Sunpower to design biomass power generation plant in Bulgaria

Mainboard-listed Sunpower Group Ltd., an environmental protection solutions specialist with a strong focus on expanding into anti-pollution investment projects ("Green Investments" or "GI") which generates long-term intrinsic value in the form of recurring income and cash flows, announced that its subsidiary Shandong Yangguang Engineering Design Institute Co., Ltd. will undertake the design of a biomass power generation facility in Bulgaria.

The facility will have a power generation capacity of 16MW, powered by a 65t/h boiler that utilises the Circulating Fluidized Bed ("CFB") method of coal combustion to achieve lower pollutive emissions.

This is the 55th overseas project undertaken by Yangguang Institute in the 10th country outside China.

Its close alignment with the Chinese government's Belt and Road Initiative highlights its established reputation in the industry for design capability.

Design work for the biomass power generation facility will begin in August 2018. As part of the design, waste from the pulp production process will be used as the main fuel of the CFB boiler to generate steam for the new pulp production line of the customer.

Established in 1988, Yangguang Institute provides design, consultancy and technology services for the thermal power, architecture, municipal engineering and other industries.

It has a track record of designing over 1,000 projects in China, and has has brought significant synergies to Sunpower's expansion into the GI business, such as achieving greater cost control over its GI projects and reaching efficiency levels above industry average.

To date, Sunpower has five GI projects in operation and five in the design or construction phase.

Mr. Guo Hong Xin, Executive Chairman of Sunpower, said, "We are pleased that Yangguang Institute has also played a part in bringing clean energy to overseas countries by lending its design expertise to public infrastructure projects in Indonesia, Thailand, Pakistan and other countries along the Belt and Road Initiative. In addition, it has brought significant synergies to Sunpower's expansion into the GI business.”

"The Group has set its sights on developing its GI business for long-term recurring income and high quality cashflows, given its de facto monopolistic business model and huge market potential driven by China's accelerating green movement. We will continue to capitalise on our technological expertise and management capability to grow our GI portfolio, which is the Group's value creator and growth driver."