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A-Power signs new contract, delivers turbines

Wed, 01/27/2010 - 10:28am
Reuters

LOS ANGELES (Reuters) - A-Power Energy Generation Systems Ltd has shipped turbines to two wind projects in China, marking its first renewable power equipment delivery, the Chinese company said on Wednesday.

A-Power also announced a $40 million contract from China Machine-Building International Corp to build a power plant for a cement factory in Vietnam, expanding its geographical reach.

A-Power is among a slew of Chinese renewable energy companies aggressively competing with bigger peers such as German solar cell producer Q-Cells and Spanish wind-farm operator Iberdrola in the emerging global clean power sector.

The company, which also makes equipment for power systems, said it delivered five turbines to a 49.5 MW wind farm in Inner Mongolia and another five turbines to a 19.5 MW project in the province of Shandong.

The start of turbine deliveries provides "a key milestone in the wind segment's commercialization," Raymond James analyst Pavel Molchanov said in a note to clients on Wednesday.

A-Power shares rose 3.4 percent to $12.32 on Nasdaq.

After entering the wind business in 2008, A-Power drew attention from investors when it secured a deal to supply turbines for a 600-megawatt wind power project in Texas that could cost $2 billion.

(Reporting by Laura Isensee; Editing by Braden Reddall and Maureen Bavdek)

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