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STATEMENT IN RESPONSE TO UNFAIR MSNBC ARTICLE
Tuesday, December 14 2010
For Immediate Release: December 9, 2010
Media Contact: Carrie Annand at 202-494-2493 (CarrieAnnand@Rational360.com)
STATEMENT IN RESPONSE TO UNFAIR MSNBC ARTICLE:
FACTS ABOUT THE 615-MEGAWATT WIND ENERGY PROJECT IN WEST TEXAS
Washington, DC – December 9, 2010 – Today, MSNBC posted on its website an article that contained a number of biased statements and inaccuracies about US-REG and its Texas wind farm project.
US-REG is one of the investors currently constructing a 615 MW wind farm in West Texas. In August 2010, U.S. Steelworkers (USW) signed an historic agreement to supply the steel for this project. This project is using a combination of Chinese funding and US private investment to build a majority U.S.-owned project on United States soil that will generate thousands of American jobs and utilize tens of thousands of tons of steel manufactured in America.
In building the West Texas wind farm, the objective of US-REG is the construction and operation of a world-class, smart-grid clean energy project that will create U.S. jobs, grow the U.S. manufacturing base and represents truly global integration of advanced, state-of-the-art renewable technologies.
Setting the Record Straight: More Facts About US-REG and its West Texas Wind Farm Project.
- No U.S. Government monies of any kind have been received by the project, and 100% of the investment in the project has come from either the Shenyang Power Group or US-REG Wind Partners One, and all monies paid thus far have gone to U.S. companies and property owners.
- US-REG’s objective is and will continue to be the construction and operation of a world-class, smart-grid clean energy project that creates American jobs and represents a truly global integration of advanced, state-of-the-art technologies, implemented through the cooperation of the leading experts from around the globe. The agreement between the parties has been made public and is available for anyone to review.
- No U.S. Government official has been asked to intervene on our behalf to the Department of Energy for the Loan Guarantee.
The Vast Majority Of Jobs Created By The 615 MW Wind Project Will Be In The United States, And A Minimum Of 70 Percent Of Each Wind Turbine Will Be Manufactured In The U.S.
- The vast majority of jobs created by the 615 MW wind farm will be in the United States and done by American workers.
- A minimum of 70 percent of each wind turbine, including the massive towers and blades, will be wholly manufactured in the United States and made of American steel.
This $1.5 Billion Investment In American Wind Energy Will Pump Millions Of Dollars Into Local Economies, Pay Out Hundreds Of Millions In Federal Tax Revenue, And Provide Clean Renewable Energy To 180,000 American Families.
- This wind project is a $1.8 Billion investment in the American wind energy sector, providing millions of dollars in revenue to landowners, construction workers, engineers, developers, and local governments, as well as hundreds of millions in federal tax revenue paid out over the lifespan of the project – far exceeding any incentives provided to the project and thus repaying to the U.S. Government and American taxpayer any incentives that the project might receive.
- The 615 MW wind project will supply clean energy to approximately 180,000 American families.
U.S. Clean Energy Incentives Are Essential To Developing America’s Wind Energy Industry And Growing America’s Renewable Energy Sector.
- The 615 MW project will spread the growth of renewable energy in the U.S., build the infrastructure of America’s new energy economy, and create American jobs at all levels: manufacturing, assembly, construction, transportation, and maintenance.
- Without these federal incentives, most American wind projects would be forced to lay off workers, go out of business or sit idle until energy prices rise, further stalling much needed growth in the American renewable sector.
About US-REG
The United States Renewable Energy Group is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America’s energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy. US-REG mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
USW Signs Landmark Agreements with Leading Power Generation Companies in China
Wednesday, August 18 2010
FOR IMMEDIATE RELEASE
August 6, 2010
CONTACT:
Wayne Ranick (412) 562-2442
USW Signs Landmark Agreements with Leading Power Generation Companies in China
To Advance Development of America’s Clean Energy Manufacturing Supply Chain
(Pittsburgh) -- The United Steelworkers (USW) announced today it has signed agreements with A-Power Energy Generation Systems Ltd, (NASDAQ: APWR) and Shenyang Power Group (“SPG”), two of China’s leading power generation companies. This agreement provides a strong foundation for a win-win relationship between Chinese renewable energy equipment manufacturers and U.S. workers as the USW will guide and work collaboratively on all aspects of the companies’ U.S. market strategies including manufacturing, assembly, component sourcing, distribution and wind energy project development.
