Alter Energy Group AG
Alter Energy Group signs Letter of Intent to acquire Ukraine Biomass CHP Plant
Alter Energy Group AG / Key word(s): Acquisition Alter Energy Group signs Letter of Intent to acquire Ukraine Biomass CHP Plant
Zurich Switzerland – January 26, 2011 Under the terms and conditions of the Letter of Intent, 100% of Greentech will be acquired in a Cyprus based Joint Venture (JV) Special Purpose Vehicle (SPV). AEG will own not less than 60% +1 share of the proposed JV, which will be used solely for the development and finance of a multi-stage integrated wood biomass CHP (combined heat and power) plant in Chervonoarmiysk region Ukraine, 190 km West of Kiev.
Stage I is already in pre-construction and calls for the installation of a 2.1 MWe wood biomass CHP unit utilizing a Siemens condensing steam turbine and a new wood-biomass boiler. Stage II will involve the integration of switchgrass energy crops as a secure, stable long term fuel supply to a 6 MWe steam turbine powered by a new multi-fuel biomass boiler. Additional capacity increases are under consideration, and likely for development, in later stages. In addition, AEG received first rights to a second biomass CHP site with Greentech in Korosten, Zhitomir, which is 78km north of the Chervonoarmiysk Stage 1 project. The Korosten project will utilize the same model as the Chervonoarmiysk site. Additional comments About AEG: AEG is a Zurich-based publicly traded Swiss company with emerging market operations in Ukraine. AEG develops, acquires, and invests in alternative and renewable energy projects and companies. The current target market is Ukraine with expansion into established markets such as the U.S., Canada and Germany and penetration into other emerging markets in development.
Contact Forward-Looking Statements Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the Company's current and future capital needs, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, and other risks. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release. End of Corporate News 27.01.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
110221 27.01.2011 |