16 Aug 2011
Everbright International's Photovoltaic Power Station in Germany Connects to Power Grid and Starts Photovoltaic Power Generation
Successfully Expands Business Presence to Overseas
China Everbright International Limited ("Everbright International" or the "Group") is pleased to announce that its first overseas alternative energy project, a photovoltaic energy project in Germany commanding a total investment of approximately EUR7.6 million, has been connected to the power grid and has started photovoltaic power generation. It is the Group's first overseas project to commence operation.
Everbright International negotiated the terms of cooperation, transfer agreement and general contractor agreement with its partner in Germany earlier this year. Following a site visit and assessment, the Group entered into its first overseas alternative energy project. The project, located in Schonewalde in eastern Germany, with a total installed capacity of 3.70MW, is currently the largest amorphous silicon thin film photovoltaic power station in Europe.
According to the share purchase agreement and EPC contract, the project is required to start construction on 21 March, be connected to power grid on 30 June and be handed over on 30 September. On 30 June, Mr. Wang Tianyi, General Manager of the Group, led the project inspection team to Schonewalde, Germany to inspect the connection to power grid. The team confirmed that the photovoltaic power station met all technological requirements of the Group. A ceremony to mark the commencement of power generation was organized afterwards. According to the terms of the contract, the photovoltaic station is to be handed over two months after the trial run, when the Group's photovoltaic power station in Germany enters the energy harvest stage.
Mr. Chen Xiaoping, Chief Executive Officer of Everbright International, said, "The German Photovoltaic Energy Project is our first overseas alternative energy project. The successful commencement of on-grid electricity generation of the project marks a milestone of the Group in extending our overseas alternative energy business to demonstrate our mastery of world-leading photovoltaic energy technology. Looking ahead, we will actively develop a professional international team and take advantage of favourable overseas policies targeting the alternative energy industry so as to capture greater market opportunities, further accelerate our investment in overseas alternative energy projects and consolidate our leading position in the environmental protection industry sector".