“We will work with A-Power and SPG to create long-term, good-paying, green American jobs,” said USW International President Leo W. Gerard. “The USW is committed to building a strong domestic supply chain that will be key to the future of America’s global renewable energy leadership.” A-Power and SPG anticipate purchasing over time approximately 50,000 tons of steel to be manufactured in unionized American steel mills to supply the towers for a 615MW wind farm in Texas.
“It is an honor to team up with the Steelworkers for this historic partnership that will result in hundreds of American jobs and help create a clean energy future for the U.S.” said Cappy McGarr, US-REG Managing Partner. “We look forward to working closely with the USW on further projects to help expand wind power and renewable energy in the U.S.”
“Through our partnership with the U.S. Renewable Energy Group, we had the unique opportunity to meet President Gerard and understand his vision for win-win relationships between manufacturers and workers,” said Mr. Jinxiang Lu, Shenyang Power Group Chairman and CEO. “We quickly discovered that our company’s high standards at every level of the clean energy technology supply chain were the same as those of the USW. A-Power, SPG and USW know that the success of our organizations is dependent on developing the world’s most sophisticated and skilled workforce.”
“Our cooperation with USW will benefit the development of our projects, including the planning of a wind turbine assembly plant in Nevada and the ongoing development of the supply chain for the expected delivery of wind turbines to the 615MW wind farm under development in Texas,” said John S. Lin, Chief Operating Officer of A-Power.
“This is obviously the first cooperative agreement between the USW and a company headquartered in China, and it is appropriate that we recognize the expertise and insight of Cappy McGarr and Ed Cunningham of the U.S. Renewable Energy Group who brought together this landmark cooperation,” said Gerard.
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About United Steelworkers
The USW is the largest industrial union in North America, representing 850,000 active workers employed in manufacturing, energy, public and the service sectors. It is the dominant union in metals, mining, pulp and paper, rubber, oil, chemicals, cement and glass, but also represents professional and technical workers, nurses, pharmacists, hospital and municipal employees. The USW is a founding organization of the Blue Green Alliance. For more about the USW: www.usw.org/.
About A-Power:
A-Power Energy Generation Systems Ltd. ("A-Power"), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. In addition to the establishment of strategic relationships with world's leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies. For more information, please visit http://www.apowerenergy.com.
About Shenyang Power Group (SPG):
SPG is a renewable energy industry alliance based in Shenyang, China. SPG’s member companies range from power equipment makers to engineering service providers, including A-Power. The alliance was created to integrate local resources and leverage the manufacturing, engineering and government initiatives in the Shenyang area so that SPG can pursue large-scale, international projects in the alternative energy sector.
About US-REG:
The United States Renewable Energy Group is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America’s energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy. US-REG mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
Safe Harbor Statement
This press release may contain forward-looking statements concerning A-Power and its subsidiaries. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. A-Power assumes no obligation to update the information contained in this press release, except as required under applicable law.
Wind Farm Deal Assures Bigger U.S. Role
Wednesday, August 18 2010
Wind Farm Deal Assures Bigger U.S. Role
By MATTHEW L. WALD
Published: August 6, 2010
WASHINGTON — The United Steelworkers and two Chinese companies announced Friday that they had signed an agreement assuring that major components of machines for a $1.5 billion wind farm in Texas would be made in the United States.
The deal potentially defuses a conflict over American stimulus dollars being used to subsidize foreign companies.
Without releasing full details, the union said that the steel for the wind towers, enclosures for working parts atop the towers and reinforcing bars for the bases would be sourced in the United States. So will the blades, which are not made of steel but are often made by steelworkers, the union and the two companies said.
The agreement was brokered with the Shenyang Power Group, known as SPG, and a subsidiary that it partly owns, A-Power Energy Generation Systems, which have entered a joint venture with the American investment firm U.S. Renewable Energy Group to build the wind farm in West Texas.
United Steelworkers officials did not say what fraction of the machines’ value would be from domestic manufactured parts. The Chinese companies will also work to develop a domestic American supply chain for wind machine manufacture beyond the Texas project, the union said.
Word last fall that million of dollars in federal stimulus grants and loan guarantees for clean energy projects money might flow to the project led to calls from members of Congress for the Obama administration to deny federal aid.
Their chief worry was that the turbines would be manufactured in Shenyang, China, rather than in the United States. Friday’s announcement seems likely to allay some of those objections.
Senator Sherrod Brown, Democrat of Ohio and among those who had objected to the use of American stimulus money on a foreign-sourced project, welcomed the announcement. “We must continue to develop the manufacturing supply chain to meet our demand for clean energy,” he said.
The two Chinese companies anticipate buying 50,000 tons of steel from unionized American mills for the 615-megawatt Texas project, the announcement. said.
