Myanmar’s Union Minister for Ministry of Electricity and Energy and Union Minister for Ministry of Commerce attended the signing ceremony

VPower Group International Holdings Limited (“VPower Group” or the “Group”, stock code: 1608.HK), a leading DPG station owner and operator in Southeast Asia, is pleased to announce that the Group and Electric Power Generation Enterprise, Ministry of Electricity and Energy of the Government of Myanmar entered into the power purchase agreement for the purchase of electricity and power generation of a 90MW gas engine power plant in Myingyan, Myanmar (the “Project”) with a term of 60 months from the commercial operation date (which may be extended by agreement) today. The Group plans to build the power plant with an installed capacity of 109.7MW and expects that the Project will commence commercial operation in February 2019. It will be the first time for the Group to install Organic Rankine Cycle (“ORC”) system for residual heat to power conversion for the Project, with an aim to enhance the energy efficiency and reduce energy cost.

The contract signing ceremony was held today in Nay Pyi Taw, Myanmar. The Group is honored to have His Excellency U Win Khaing, Union Minister for Ministry of Electricity and Energy of Myanmar (“MoEE”), His Excellency Dr Than Myint, Union Minister for Ministry of Commerce of Myanmar, representatives from Hong Kong Trade Development Council and other distinguishable guests attending the ceremony. Speaking at the ceremony, His Excellency U Win Khaing said, “As the electricity demand of Myanmar is increasing very fast, MoEE has laid down its policy to fulfil the electricity demand of the country by implementing medium-term and long-term plans.” “VPower Group has been helping Myanmar in its power needs since 2015. We are looking forward to future cooperation with VPower Group.” He added.

Mr. Rorce Au-Yeung, Co-Chief Executive Officer of the Group commented, “We are excited to sign the agreement with the Myanmar government for our fourth IBO project in Myanmar. It is always delightful to make our contribution and support the development of Myanmar, a fast-growing country along the Belt and Road Initiative of China, by supplying reliable and stable electricity and offering employment opportunities. As a leading DPG solution provider, we are committed to advancing our power solutions and exploring new technologies in pursuit of higher energy efficiency and lower carbon emission. Applying ORC technology in our solution for the Myingyan II project represents a new page in our technological advancement. We look forward to providing more advanced and environmentally-friendly solutions for our customers.”

About VPower Group International Holdings Limited

Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation (DPG). It is principally engaged in the power system integration (SI) business, in which the Group designs, integrates and sells gas-fired and diesel-fired engine-based gen-sets and power generation systems and Investment, Building and Operating (IBO) business, in which the Group invests in, builds, leases and operates distributed power stations to supply reliable electricity. It is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based distributed power generation station owner and operator […]

VPower Group International Holdings Limited (“VPower Group” or the “Group”, stock code: 1608.HK), a leading DPG station owner and operator in Southeast Asia, is pleased to announce that the first phase of the Group’s first biogas project equipped with combined heat and power (“CHP”) system in Shandong Province, China (“Shandong Project”) has commenced commercial operation in early September.

The Shandong Project is the Group’s first “Waste-to-Energy” project with a 15-year contract term to provide its off-taker with a one-stop power generation solution starting from the biological desulfurization process. The first phase of the project with an installed capacity of 8.2MW has commenced commercial operation in early September after a successful trial operation while the second phase is under construction. China National Technical Import and Export Corporation, one of the Group’s long-term partners, has been engaged as the EPC contractor. The project is equipped with CHP system to generate electricity and stem simultaneously. The off-taker is one of the largest chemical enterprises in China with a total asset value of more than RMB 6billion. It is also a government recognized high-and-new technology enterprise.

Mr. Rorce Au-Yeung, Co-Chief Executive Officer of the Group, gladly commented, “The Chinese government has been actively promoting ‘Waste-to-Energy’ power generation, which is an indispensable part of green future. Being an expert of distributed power generation, we are closely following the development of the energy market and committed to developing clean energy, such as biogas power generation. Shandong Project not only marks our first IBO project in China, but also our first biogas project equipped with CHP system. Upon the commencement of operation of the entire project, Shandong Project is believed to be one of the largest operating biogas projects in China. The official commencement of commercial operation of its first phase has been an encouraging event to us, which demonstrates our capability in diversifying the fuel source of our projects and developing ‘Waste-to-Energy’. In pursuit of a green future, we will continue to explore the clean energy industry and provide solutions with high energy efficiency and low carbon emission.”

About VPower Group International Holdings Limited

VPower Group is principally engaged in SI business, in which the Group designs, integrates and sells gas-fired and diesel-fired engine-based gen-sets and power generation systems, utilizing proprietary system designs and integration capabilities of the Group; and IBO business, in which the Group invests in, builds and leases and operates distributed power stations to deliver electricity to the region. It is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based distributed power generation (DPG) station owner and operator.
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