DGAP-News: AsiaPac Capital Services Feasibility Studies Underway for Two Mini-Hydro Plants in Philippines
(firmenpresse) - Asiapac Capital Services Inc. / Research Update
01.06.2010 16:52
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Plants to help reduce greenhouse gas emissions.
Toronto, Canada - (For immediate release) - June 1, 2010
AsiaPac Capital Services Ltd.: Deutsche Börse symbol: 5AP. (www
.asiapaccapital.ca), announced today that its wholly owned subsidiary;
AsiaPac Green Renewable Energy Corp., has begun more detailed feasibility
studies for its planned 8 Megawatt hydro station on the Siffu River located
in the municipality of Paracelis, Mountain Province, and second 4 Megawatt
hydro station on the Talubin River located in Sagada, Mountain Province.
These feasibility studies are in line with the general approval process of
the Renewable Energy Management Bureau (REMB) of the Philippine Department
of Energy.
Vergel 3 Consult of Quezon City is the principal consultant and engineer
working on these studies and developing detailed engineering design work
for the projects. Mr. Vergel has extensive experience working within the
power generation sector of the Philippines on similar projects.
Importantly, these new hydro stations have the capacity to help reduce
greenhouse gas emissions by reducing reliance on coal and gas fired power
stations in the long term. A recent analysis conducted for several
mini-hydro stations in India, totalling 5.2 MW capacity, suggests that
these hydro stations would reduce total CO2 emissions by nearly 23 tons
annually, over the productive life of the power stations. It is anticipated
that these calculations would apply to the AsiaPac projects - with
resulting theoretical reduction of over 50 tons of CO2 emissions annually.
The Philippine government has put in place significant incentives to
encourage renewable energy projects, including; duty free importation of
equipment; a 7 year tax holiday; and zero value added tax; tax exemption
from the sale of carbon credits, among others.
Company President, Mr. Samuel Lee, advises; 'We are very optimistic that
the paid-in tariff (the rate at which electricity will be purchased from
the plants) will shortly be set at a substantial premium to current grid
prices as part of the government's ongoing support to increase grid
capacity through green initiatives. This will most definitely make a
positive impact on the economics of these current projects under
consideration.'
Disclaimer&Safe Harbor Statement:
This release may contain certain 'forward-looking statements' with respect
to certain of AsiaPac Capital Services Ltd.'s plans, goals and expectations
regarding its future financial condition, performance, results, strategy
and objectives. Words such as 'anticipates', 'expects', 'intends', 'plans',
'believes', 'seeks', 'estimates', 'may', 'could', 'would', 'might', 'will'
and variations of these words or similar expressions are intended to
identify forward-looking statements. In addition, any statements that refer
to expectations, beliefs, plans, projections, objections, performance or
other characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. Forward-looking
statements in this press release arenot promises or guarantees of future
performance and are subject to risks and uncertainties that could cause
AsiaPac Capital Services Ltd.'s actual results to differ materially from
those anticipated. AsiaPac Capital Services Ltd. cautions the reader not to
place undue reliance upon any such forward-looking statements. These
forward-looking statements involve known and unknown risks as well as
uncertainties, including those discussed herein as well as the following:
(i) domestic and global economic and business conditions; (ii) market
related risks and the performance of financial markets generally; (iii) the
policies and actions of regulatory authorities; (iv) the impact of
competitive factors; (v) risks and uncertainties associated with future
acquisitions or combinations within relevant industries; and (vi) changes
in capital, solvency or accounting standards as well as tax and other
relevant legislation or regulations in the jurisdictions in which AsiaPac
Capital Services Ltd. operates. The actual results that AsiaPac Capital
Services Ltd. achieves may differ materially from any forward-looking
statements which are based on management's beliefs and opinions at the time
the statements are made. AsiaPac Capital Services Ltd. does not undertake
any obligation to update forward-looking statements should circumstances or
management's beliefs or opinions change.
For further information please contact:
AsiaPac Capital Services Ltd.
Suite 3500
Hudson Bay Center
No. 2 Bloor Street East
Toronto ON
M4W 1A8
Email: info(at)asiapaccapital.ca
01.06.2010 16:52 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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