Leo W. Gerard, president of the United Steelworkers, said his union had been prepared to initiate antidumping actions against Chinese manufacturers on imported steel for wind machines, as the union has in the past for tires, paper and steel for other uses.
“The initial plan on this project was to import the turbines and assemble them here, and that would have meant hardly no jobs for us,” he said in a conference call with reporters. “What we won’t support is any company, Chinese or otherwise, flooding our market with cheap, subsidized goods.”
The Chinese companies had initially estimated that the project would create 2,000 steelworker jobs in China, Mr. Gerard said, but about only 1,000 jobs in the United States.
In a statement, Jinxiang Lu, the chairman and chief executive of the Shenyang Power Group, said that its partnership with the U.S. Renewable Energy Group had enabled his company to meet Mr. Gerard “and understand his vision for win-win relationships between manufacturers and workers.”
The announcement reflects the expanding globalization of the wind machine industry, with parts made in scattered countries. Robert E. Gramlich, policy director at the American Wind Energy Association, said that the “big heavy stuff” like the towers and the blades, were generally the most likely to be locally sourced and that smaller, higher-value components were more likely to be imported.
In the case of the Texas project, however, the gear box, a high-value component, was always to be manufactured by General Electric.
To some extent the flow seems to run in both directions. In May, the American Superconductor Corporation of Devens, Mass., said it had received a multiyear order worth $445 million from Sinovel Wind Group Company of China, with shipments to begin in early 2011. The company is already shipping components under an earlier contract.
Mr. Gramlich’s group has been lobbying for greater federal support for American companies that could build wind machine components. The Commerce Department has identified wind technology as a major potential export industry, he said.
Read original article at http://www.nytimes.com/2010/08/07/business/energy-environment/07steel.html
"Planned wind-turbine plant gathers gust of momentum" -- Las Vegas Sun
Wednesday, April 28 2010
By Richard N. Velotta
Wednesday, April 28, 2010 | 2 a.m.
An international manufacturer of wind turbines has launched plans to build a plant in Southern Nevada, establishing its first manufacturing effort in the United States.
The commitment by A-Power Energy Generation Systems, based in Shenyang, China, was marked in a gathering at UNLV on Tuesday among Chinese and U.S. government leaders and business partners from both nations.
Almost as if it were a prop for the event, a breeze rustled bright red decorations and blew scripts off podiums at the outdoor event, attended by about 100 people, including high-ranking Chinese government official Zeng Wei, U.S. Interior Secretary Ken Salazar, Las Vegas Mayor Oscar Goodman and top executives of the four major business partners that put the deal together.
While some details about the 320,000-square-foot manufacturing plant haven’t been finalized — including selection of a site for the facility — the partners said they were far enough along to publicly mark the alliance. The plant is expected to provide 1,000 jobs.
Officials did say, however, that 50,000 tons of U.S.-manufactured steel would be used to build the plant, allaying fears that foreign interests would benefit most from the project.
A wind farm in Texas will be the first energy development project to receive turbines from the Southern Nevada plant, according to officials.
A-Power Chairman and CEO Jinxiang Lu said his company is seeking other opportunities with partners U.S. Renewable Energy Group and Cielo Wind. It’s possible that the plant could expand to include the manufacture of solar panels and materials for other renewable projects, Lu said.
Read the rest of the article here: http://www.lasvegassun.com/news/2010/apr/28/planned-wind-turbine-plant-g...
The U.S. Renewable Energy Group and A-Power Energy Generation Systems, Ltd. Launch Final Development Phase of Jointly Owned 600 MW Wind Farm
Wednesday, April 28 2010
Las Vegas, NV – The U.S. Renewable Energy Group (US-REG) and A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) today celebrated the launch of the final development phase of its jointly owned 600MW wind farm with a ceremonial ribbon-cutting at the Hank Greenspun School of Journalism in Las Vegas, NV.
In October of last year, US-REG, in partnership with A-Power and Cielo Wind Power, announced the largest-ever Chinese and American joint investment in renewable energy with the construction of a 600 megawatt wind farm in Texas. In part as a result of that project, A-Power set forth plans to build a major wind turbine production and assembly plant in Nevada. American Nevada Company executives were also in attendance at the celebration with respect to the planning for the proposed Nevada facility.
