DGAP-News: Alter Energy Group signs Letter of Intent to acquire Ukraine Biomass CHP Plant
(firmenpresse) - DGAP-News: Alter Energy Group AG / Key word(s): Acquisition
Alter Energy Group signs Letter of Intent to acquire Ukraine Biomass
CHP Plant
27.01.2011 / 14:15
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Alter Energy Group signs Letter of Intent to acquire Ukraine Biomass CHP
Plant
Zurich Switzerland - January 26, 2011
ALTER ENERGY GROUP AG ('AEG') (Frankfurt Stock Exchange Ticker Symbol: 39f;
WKN: A0MW07; ISIN: CH0032424969) announces that on January 20, 2011 it
signed a formal Letter of Intent to acquire LLC Greentech, a Ukraine owner
and developer of biomass CHP plants and energy crops.
Under the terms and conditions of the Letter of Intent, 100% of Greentech
will be acquired in a Cyprus based Joint Venture (JV) Special Purpose
Vehicle (SPV). AEG will own not less than 60% +1 share of the proposed JV,
which will be used solely for the development and finance of a multi-stage
integrated wood biomass CHP (combined heat and power) plant in
Chervonoarmiysk region Ukraine, 190 km West of Kiev.
Stage I is already in pre-construction and calls for the installation of a
2.1 MWe wood biomass CHP unit utilizing a Siemens condensing steam turbine
and a new wood-biomass boiler. Stage II will involve the integration of
switchgrass energy crops as a secure, stable long term fuel supply to a 6
MWe steam turbine powered by a new multi-fuel biomass boiler. Additional
capacity increases are under consideration, and likely for development, in
later stages. In addition, AEG received first rights to a second biomass
CHP site with Greentech in Korosten, Zhitomir, which is 78km north of the
Chervonoarmiysk Stage 1 project. The Korosten project will utilize the
same model as the Chervonoarmiysk site.
Edward J. Klaeger IV, CEO of AEG explained, 'The signing of the Letter of
Intent with Greentech enables us to begin implementing a new biomass CHP
project utilizing high-end technology in a fully integrated model as part
of our Ukraine renewable energy market strategy. Our significant experience
in the Ukraine energy sector with proven biomass power production as well
as growth in project development and finance, together with the
contributions from Greentech, will enable an efficient project finance and
implementation schedule with an expected online completion of 6 months once
from the start of funding. We are going forward with the legal and
accounting for the Greentech acquisition. In parallel we are working on the
project finance documents for a total investment of EUR2.9 M EUR for a
planned 30-70% debt to equity structure for the 2.1 MWe. The 6 MWe
integrated model, including harvesting 5,000 hectares of planned energy
crops, is estimated to cost between EUR15 and EUR16 M EUR with a 60-40 debt
to equity ratio. We look forward to our relationship with Greentech and
successful project implementation.'
Additional comments
About AEG: AEG is a Zurich-based publicly traded Swiss company with
emerging market operations in Ukraine. AEG develops, acquires, and invests
in alternative and renewable energy projects and companies. The current
target market is Ukraine with expansion into established markets such as
the U.S., Canada and Germany and penetration into other emerging markets in
development.
Contact
Investor Relations: info(at)alterenergygroup.com
Website: www.alterenergygroup.com
Forward-Looking Statements
Statements in this pressrelease may constitute forward-looking statements
and are subject to numerous risks and uncertainties, including the
Company's current and future capital needs, any actions by the Company's
partners that may be adverse to the Company, the success of competitive
products, other economic factors affecting the Company and its markets, and
other risks. The actual results may differ materially from those contained
in this press release. The Company disclaims any obligation to update any
statements in this press release.
End of Corporate News
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110221 27.01.2011
Datum: 27.01.2011 - 14:15 Uhr
Sprache: Deutsch
News-ID 33071
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