January 12, 2011 / 12:45 PM / in 7 years

UPDATE 1-A-Power bags $56.6 mln worth contracts

* Says got $13.6 mln contract from Yingkou Tesco Real Estate

* Says majority owned co wins $43 mln in contracts

Jan 12 (Reuters) - A-Power Energy Generation Systems Ltd APWR.O said it and its majority owned Liaoning International got two contracts worth $56.6 million, sending the Chinese green power firm’s shares up 7 percent in pre-market trading.

The Shenyang-based company said it inked a construction agreement with Yingkou Tesco Real Estate for $13.6 million, under which it will offer decoration, air conditioning and ventilation, fire system, and electrical and power substation construction.

Its 90-percent owned Liaoning International signed $43 million engineering, procurement, and construction contract with China Resources Land Ltd to develop the Oak Bay real estate project, A-Power Energy said.

A-Power, which provides power generation systems and makes wind turbines, said it has started construction for Yingkou Tesco’s project and is estimated to be fully operational by February 2011.

A-Power competes with bigger rivals such as German solar cell producer Q-Cells QCEG.DE and Spanish windfarm operator Iberdrola (IBE.MC) in the emerging global clean-power sector.

The company’s shares, which gained 20 percent since A-Power reported results in December, were up 7 percent at $6.15 in trading before the bell on Wednesday. They closed at $5.73 on Tuesday on Nasdaq. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Vyas Mohan)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below