Major executives and public officials participating in the ceremony hosted by US-REG Managing Partner Cappy McGarr included U.S. Secretary of the Interior Ken Salazar, Party Secretary Zeng of the People’s Municipal Government of Shenyang, Vice Mayor Yang Yazhou of the People’s Municipal Government of Shenyang, Chief of Staff to U.S. Senate Majority Leader Harry Reid, David Krone, US-REG Managing Partner Ed Cunningham, A-Power Chief Operating Officer John Lin, Cielo Wind Power CEO Walt Hornaday, and American Nevada Company Chairman Brian Greenspun.
“Secretary Salazar is a leader in the development of America’s renewable energy industry, and we are grateful to have his support as we embark on one of the largest wind energy projects ever developed in the United States. We are inspired by Secretary Salazar’s dedication to steering our nation toward a new energy economy that will create thousands of jobs and improve America’s energy security,” said Cappy McGarr, US-REG Managing Partner. “Each of the executives and public officials here today share the common goal of creating a clean energy future for the people they represent. China and the U.S. must and will work together to tackle the issues facing future generations.”
The planned assembly and production facility would be expected to employ approximately 1,000 Nevada workers and create hundreds of additional jobs during construction. On completion, the plant would act as A-Power’s primary wind turbine hub in the United States, supplying equipment for a number of projects in North and South America, including the 600 megawatt joint venture wind project in Texas that will bring clean electricity to approximately 180,000 American families.
“Senate Majority Leader Harry Reid was instrumental in advocating for the state of Nevada and its renewable energy workforce,” said Ed Cunningham, US-REG Managing Partner. “Leader Reid’s strong commitment to clean, renewable energy has put Nevada at the forefront of America’s renewable energy sector, and the strength and sophistication of its renewable energy workforce made Nevada the ideal location to construct the wind energy production and assembly plant.”
In a statement issued earlier today, Leader Reid applauded the companies on their venture, saying, “I commend A-Power, their partners and supporters for moving forward with a project that will put more than 1,000 Nevadans back to work and help our nation in its effort to achieve energy independence. I encouraged A-Power to come to Nevada because our tax friendly business environment and abundance of clean energy resources make our state the perfect place for them to do business. If we play our cards right, this project will be just one of many more to come.”
Mr. Jinxiang Lu, A-Power's Chairman and CEO, said, "We look forward to having our partners and guests join us at this event which marks our entry into the wind energy business in the U.S. America possesses excellent on-shore wind resources. We are excited about identifying a suitable site in Nevada for our planned wind turbine assembly facility. Strategically located in Nevada, such a facility would mainly provide wind turbines for the 600 megawatt Texas project and would help to create jobs in North America."
In addition to the launch ceremony, US-REG also announced plans to purchase over 50,000 tons of steel for the 600 megawatt project with 100% of the steel coming from American unionized steel mill. US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American and global marketplace. America’s highly skilled steelworkers are indispensable in the development of the US-based wind energy industry, and US-REG will continue to work in close consultation with the United Steelworkers.
The U.S. Renewable Energy Group, A-Power Energy Generation Systems, Ltd. & American Nevada Group to Develop a Wind Turbine Production and Assembly Plant Expected to Create More than 1,000 Jobs in Nevada
Thursday, March 11 2010
Washington, DC – The U.S. Renewable Energy Group (US-REG), A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR or A-Power), and American Nevada Group (ANC) today announced the development and construction of a new production and assembly plant in Nevada that will supply highly advanced wind energy turbines to renewable energy projects throughout North and South America. The state-of-the-art facility will be approximately 320,000 square feet with annual production capacity of 1,100 megawatts of wind energy turbines annually, enough to power 330,000 homes. The facility is expected to employ approximately 1,000 Nevada workers and create even more jobs during the construction process. ANC will identify potential sites for the facility and will develop the facility for the group.
United States Senate Majority Leader Harry Reid (D-NV) is a leader in developing America’s renewable energy sector and his commitment to the sector and to promoting investment in Nevada was instrumental to the decision to locate the new facility there. The wind turbine production and assembly plant will create over 1,000 high paying long-term jobs in Nevada and provide a major financial boost to the local and surrounding economies. The affordable real estate in Nevada and the proven track record of Nevada’s skilled workforce made Nevada the ideal location for the assembly and production plant. In addition to production and assembly at the new plant, most of the key wind turbine components will be made by domestic U.S. manufacturers. When A-Power selects a suitable site, it intends to arrange the financing of the costs of site acquisition and the construction and operation of the assembly facility from its own funds.
“Senate Majority Leader Reid’s vision for the development of clean energy industries in his home state, Nevada’s position relative to the major wind corridors, and the strength and sophistication of Nevada’s skilled workforce made Nevada the best option for our headquarters and assembly plant for North and South America,” said Mr. Jinxiang Lu, CEO and Chairman of A-Power.
