VPower Group International Holdings Limited(“VPower Group” or the “Group”, stock code: 1608), a leading DPG station owner and operator in Southeast Asia, is pleased to announce that, the Group’s first investment of 80 MW heavy fuel oil (“HFO”)-fired DPG project in Peru (the “Project”) has recently commenced commercial operation.
On 16 May 2017, the Group entered into a USD$30 million 3-year convertible loan agreement with F.K. Generators and Equipment Ltd in relation to the Project. The Project runs on 7 units of medium speed HFO power generation system under a 20-year concession period granted by the Peruvian Ministry of Energy and Mines, from which the revenue generated will be based on the capacity availability during the concession period.
Mr. Rorce AU-YEUNG, Co-Chief Executive Officer of VPower Group, said, “We are delighted that our first investment of DPG Project in Latin America has officially commenced commercial operation. The Group will closely monitor the Project’s overall performance and actively review the timing of executing the option to become an equity interest holder.”
About VPower Group International Holdings Limited (Stock code: 1608)
VPower Group is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based DPG station owner and operator. The company derives operational synergies between its System Integration (SI) and Invest, Build and Operate (IBO) distributed power generation (“DPG”) businesses. It is headquartered in Hong Kong and was listed on the Stock Exchange of Hong Kong in 2016.