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Tapping China's Alternative Energy On Company's Agenda
April 24, 2008 |
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J.I.C. Technology says it plans to invest in three separate alternative energy projects in China.
A 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 Holdings Limited, with China Energy Conservation Investment Corporation on April 18, 2008. The planned total investment for the project is approximately RMB950,780,000 and JIC and CECIC will contribute 30% and 70% of the registered capital respectively.
Alos via a wholly-owned subsidiary, J.I.C has applied to the Siziwang Qi DRC for the rights to build and operate a 50 MW wind power project in the region. It intends to invest a total of approximately RMB480,550,000 to build 33 1,500-kilowatt wind turbines with an aggregate generation capacity of approximately 49.5 MW. JIC targets to begin construction in the second half of 2008 and achieve full operation of the wind farm by the end of 2009.
On April 17, 2008, the Group also through its wholly-owned subsidiary HKE (Biomass) Holdings Limited, signed a technology transfer and co-operation agreement in respect to investment in a pilot cellulosic ethanol project using the Cellulosic Ethanol Technology developed by GeneHarbor (Hong Kong) Technologies Limited. The company will first acquire from GeneHarbor a 55% interest in the Technology utilizing HK$17,325,000 as its capital contribution. A new joint venture between the Company and GeneHarbor will be established and a pilot cellulosic ethanol plant will be built to demonstrate the feasibility of the technology and of the production process.
J.I.C. also plans to soon change its name to Hong Kong Energy Holdings Limited. In March 2008, 74.99% interest of J.I.C. Technology Company Limited was acquired by HKC (Holdings) Limited.
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