“When Senator Reid found out US-REG and A-Power wanted to build a wind turbine manufacturing plant in the United States, he told us that Nevada was poised to be at the epicenter of America’s commitment to renewable energy technology,” said Ed Cunningham, US-REG Managing Partner. “With a strong commitment to renewable energy and business-friendly climate, we felt that Nevada would be the ideal place to invest in this manufacturing hub. This multi-million dollar investment in Nevada will further advance the Senate Majority Leader’s clean energy initiatives while allowing out of work Nevadans to re-enter the work force in high-paying, stable, green jobs.”
“We are committed to clean energy development and this partnership, which will allow us to expand our presence in the American renewable energy sector and create over a thousand jobs in Nevada,” said John Lin, A-Power’s Director and COO. “A-Power highly values the opportunities in renewable energy in America and this state-of-the-art facility will be our first major manufacturing plant in the United States.”
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About US-REG
The United States Renewable Energy Group is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America’s energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy. US-REG mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
About Shenyang Power Group (SPG)
SPG is a renewable energy industry alliance based in Shenyang, China. SPG’s member companies range from power equipment makers to engineering service providers, including A-Power. The alliance was created to integrate local resources and leverage the manufacturing, engineering and government initiatives in the Shenyang area so that SPG can pursue large-scale, international projects in the alternative energy sector.
About A-Power:
A-Power Energy Generation Systems Ltd. ("A-Power"), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. In addition to the establishment of strategic relationships with world's leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies. For more information, please visit http://www.apowerenergy.com .
About ANC:
American Nevada Company, LLC is among the largest real estate companies in Nevada. Over the last thirty-five years, ANC has developed several award-winning master planned communities in the western United States encompassing more than 11,000 acres. In addition, ANC owns approximately 10,000 acres in Texas and Arizona that are currently being planned for development. ANC also holds a commercial portfolio of nearly 3 million square feet which it developed and manages. For more information, visit www.americannevada.com.
Safe Harbor Statement
This press release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of A-Power’s management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that the parties may not be able to access or receive sufficient financing or approvals to design, construct or operate the planned manufacturing facility in Nevada, and the risk that if constructed, the Nevada manufacturing facility may not be profitable as well as other relevant risks detailed in A-Power’s filings with the Securities and Exchange Commission, including those set forth in its annual report filed on Form 20-F/A for the fiscal year ended December 31, 2008. The information set forth herein should be read in light of such risks. A-Power assumes no obligation to update the information contained in this press release, except as required under applicable law.
VAST MAJORITY OF JOBS CREATED BY THE 600 MW WIND FARM WILL BE LOCATED IN THE UNITED STATES, DONE BY AMERICAN WORKERS
Wednesday, March 3 2010
For Immediate Release: Wednesday, March 3, 2010
VAST MAJORITY OF JOBS CREATED BY THE 600 MW WIND FARM WILL BE LOCATED IN THE UNITED STATES, DONE BY AMERICAN WORKERS
A Minimum Of 70 Percent Of Each Wind Turbine Will Be Wholly Manufactured In The United States
WASHINGTON, DC –U.S. Renewable Energy Group (US-REG) Managing Partner Cappy McGarr today issued the following statement regarding the enormous American job creation and economic benefits of the 600 MW wind energy project in response to recent criticism of the stimulus.
“The vast majority of the jobs created as a result of the 600 MW wind farm will be located in the United States and done by American workers. A minimum of 70 percent of each wind turbine in the 600 MW project, including the massive towers and blades, will be wholly manufactured in the United States and made entirely of American steel. It is incorrect to assume that the hundreds of additional jobs created aside from the direct construction and operation of the Texas plant would be outside the U.S.
“In addition to supplying clean energy for 180,000 American families, the $1.5 billion investment will ripple through the U.S. economy, providing millions of dollars in revenue to landowners, construction workers, engineers, developers, and local governments as well as, hundreds of millions of dollars in additional federal tax revenue that will be paid out over the life of the project. Without even considering the job creation and the many other economic benefits, the wind farm will more than pay back any incentives through the taxes it will pay to the U.S. government over the course of the project.
“As a result of the 600 MW wind farm, A-Power is able to begin construction of a major wind energy turbine and assembly plant in the United States that will result in 100 percent of each turbine either being wholly manufactured or assembled in the United States. This plant alone will employ over 1,000 American workers and serve as A-Power’s primary facility to supply highly advanced wind energy turbines to renewable energy projects throughout North and South America.
