HKE’s Mongolia Wind Project Approved

Hong Kong Energy (Holdings) Limited (HKE) announced that is has received approval from the Development and Reform Commission of Siziwang Qi for the rights to build and operate a 500-megawatt (MW) wind power project in the region subsequent to the application made on April 21, 2008.

The total investment will amount to approximately HK $540 million [US $69 million], which will be funded by the company’s internal resources and/or bank borrowings. HKE has entered into two contracts of purchasing 33 sets of wind turbine and turbine towers with an aggregate value of approximately approximately HK $393 million [US $50.3 million]. It is expected further contracts will be entered for acquisition of other wind power generation equipments for the project.

“It is encouraging to see the first project being approved so smoothly and quickly following the formal establishment of HKE in May 2008, reflecting HKE’s ability to execute projects undertaken,” said Eric Oei, CEO of HKE.

Previous articleStumbling Blocks Still Exist for Wind Energy but the Future Looks Bright
Next articleUtilities and Net Metering

No posts to display