ZURICH--(Business Wire)--
ALTER ENERGY GROUP AG ("AEG") (FWB:39f) announces the release by its Ukraine
subsidiaries and Smela project partners EPG Jugenergopromtrans ("JEP") and
Smelaenergopromtrans Ltd. ("SEP") of their projected completion schedule for the
Smelaenergopromtrans - "Smela" Biomass CHP Plant operations under Ukraine`s
Green Tariff.
Volodymyr Kukovalskyy, the Founder of JEP and Director of AEG states, "We are
making very good progress in our efforts to bring the Smela Biomass CHP on-line
in short time. All necessary components for successful project implementation
and operation are in place. Long term biomass supply is ready for immediate
on-going delivery at favorable terms from "ZET-GROUP". Installation of the
TKS-20 "boiling" bed burner in the existing on-site TS-20 boiler is in the final
stage and is scheduled for completion by November 15. One of the more difficult
components is the construction of the raw material (biomass) preparation area
and manufacturing and installation of the fuel supply feed-in system for the
TS-20 boiler. Through hard work by the on-site team this is also scheduled for
completion by November 15. The Kaluga 2.5 MW steam turbine is on-site and ready
for set-up. Our target commissioning date for the restructured CHP is November
15-20. Licensing and end user is in place and SEP will execute the Power
Purchase Agreement with National Energy Market State Company SC "Energorynok"
and receive its Green Tariff license after commissioning of the project, most
likely the last week of November. This project will be the first commercial
application of its kind in Ukraine. We are very excited about the prospect of
successfully completing the 2.5 MW project and moving immediately into the next
stage of development which is the purchase and installation of the 6 MW turbine
and biomass combustion system and then finally into stage three, which we will
disclose at a future date. The efforts of AEG and Jesup & Lamont are essential
to achieving these goals and we look forward to our continued mutual efforts and
success."
Edward J. Klaeger IV, CEO of AEG explained, "The implementation of the Smela 2.5
MW Biomass CHP and, pending successful completion of due diligence and
negotiations, proposed investment through Jesup & Lamont (Jesup), as provided in
our October 28 release, is an achievable near-term goal that will enable AEG and
Jesup to move forward with due diligence to structure possible funding for the
proposed stage 2 upgrade. If successful this current 2.5 MW project provides for
a small capital investment with short payback period resulting in a significant
projected increase in earnings. It is also an excellent opportunity for us to
gauge and refine our Ukraine project implementation capabilities while gaining a
clear understanding the overall efficiency of the Ukraine Green Tariff process.
For a foreign company investing in the Ukraine alternative and renewable sources
of energy market this is invaluable. We have a lot of work to do in a very short
time ahead and look forward to the completion of this first stage."
About JEP and SEP: JEP is a Ukraine based engineering, project owner and
developer located in Kiev. SEP is the local corporate entity that owns and
operates the Smela CHP Plant as a minority subsidiary of JEP and majority
subsidiary of AEG.
About AEG: AEG is a Zurich-based publicly traded Swiss company with operations
in Ukraine. AEG is active in acquiring and making investments in Ukraine based
renewable energy generation and distribution projects and companies.
For more information on AEG please visit: www.alterenergygroup.com
Forward-Looking Statements
Statements in this press release 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.
ALTER ENERGY GROUP AG
Investor Relations:
Alexandra Taran
+41 44 500 5411
info@alterenergygroup.com
Copyright Business Wire 2009