“The U.S. clean energy incentives are essential to maintaining America’s leadership in developing its renewable energy sector, and without these incentives, all these billions of dollars in foreign and domestic investment would be going to other countries that have similar or more aggressive renewable energy policies. The 600MW wind farm, the wind energy technology plant, along with all the thousands of new high-paying jobs, represent a huge win for America in attracting foreign investment to build its clean energy infrastructure.
“Without the incentives, these projects would never materialize, the foreign investment would go to Europe or Asia, and America would be at an unfair disadvantage in the global race to develop the necessary energy grid and technologies that will eventually move us away from foreign oil and fossil fuels. US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American marketplace to help the United States eliminate its dependency on foreign oil and develop clean, renewable sources of energy.”
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About US-REG: The United States Renewable Energy Group mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
The U.S. Renewable Energy Group & A-Power Energy Generation Systems, Ltd. Announce Plans to Build a Wind Energy Turbine Production and Assembly Plant in the United States
Tuesday, November 17 2009
For Immediate Release: Tuesday, November 17, 2009
Washington, DC – The U.S. Renewable Energy Group (US-REG) has signed a cooperation agreement with A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR or “A-Power”) under which both sides commit mutually to the development and construction of a new production and assembly plant in the United States that will supply highly advanced wind energy turbines to renewable energy projects throughout North and South America. The state-of-the-art facility is expected to be 320,000 square feet and produce 1,100 megawatts of wind energy turbines annually, enough to power 330,000 homes. Upon completion, the facility is expected to employ approximately 1,000 American workers and will create additional jobs during the construction process. In addition to production and assembly at the new plant, the plan calls for many of the key wind turbine components to be sourced from U.S. manufacturers, further expanding the number of jobs created in the United States.
This agreement marks the culmination of a long process initiated in 2007 during which A-Power conducted economic analysis and sought strategic partners to enter the U.S. wind power market. On October 29, 2009, Shenyang Power Group (SPG) and US-REG announced plans to develop a $1.5 billon, 600MW wind farm across approximately 36,000 acres in Texas, for which A-Power has been designated as the turbine supplier. A-Power is a shareholder of SPG. The construction of this production and assembly plant is an important step in the strategic partnership with SPG and A-Power to develop clean wind energy in the United States. The construction of the assembly and production plant is subject to further due diligence and the signing of definitive agreements between the parties, as well as various government approvals.
“US-REG and A-Power are combining investment, expertise, and resources to bring clean, reliable, and affordable renewable technologies to the marketplace,” said Ed Cunningham, US-REG Managing Partner. “This planned investment will spur tremendous growth and allow many out of work Americans to re-enter the work force in the high-paying, renewable energy sector.”
“We are committed to clean energy development and we are excited to partner with US-REG to build a production and assembly plant in the United States,” said John Lin, A-Power’s Director and COO. “A-Power sees great opportunities in renewable energy in America and this state-of-the-art facility will be our first major step towards bringing clean, renewable energy to the world’s largest wind power country.”
“The decision to construct this wind energy facility in the United States is the direct result of America’s commitment to renewable energy and the strength and skill of the American workforce,” said Cappy McGarr, US-REG Managing Partner. “This project expects to create thousands of American jobs and is further evidence that President Obama’s goal of reducing our reliance on foreign oil and achieving energy independence is opening doors to increased investment and technological developments in the U.S. renewable energy market.”
US-REG (http://www.US-REG.com) is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America’s energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy.
SPG is a renewable energy industry alliance based in Shenyang, China. SPG’s member companies range from power equipment makers to engineering service providers, including A-Power. The alliance was created to integrate local resources and leverage the manufacturing, engineering and government initiatives in the Shenyang area so that SPG can pursue large-scale, international projects in the alternative energy sector.
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About US-REG: The United States Renewable Energy Group mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit http://www.US-REG.com.
About A-Power: A-Power Energy Generation Systems Ltd. (“A-Power”), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with technologies licensed from German FUHRLÄNDER AG and Denmark-based Norwin, and a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. A-Power also has strategic relationships with Tsinghua University in Beijing and the China Academy of Sciences in Guangzhou to develop and commercialize other renewable energy technologies. For more information, please visit http://www.apowerenergy.com.
