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Category: Investment, Water
Global Power and Water Industries and Guangdong Meiyan Hydropower Co. Ltd. to Establish a JV to Build a 500 Megawatt Concentrated Photovoltaic Solar Power Plant in Guangdong, China
CARSON CITY, NV - December 3, 2009 - Global Power and Water Industries (Carson City, Nevada) announced that they have formed a Joint Venture Company with Guangdong Meiyan Hydropower Co., Ltd. (Meixian County, Guangdong, China) (SHSE: 600868) and has been granted their CERTIFICATE OF APPROVAL FOR ESTABLISHMENT OF ENTERPRISES WITH FOREIGN INVESTMENT IN THE PEOPLE'S REPUBLIC OF CHINA. The new entity will be implementing the latest in concentrated photovoltaic solar technology and power storage technology for clean energy production in China.
On November 11, 2009, the Board of Directors of Guangdong Meiyan Hydropower Co. Ltd. and Global Power and Water Industries convened and passed the resolutions to establish the Joint Venture to be named "Guangdong Global Power and Water Industries, Ltd." Office facilities will be established at No. 1 MeiYan Science and Technology Park, MeiXian County, Guangdong Province, P.R. China.
The scope of the JV is to develop and build a 500 Megawatt Concentrated Photovoltaic Solar Power Plant in MeiXian County, Guangdong, China. Site planning, local government requirements and regulatory issues, as well as feasibility and engineering studies are set to commence immediately with a team of Global Power and Water Industries engineers traveling to MeiXian County after the first of the year.
Howard A. Foote, Chairman of Global Power and Water Industries, stated, "This JV Company is a very exciting step for both companies and moves us forward on our mission to bring Concentrated Photovoltaic Solar technology and Power Storage technology to large segments of the Chinese population. Guangdong Hydropower Co. Ltd. owns and operates eight hydropower facilities in China and they are a key strategic partner, properly positioned politically and financially in the power industry of China. They bring us the experience and expertise we need to successfully build and operate this, our initial facility."
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