China Technology Development Group Corporation (Nasdaq:CTDC)
("CTDC" or the "Company"), a growing clean energy group that
provides solar energy products and solutions, based in Hong Kong
with sales offices in Milan and Frankfurt, and facilities in China
announced today that a three-year cooperation framework ("the
Framework") to develop solar projects in the United States and
China has been signed among CTDC, CTDC's wholly-owned subsidiary
Sinofield Group Ltd. ("Sinofield"), GCL-Poly Energy Holdings
Limited ("GCL-Poly")'s subsidiary GCL-Poly Investment Limited
("GCL-Poly Investment"), and China Merchants Group's subsidiary
China Merchants New Energy Group Limited ("CMNE"). Present at the
ceremonial signing session were, among others, Yuning Fu, Chairman
of China Merchants Group ("CMG"), Gongshan Zhu, Chairman of the
Boards and CEO of GCL-Poly, and Alan Li, Chairman of the boards and
CEO of CTDC/Director of Sinofield.
As the world's leading producer of polysilicon, GCL-Poly has
interests in over 21 power plants, including a wind power plant, a
20 MW solar farm in China, and several solar farms operating in the
USA. In addition, its two solar parks in the total of 84 MW are
currently under construction in the USA.
With a 140 year history, CMG is a forerunner in China's national
industry and commerce. At the end of 2010, CMG's total assets were
about US$50 billion; CMG's net profit was about US$1.9 billion,
ranked the ninth among China's state-owned enterprises. Through its
subsidiaries, CMG boasts having largest existing, in-progress and
proposed warehouse rooftop area available in China, with more than
three million square meters to develop solar
infrastructure. Zhenwei Lu, Executive President of CMNE, said,
"We aim to bring a steady supply of solar electricity to our
logistics and industrial zone operations, as an innovative solution
to upgrade our traditional structure and lead in low carbon
development in China."
Pursuant to the Framework, GCL-Poly and CTDC will jointly
develop and invest in solar parks in the USA. In addition, GCL-Poly
is to assist CTDC in investing solar parks that are in operation or
being installed in the USA.
As a part of the Framework, Sinofield will be the only platform
for CMNE to invest into China's rooftop solar development, with
name change to "China Merchants New Energy Holdings Company
Limited" after Sionfield's completion of capital
increase. GCL-Poly will contribute to 20% of Sinofield's
increased share capital with HK$48 million (equivalent to US$7.5
million). Simultaneously, CMNE will inject into Sinofield
with exclusive rooftop solar development rights of at least 180 MW,
amounting to 55% of Sinofield's increased capital. The exclusive
solar development rights in place are mainly comprised of CMNE's 25
years of exclusive development rights to the warehouse rooftops of
three enterprises of CMG:
China Merchants Logistics Holding Co., Ltd.
(www.cml-1872.com)
China Merchants Bonded Logistics Co Ltd.
(www.szcmml.com/en/)
China Ocean Shipping Agency Shenzhen (www.penavicosz.com.cn)
The completion of Sinofield's capital increase is subject to
mutually-agreed independent international asset appraisal firm's
assessment, resolutions of the boards, as well as relevant official
authorities.
Adding to the proposed terms of transaction, the agreement
outlines Sinofield's plans under the joint efforts to achieve in
the next five years at least 500 MW rooftop solar development in
China alone, including phases of development, construction, and
operation. CTDC and CMNE will be responsible for raising funds for
all the rooftop projects to ensue. Meanwhile, GCL-Poly will provide
EPC (Engineering, Procurement, and Construction) services to CTDC,
including system integration service. GCL-Poly will include at
least 100 MW of CTDC's solar panels per year in its qualified
procurement list subject to certain criterions.
"We are very pleased to cooperate with China Merchants Group, a
large state-owned enterprise to establish one of the best and the
most professional operating platforms for the solar farm business
in China," Gongshan Zhu, Chairman of the Board of Directors of
GCL-Poly, commented. "Based on this agreement, GCL-Poly will be
able to further increase the market demand for its polysilicon and
wafer. Through partnership with strong strategic partners to expand
into the system integration and PV rooftop solar farm business in
Mainland China and the U.S., we are able to maximise shareholder
value. We expect that this cooperation will bring the value of
GCL-Poly to the China and U.S. markets, which have enormous
business potential."
