HONG KONG, CHINA–(Marketwired – Sep 28, 2017) – Plus Renewable Technologies Limited (“Plus Ltd”) today announced that its wholly-owned subsidiary in China has signed a total of 10MW rooftop solar power purchase agreements (“PPA”) with three reputable battery makers based in a newly developed battery storage industrial park located in Yangzhou City, Jiangsu Province, PRC. Under the PPA, Plus Ltd is to provide a complete solution for the solar power requirements of these enterprises, including development, funding, construction, and long-term power supply with operations and maintenance services. These projects have received approvals from relevant government authorities and are currently under construction with completion and connection scheduled before the end of 2017.
Without any initial capital outlays, these power purchasers will benefit from the lower electricity prices to ensure operational cost savings during the term of the PPA. In addition to monetary savings, these projects will also bring lower carbon environmental benefits to the local community. Every year these solar projects are expected to cut down on the consumption of approximately 3,200 tons of coal and reduce emissions of about 7,900 tons of CO2 and 60 tons of SO2. Moreover, Cosco Shipping Leasing Company (“Cosco”), part of the Cosco Shipping Group, has agreed to provide debt financing for these projects and to sit on the board of the project holding company.
Mr. Paul Cheng, CEO of Plus Ltd remarked: “High quality rooftop resources, stable business operations and high recognition of clean energy form the basis of the long-term strategic energy cooperation with our partners. This is our first solar investment in China that would set the foundation for our expansion strategy in Asia. So far, we have built up nearly 50MW in solar project pipeline around this area. At the same time, we intend to bring the flagship asset management software platform LENS™ of our US subsidiary Radian Generation to the China market in order to achieve higher efficiency and yield for our assets.”