Major First Step to Tap Alternative Energy Business in China
HONG KONG, April 22 /Xinhua-PRNewswire-FirstCall/ -- J.I.C. Technology Company Ltd ("JIC" or "the Company") to be renamed as Hong Kong Energy Holdings Limited ("HKE") (HKEx: 987), a wholly-owned subsidiary of HKC (Holdings) Limited ("HKC (HOLDINGS) or the "Group") (HKEx: 190), has initiated to invest in three alternative energy projects at the Lunaobao Wind Farm in Hebei, the Siziwang Qi Wind Farm in Inner Mongolia, and a pilot cellulosic ethanol project.
On behalf of HKC (HOLDINGS), the single largest shareholder of JIC, Mr. Eric Oei, Chairman of the Steering Committee said, "As the principal vehicle of the Group's alternative energy businesses, the new projects signify an important first step for the Company. The PRC Government has been actively encouraging investment in renewable energy. The Renewal Energy Law of the country requires state-owned power grids to give priority and pay premium rates for power generated by privately-owned companies using 'clean' generating methods.
"Given such a favourable market environment, we see strong potential in the three projects and are confident that they will give JIC a strong foundation for tapping the growing alternative energy market in the PRC in years to come."
Lunaobao Wind Farm
The framework agreement to invest and develop a 100 MW wind power
project at the Lunaobao in Zhangbei County, Hebei Province was signed
between JIC, through a wholly-owned subsidiary, HKE (Da He) Holdings
Limited with China Energy Conservation Investment Corporation ("CECIC") on
18 April 2008. The planned total investment for the project is
approximately RMB950,780,000 (about HK$1,052,900,000) and JIC and CECIC
will contribute 30% and 70% of the registered capital respectively.
Preliminary approval from the Development and Reform Commission ("DRC") of
Hebei Province was already secured by the project parties to invest and
|SOURCE JIC - to be renamed as Hong Kong Energy (Holdings Limited)|
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