31 Jan 2010
Everbright International Forays into Solar Photovoltaic Energy Business
Lands Solar Photovoltaic Energy and On-grid Electricity Project in Huaining County, Anhui ProvinceChina Everbright International Limited ("Everbright International" or "the Group") has signed a framework agreement with the People's Government of Huaining County, Anhui Province regarding construction of a solar photovoltaic power station for a solar photovoltaic energy and on-grid electricity project ("the Project"). The Project to be developed in three phases will have a total installed generation capacity of 20MWp and carry a total investment cost of RMB500,000,000.
The Group will invest RMB50,735,200 in phase I of the Project to build a 2MWp solar photovoltaic power station with four 500kWp photovoltaic power generation sub-systems, which is expected to take about 12 months. The Project has been included by the National Finance Commission and Development and Reform Commission and falls under the category of "Grid-linked Solar Energy Project of Golden Sun Pioneer Project List". The Project is eligible for subsidy equivalent to 50% of its total investment. The power station will be at a location with ample solar resources with annual average daily sunshine hours of more than 2,000 and annual daily solar radiation of 5,373MJ/m². Moreover, the area has many industrial enterprises and has a proven power grid to provide for the need of construction works of the Project. The power generation system can through the distribution power grid of the area directly connect with the supply grid after the Project is completed.
Mr. Chen Xiaoping, Chief Executive Officer of Everbright International, said, "The Group is happy to have made another breakthrough in developing its alternative energy business. Solar Photovoltaic energy project is a new clean energy industry boasting the merits of lowering evaporation hence helping to suppress desertification, conducive to the health of the ecological environment and sustainable development of Huaining County and desert areas. Such new projects are going to boost the brand and influence of Everbright International in the Anhui environmental protection industry and facilitate continual development of other green energy projects in the province by the Group. The development and construction of phase I of the Project, if successful, will bear on our pursuit of phase II and III of the Project, and subsequently projects in other solar photovoltaic energy markets."