Safe Harbor Statement
This press release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; our limited operating history and recent entrance into new markets may make it difficult for you to evaluate our business and future prospects; the expected benefits of supply and partnership agreements may not materialize to the extent expected or at all; we have yet to sign a definitive agreement with respect to the development and construction of the assembly plant and the wind farm project in Texas, and no assurance can be given that we will sign such agreements; the establishment of the Texas wind-farm joint venture project under the joint venture agreement between SPG and US-REG, and the development and construction of the assembly plant in the United States with US-REG is subject to various conditions, including further due diligence and securing financing from third-parties, which due diligence may not be completed satisfactorily, or which financing may not be successfully obtained, and the parties to these agreements may not proceed with establishing the joint venture project or with the construction of the assembly plant; the parties may not be able to secure financing for the joint venture project or the construction of the assembly plant; we may not receive required approvals under various foreign investment laws in the United States to establish the joint venture project or the assembly plant in the United States; we started manufacturing wind turbines in 2009 and our limited history in this sector may make it difficult to meet delivery schedules under any sales contracts we enter into with the joint venture project, or the transfer of our technology to a plant in the United States, or schedules to build such a plant in the United States; our joint venture partners in Europe may not support our development of an assembly plant in the United States, in which case, we may be limited to using only our own China-domestic turbine technology; we may not be able to source components to manufacturing the wind turbines, resulting in our inability to deliver the expected amount of units called for under our plans; we may not be able to obtain proper customs approvals for the export from China and import into the United States of our wind turbines or parts for assembly and production in the United States; as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2008. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
US-REG October 29 Announcement Press Conference Video
Monday, November 9 2009
U.S. Renewable Energy Group, China's Shenyang Power Group and Cielo Wind Power to Develop a 600 MW Wind Farm in Texas
Thursday, October 29 2009
- Largest U.S.-China Joint Investment in American Renewable Energy to Date-
-First U.S.-China Joint Venture in Utility-Scale Wind Power Project –
- A-Power Energy Generation Systems, Ltd. Designated as the Supplier of Wind Turbines–
- Joint Press Conference Today at the National Press Club at 12 p.m. EDT in Washington, D.C. -
WASHINGTON, DC – The U.S. Renewable Energy Group (US-REG) and Cielo Wind Power LP today announced they have entered into a joint venture framework agreement (the “JV Agreement”) with China’s Shenyang Power Group (“SPG”) which sets forth plans to develop a 600MW wind farm across approximately 36,000 acres in Texas. The agreement marks the first time China and U.S. entities agree to jointly develop a utility-scale wind power project. The project is estimated to have a total cost of approximately $1.5 billion and A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR, or “A-Power”), a shareholder of SPG in China, is designated as the supplier of 240 units of the 2.5MW wind turbines manufactured at A-Power’s facilities in Shenyang, China. In total, the wind farm is expected to produce enough electricity for 180,000 homes and create hundreds of American jobs. It is also expected to be one of the largest wind farms in the U.S.
According to the JV Agreement, commercial banks in China are expected to finance the $1.5 billion required for the project through SPG. Subject to securing such financing, among other conditions in the JV Agreement, A-Power is expected to start shipping the wind turbines in March 2010.
At an event held today in the Holeman Lounge, located on the 13th Floor of the National Press Club, at 529 14th Street, NW, Washington, D.C., at 12:00 p.m. EDT, Chinese government officials, U.S. leaders, and top executives from US-REG, SPG, A-Power, Cielo Wind Power, LP, Fuhrlander AG, and GE Drivetrain Technologies gathered for a signing ceremony for the wind farm JV Agreement. The ceremony included the Vice Mayor of the City of Shengyang in China Yang Yazhou, SPG’s CEO Jinxiang Lu who is also A-Power’s CEO and Chairman, A-Power’s Chief Operating Officer John Lin, US-REG Managing Partner Cappy McGarr, US-REG Managing Partner Ed Cunningham, Cielo Wind Power, LP President Walt Hornaday, Cielo Wind Power, LP Vice President of Finance and Business Development Joe Stark, Fuhrlander’s CEO Joachim Fuhrlander, and Prescott H. Logan, Business Leader for GE Drivetrain Technologies.
The ceremony was hosted by US-REG (www.US-REG.com), a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in utility-scale renewable energy projects within the United States. US-REG provides American businesses with access to international investment options and works with strategic partners to identify domestic-based clean energy projects.
“US-REG, SPG, and Cielo Wind Power, LP are combining investment, expertise, and resources to bring clean, reliable, and affordable renewable technologies to the marketplace,” said Cappy McGarr, US-REG Managing Partner. “This planned $1.5 billion investment in wind energy will spur tremendous growth in the renewable energy sector and directly create hundreds of high-paying American jobs.”
SPG is a local power industry alliance based in Shenyang, China, and it was formed early this year under the leadership of A-Power, China’s leading provider of distributed power generation (DG) systems and a fast-growing manufacturer of wind turbines. SPG’s member companies range from power equipment makers to engineering service providers. The alliance was created to integrate local resources and leverage the manufacturing, engineering and government initiatives in the Shenyang area so that SPG can pursue large-scale, international projects in the alternative energy sector.
