the Bayan Nur city government in western Inner Mongolia Autonomous Region to construct a new 290,000 square foot wind turbine production facility with the capacity to produce approximately 800MW of wind turbines each year. A-Power intends to produce its 2.5MW and 750kW wind turbines in this facility. Based on market demand and the wind conditions in this region, A-Power also anticipates future production of 1.5MW wind turbines in this facility and is in discussions to license or acquire 1.5MW wind turbine technology.

"The new facility will be similar in size to the first phase of our facility recently completed in Shenyang and its strategic location will be advantageous to serve this particular part of Inner Mongolia's wind belt. We plan to begin construction on this facility in October 2008 and it is expected to be completed in July 2009 at a cost of approximately $20 million.

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 market in 2008.
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