"This is the most important milestone to date, as we have firmly
positioned ourselves as one of the leading solar parks developers,"
said Chairman of the Board of Directors of CTDC, Alan Li. "We are
pleased to cooperate with a reputable company such as GCL-Poly to
develop solar parks in the USA, as well as in China. Both the
USA and China will have the best prospects for the development of
solar applications. "
Rooftop Solar in China
Under China's 12th Five Year Plan (2011-2015) for renewables,
which is being finalized, China's commercial and industrial rooftop
solar is set out to reach 3 GW, as part of overall goal of 15 GW PV
installations.
According to China's Ministry of Finance, BIPV (Building
Integrated Photovoltaics) projects in 2012 are eligible for subsidy
in RMB 9 per watt, and BAPV (Building Attached Photovoltaics) in
RMB7.5 per watt.
For qualified demonstrative PV projects under the "Golden
Sun" program, China's Ministry of Finance has subsidized 50-70
percent of investment for solar power projects per year since 2009,
including PV systems, electricity transmission and distribution
engineering and etc.
About GCL-Poly Energy Holdings
Limited (HKSE:3800)
GCL-Poly Energy Holdings Limited is one of the largest global
polysilicon producers, one of the world's leading wafer suppliers,
and a top green energy enterprise in China. Annual polysilicon
production capacity reached 46,000 MT at the end of 2011, and the
quality of its polysilicon products has reached electronic grade
level. The Group's wafer production capacity achieved 6.5 GW at the
end of July of 2011. In addition to the 16 MW in operation in the
U.S., the Group owns a 20 MW solar farm in Xuzhou, Jiangsu
province. For more information about GCL-Poly, please visit
www.gcl-poly.com.hk.
About China Merchants New Energy Group
Limited ("CMNE")
China Merchants New Energy Group Limited, controlled by China
Merchants Technology Group, has exclusive development and operation
rights to more than one million square meters of warehouse
rooftops. For more information, please visit
www.cmnechina.com
About China Merchants Group
("CMG")
China Merchants Group, spanning a history of 140 years, is a
state owned corporation of China, with headquarters located in Hong
Kong. Reputable CMG's subsidiaries include China Merchants
Holdings (International), China Merchants Bank, China Merchants
Securities, China Merchants Property Development, China
International Marine Containers and etc. For more information about
CMG, please visit the company's website at www.cmhk.com.
About CTDC
CTDC is a fast growing clean energy group in China
based in Hong Kong, providing solar energy products and solutions
to the global market under the "LSP" brand.
CTDC's major shareholder is China Merchants Group,
a state-owned conglomerate in China (www.cmhk.com). For more
information, please visit www.chinactdc.com
Forward-Looking Statement Disclosure:
It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding:
A) the timing of product, service and solution deliveries; B) the
Company's ability to develop, implement and commercialize new
products, services, solutions and technologies; C) expectations
regarding market growth, developments and structural changes; D)
expectations regarding the Company's product volume growth, market
share, prices and margins; E) expectations and targets for the
Company's results of operations; F) the outcome of pending and
threatened litigation; G) expectations regarding the successful
completion of contemplated acquisitions on a timely basis and the
Company's ability to achieve the set targets upon the completion of
such acquisitions; and H) statements preceded by "believe,"
"expect," "anticipate," "foresee," "target," "estimate,"
"designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the
information currently available to it. Because they involve risks
and uncertainties, actual results may differ materially from the
results that the Company currently expects. Factors that could
cause these differences include the risk factors specified on the
Company's annual report on Form 20-F for the year ended
December 31, 2010 under "Item 3.D Risk Factors." Other unknown
or unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ
materially from those in the forward-looking statements. The
Company does not undertake any obligation to update publicly or
revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
CONTACT: Enquiry:
Weining Zhang, Chief Communications officer
Anxiang Hu, Senior PR/IR Manager
China Technology Development Group Corporation
Tel: +1 415 358 0899
Email: ir@chinactdc.com
Web: www.chinactdc.com
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