Source: A-Power Energy Generation Systems
A-Power Energy Generation Systems, Ltd. (Nasdaq:APWR), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, received from Thailand's Biomass Electricity Co., Ltd. an advance payment of US$ 8.97 million that starts the implementation phase of a project to develop a 150-megawatt biomass-fueled power plant in the Prachinburi province of Thailand.
The $8.97 million deposit is 10% of the total equipment value in the contract. Biomass Electricity expects to make an advance payment for plant construction and equipment installation in a short time.
A-Power and Biomass Electricity signed the definitive contract for this power plant in December 2009, covering the design of the biomass power station, procurement and installation of three main engines and other auxiliary equipment, and contracting of five main power station systems. The total contract value includes fees related to design and installation and expenses related to procurement and sub-contracting with third-party vendors and construction companies.