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Apollo Solar in Deal to Create All-Solar Community in China.

ENERGY RESOURCE-19 April 2010-Apollo Solar in Deal to Create All-Solar Community in China(C)2010 JeraOne -

Apollo Solar Energy, Inc., a vertically integrated miner, refiner and producer of high purity tellurium (Te) and tellurium-based metals for the solar photovoltaic (PV) industry in the People's Republic of China, has signed a non- binding Letter of Intent build and operate a solar-energy-based community in China's Anhui Province.

The non-binding Letter of Intent, signed with the Ningguo City Municipal Government, provides Apollo with an opportunity to become a significant shareholder in a future venture with the Ningguo City Investment Company that could demonstrate the cost-efficient use of solar energy on a community-wide scale.

In accordance with the non-binding Letter of Intent, Apollo would exclusively manage and operate the construction of Ningguo-Apollo Solar Energy Community. Apollo would become a 51% shareholder of the joint venture, and Ningguo City Investment Company, Chengdu Zhongguang Photoelectric Corporation, and other investors would jointly own 49% of the shares of the venture.

The new all-solar energy community will likely cover an area between 30 and 50 square kilometers.

The project would include the building, on a project-by-project basis, of a group of grid-connected solar power stations, economical lighting systems, and solar photovoltaic (PV) industrial parks to showcase a model community neighborhood using photovoltaic/thermal integrated buildings.

The parties anticipate the aggregate investment to be made by the joint venture in creating the new community, including the building of a 10 GW grid-connected solar power station, will be between 60-100 billion Chinese Yuan (US $8.5-$14 billion), and will take between 6-8 years to complete.

Apollo believes this project will make Ningguo the first city in China to use solar energy as its primary source, integrating modern environmentally friendly and efficient solar energy, to realize the goal of creating a zero- emission city in China.

"We believe that using clean and renewable energy sources, including solar energy, protects the earth through the restriction of carbon emissions," said Renyi Hou, the CEO of Apollo. "We also believe that governmental support for solar PV industry, including Cadmium-Telluride (CdTe) thin-film solar cells, will lead to higher wholesale volume production. As a major high-purity Te supplier, Apollo expects to provide material and technology that will improve CdTe thin film PV efficiency."

About Apollo

Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in mining, refining and producing tellurium (Te) and high-purity tellurium based metals for specific segments of the electronic materials market. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra- high purity metals and commercial-purity metals.

About Ningguo Municipal City

Ningguo is a county-level city in Anhui Province, China. The city has a population of over 380,000 and covers an area of 2,447 square kilometers. It is centrally located in eastern China with several highways that offer convenient transportation to Shanghai, Nanjing and Hangzhou, within 2 hours driving distance. Ningguo City is expected to be a test model county within the Yuanjiang City Area Industry Transfer Zone. The zone was established by the Chinese government in January 2010 as part of a government strategy designed to encourage technology and industry transfers from the developed east coast of China to the mid-west under-developed areas of China.

The Chinese Government is expected to give Ningguo City incentives to develop its solar energy industry and related applications.

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Publication:Energy Resource
Geographic Code:9CHIN
Date:Apr 19, 2010
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