GC China Turbine Corp. Reaches Wind Farm Resource Agreement with Baicheng
Resource from: CBCC Likes:2913
Jan 28,2010
GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China") advise that it has recently entered into a significant cooperation development agreement as part of its ongoing five-year strategic plans.
GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China"), a leading Chinese manufacturer of twin blade wind turbines, wishes to advise that it has recently entered into a significant cooperation development agreement as part of its ongoing five-year strategic plans.
In December 2009, GC China signed a cooperation agreement on wind power resource development with the Baicheng Municipal Government of Jilin Province, China. The agreement encompasses 3 projects in total, with the first wind energy project planned for Sijianfang located in the Taobei District of Baicheng where the total planned installation capacity is 200 MW and construction is slated to start by June 2010. If the wind farm is completed, the expected potential value of orders could exceed US$137.6 million (940 million Yuan).
The second project is in an area known as the Private Development Zone of Baicheng where the total planned installation capacity is 100 MW and if completed, could have an expected potential value of orders in excess of US$68.8 million (470 million Yuan). The project is undergoing an approvals process spearheaded by the Minkai District Tonghe Merchants Corp. which aims to have the requisite permitting completed by April 2010.
Lastly, the Company has an agreement with the Management Commission of the Taonan Economic Development Zone located in Taonan of Baicheng that provides for GC China introducing a glass fabric reinforced plastic manufacturer of turbine blades into the Taonan District in 2010. Based on this, the Management Commission of Taonan Economic Development Zone will commit to offer 500MW of wind farm resources to the Company, which could have an estimated potential value of orders in excess of US$344 million (2.35 billion Yuan). The wind farm project is slated to commence construction in 2011.
The entire wind power industry in China is growing rapidly due to Government mandates and policies that affect the power generation sector as a whole and which have led to a number of innovative responses resulting in cooperative strategic affiliations between equipment manufacturers, wind farm operators and regional electrical utilities providers.
This has led to the creation of a universally accepted marketing practice referred to as the "Wind Resource Model." This significant step forward has been successfully adopted and utilized by several well established mainstream wind turbine manufacturers and their regional partners in China.
The key to the success of the wind resource model is that wind turbine manufacturers themselves obtain development rights for high-quality wind farm projects and then transfer the right of management of those wind farm projects to generation companies which offer guarantees to place purchase orders with the wind turbine manufacturers in exchange for certain rights at the previously developed locations.
In 2009, GC China announced its aims for future strategic planning under the wind resource model, with a focus on creating wind resource strategies targeting known development regions so as to reserve those locations for future marketing and development alliances. The Company's strategic plan was adopted in 2009 through a demonstration of the model held in conjunction with leaders and experts from the Chinese Ministry of Science and Engineering and Information Department.
Additional details regarding the Company and its business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
GC China Turbine Corp. (OTCBB: GCHT) is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.5MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$135 million to-date.
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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