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Tech stocks - Wednesday, September 16, 2009

A-Power Awarded $90.5 Million Contract To Build Wind Farm

Inner Mongolia is quickly becoming a hotbed of renewable energy as A-Power Energy Generation Systems (APWR:NASDAQ) was awarded a $90.5 million contract to build the 49.5 Megawatt Saiwusu Wind Farm in Inner Mongolia. Last week First Solar (FSLR:NASDQ) was awarded a contract to build a 2-gigawatt solar energy plant in Inner Mongolia.

"Inner Mongolia as we all know has the most promising wind energy potential among all of China's provinces, stated CEO Mr. Jinxiang Lu in today’s press release. "We are truly excited to embark on our first wind farm full-responsibility project.”

The project will commence in October of this year and is expected to be completed in June 2010.

Today’s deal truly represents the beginning of what could be many more deals in the future. According to the Chinese Renewable Energy Industry Association, Inner Mongolia has an estimated 787GW of exploitable wind power. As of September 2008, only 1.6GW in capacity had been developed and installed.

The Saiwusu Wind Farm project, owned by Jihe Orient, has received the necessary approvals from National Resources Bureau of the Inner Mongolia Autonomous Region, Inner Mongolia Power Co., and China's National Development and Reform Commission.

“We look forward to leveraging our superior wind turbine technologies, our engineering and construction expertise and our excellent relations with local governments, and making headways as a participant in the robust growth of the wind power market of China,” added Mr. Jinxiang.