Alter Energy Group AG
Alter Energy Group AG: Smelaenergopromtrans announces Smela Biomass CHP Green Tariff completion schedule
Alter Energy Group AG / Miscellaneous 05.11.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 'Smelaenergopromtrans announces Smela Biomass CHP Green Tariff completion schedule' Zurich Switzerland - November 5, 2009 ALTER ENERGY GROUP AG ('AEG') (Frankfurt Stock Exchange Ticker Symbol: 39f) announces the release by its Ukraine subsidiaries and Smela project partners EPG Jugenergopromtrans ('JEP') and Smelaenergopromtrans Ltd. ('SEP') of their projected completion schedule for the Smelaenergopromtrans - 'Smela' Biomass CHP Plant operations under Ukraine's Green Tariff. Volodymyr Kukovalskyy, the Founder of JEP and Director of AEG states, 'We are making very good progress in our efforts to bring the Smela Biomass CHP on-line in short time. All necessary components for successful project implementation and operation are in place. Long term biomass supply is ready for immediate on-going delivery at favorable terms from 'ZET-GROUP'. Installation of the TKS-20 'boiling' bed burner in the existing on-site TS-20 boiler is in the final stage and is scheduled for completion by November 15. One of the more difficult components is the construction of the raw material (biomass) preparation area and manufacturing and installation of the fuel supply feed-in system for the TS-20 boiler. Through hard work by the on-site team this is also scheduled for completion by November 15. The Kaluga 2.5 MW steam turbine is on-site and ready for set-up. Our target commissioning date for the restructured CHP is November 15-20. Licensing and end user is in place and SEP will execute the Power Purchase Agreement with National Energy Market State Company SC 'Energorynok' and receive its Green Tariff license after commissioning of the project, most likely the last week of November. This project will be the first commercial application of its kind in Ukraine. We are very excited about the prospect of successfully completing the 2.5 MW project and moving immediately into the next stage of development which is the purchase and installation of the 6 MW turbine and biomass combustion system and then finally into stage three, which we will disclose at a future date. The efforts of AEG and Jesup & Lamont are essential to achieving these goals and we look forward to our continued mutual efforts and success.' Edward J. Klaeger IV, CEO of AEG explained, 'The implementation of the Smela 2.5 MW Biomass CHP and, pending successful completion of due diligence and negotiations, proposed investment through Jesup & Lamont (Jesup), as provided in our October 28 release, is an achievable near-term goal that will enable AEG and Jesup to move forward with due diligence to structure possible funding for the proposed stage 2 upgrade. If successful this current 2.5 MW project provides for a small capital investment with short payback period resulting in a significant projected increase in earnings. It is also an excellent opportunity for us to gauge and refine our Ukraine project implementation capabilities while gaining a clear understanding the overall efficiency of the Ukraine Green Tariff process. For a foreign company investing in the Ukraine alternative and renewable sources of energy market this is invaluable. We have a lot of work to do in a very short time ahead and look forward to the completion of this first stage.' About JEP and SEP: JEP is a Ukraine based engineering, project owner and developer located in Kiev. SEP is the local corporate entity that owns and operates the Smela CHP Plant as a minority subsidiary of JEP and majority subsidiary of AEG. About AEG: AEG is a Zurich-based publicly traded Swiss company with operations in Ukraine. AEG is active in acquiring and making investments in Ukraine based renewable energy generation and distribution projects and companies. For more information on AEG please visit: www.alterenergygroup.com Contact Investor Relations: info@alterenergygroup.com Alexandra Taran +41 44 500 5411 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. 05.11.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------------
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