“The 600MW wind farm project, if completed according to plan, would demonstrate for the first time Chinese capital and manufacturing and engineering expertise exported to the United States – the world’s largest wind power country – and how the two countries can share both the risks and the benefits in a huge wind power project,” said Vice Mayor Yang Yazhou, who oversees all environmental protection and economic growth and development of the city of Shenyang. “China and the U.S. of course share the common goal of bringing cost-effective and environmentally responsible renewable energy to millions of homes across the world, and the Chinese government is proud to be a positive force that spurs ground-breaking, broad-range and in-depth cooperations between the U.S. and China and any ensuing mutual benefits for our two great economies.”
Jinxiang Lu, SPG’s CEO and A-Power’s Chairman and CEO, said, “SPG is committed to clean energy worldwide and since our inception in May 2009 we have been seeking large-scale power projects overseas and to be the first Chinese partner in a major alternative energy undertaking. We are extremely thrilled to sign this JV Agreement with the U.S. Renewable Energy Group and Cielo Wind Power and introduce financing, manufacturing and engineering capabilities of SPG and A-Power in wind power to the U.S. renewable energy market.”
John Lin, A-Power’s COO, said, “We are honored to be designated as the wind turbine supplier for this high-profile project. A-Power’s wind turbines are a product of our large-scale manufacturing capacities, currently at 1.1GW per year, technology and quality assurance from such eminent wind power equipment technology leaders in the world such as GE Drivetrain and Fuhrlander, components from various suppliers in Europe, and last but not least, low-cost but highly trainable and skillful Chinese labor. We believe all of the above give us a unique advantage in the fast-growing and highly competitive supply chain for wind turbine generators.”
“Though some will describe this project as a large-scale, U.S.-China venture, it is in fact a cooperation, based on respect and friendship, between the best and brightest women and men from both countries working together for a new energy future, addressing the global climate crisis and creating new high-paying jobs on both sides of the Pacific,” said Ed Cunningham, Managing Partner of US-REG.
Cielo is one of the most successful wind farm developers in the United States, accounting for over 1,100 megawatts of wind energy. Cielo is committed to developing, owning and operating the most cost-effective and environmentally responsible wind power facilities for the benefit of many load-serving entities throughout the southwestern United States. Texas is the American leader in wind energy with 8,797 megawatts of wind-generated electricity.
“A $1.5 billion, 600 megawatt renewable energy project will be one of the largest undertakings of its kind anywhere in the world,” said Cielo CEO Walt Hornaday. “Cielo is excited to be part of this historic partnership that will not only generate clean, homegrown, renewable energy, but also create a robust economy with new jobs and revenue.”
Earlier this year President Obama and the U.S. Congress created the American Recovery and Reinvestment Act of 2009 to promote innovation and investment in renewable energy. This legislation is clearing the way for increased capital formation and significant clean energy investment. By opening doors to global investment, America is positioning itself as the leader in developing innovative, renewable technologies and bringing clean energy to market.
“It is important to give credit where credit is due,” said Joe Stark, Vice President of Finance and Business Development with Cielo. “Without the American Recovery and Reinvestment Act of 2009, this joint venture with SPG would not be possible. Thanks to the strong policy push and a recovering financing environment, wind projects in the U.S. are attracting developers and investors alike once again. And this time, our largest project to date has an international flavor. We are very encouraged by all the new opportunities in the wind power sector.”
US-REG’s mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America’s energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy.
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About US-REG: The United States Renewable Energy Group mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States. By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.
About Cielo Wind Power, LP: Cielo is a privately held company based in Austin, Texas, that develops, owns, and operates wind power facilities in the southwest. Wind RanchTM is a registered trademark licensed to Cielo and represents the ideals the company embraces in taking necessary steps to minimize the impact of wind projects on farming, ranching and natural uses of the land. To learn more about Cielo Wind Power, LP visit www.CieloWind.com.
About A-Power: A-Power Energy Generation Systems Ltd. (“A-Power”), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built one of China's largest wind turbine manufacturing facilities, located in Shenyang, Liaoning Province, with technologies licensed from German FUHRLÄNDER AG and Denmark-based Norwin, and a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. A-Power also has strategic relationships with Tsinghua University in Beijing and the China Academy of Sciences in Guangzhou to develop and commercialize other renewable energy technologies. For more information, please visit http://www.apowerenergy.com.
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