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A-Power Announces EPC Contract with Inner Mongolia Huolinhe Coal Trade Group Co., Ltd., for a 4x200 MW Micro Grid Project
Astropower (NASDAQ:APWR)
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Today : Thursday 23 December 2010
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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 manufacturer of wind turbines, announced that it has signed an engineering, procurement, and construction contract with Inner Mongolia Huolinhe Coal Trade Group Co., Ltd., ("Huolinhe Coal") for a 4x200 megawatt coal-based power generating plant.

The proposed power project will supply energy for Huolinhe Coal's electrolysis stone projects, which have been approved by the Tongliao municipal government. The power plant is a stand-alone system for micro-grid connections to supply the required power and gas for aluminum smelting. The total investment for the project is expected to be RMB 4 billion (approximately US$597 million).

The project includes four 1048 t/h circulating fluidized bed boilers with four 200 megawatt turbine power generators. With engineering scheduled to start in March 2011, the project is expected to be fully operational by December 31, 2015. The construction period for each of the four turbines is expected to be 18 months.

Mr. Jinxiang Lu, A-Power's Chairman and Chief Executive Officer, said, "This award further indicates that customers in our distributed power generation business believe that we deliver quality and performance at a competitive price. We are pleased to support Huolinhe Coal in creating this new power generation facility. With a project horizon of about five years, we believe this project will create additional value for shareholders."

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 distributed power generation projects of 25 to 400 megawatts, A-Power also operates one of the largest wind turbine manufacturing facilities in China. A-Power acquired Evatech Co. Ltd., a designer and manufacturer of industrial equipment for amorphous-silicon photovoltaic panels, in January 2010 and acquired Hallys Corporation in May 2010.

In addition to the establishment of strategic relationships with some of 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 news 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 "anticipates," "believes," "expects," "estimates," "future," "intends," "may," "plans," "will," 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 by law.

For more information, please contact:



A-Power Energy Generation Systems, Ltd.


John S. Lin


Chief Operating Officer


Email: [e-mail]



Christensen


Patty Bruner


Mobile: [phone] begin_of_the_skype_highlighting              [phone]      end_of_the_skype_highlighting


Email: [e-mail]



Tom Myers


Mobile: [phone] in Beijing


Email: [e-mail]


SOURCE A-Power Energy Generation Systems, Ltd.