Shandong Sino Canadian Steam Power Corporation (Shandong) Launches First Clean-Coal Thermal Power Generating Plant in China
VANCOUVER, BC--(Marketwired - October 26, 2015) - Shandong Sino Canadian Steam Power Corporation (Shandong) is pleased to announce the launch of its first clean-coal thermal power generating plant in China. Construction of the plant is expected to commence in the first quarter of 2016.
Along with its Canadian partner DGF Shandong Industries Corp. (DGF), Shandong will construct a 660 ton per hour thermal power plant which will also include 100 megawatt of electrical power generation, in the Ningyang Economic Development Zone, Tai'an, Shandong Province, China. The plant will use the latest thermal coal burner equipment, pared with DGF's licensed Fulcrum Environmental Solutions Inc., cleantech system known as the Thermal-Static internal Pyrophinic system (TiPs). The clean coal plant will provide thermal steam power to existing and future industrial users within the Zone, expected demand for thermal steam power upon plant completion is in excess of 990 tons per hour.
Financing for the USD $260 M plant has been substantially arranged through a consortium of European based financing groups supported by user agreements with the plant's major power purchasers. Included among the power purchaser groups is the Shandong Jinmei Mingshengda fertilizer production company which is a subsidiary of the Shanxi Jinmei Group, one of the top 65 largest companies in China. An SBLC is being finalized by China Development Bank, one of three policy banks for the PRC, primarily responsible for raising funds for large infrastructure projects. China Development Bank is currently rated Aa3 by Moody's and AA by S&P.
Shandong is headed by Bin Hong, an established Chinese thermal power operator. Mr. Hong, through his company Harbin Hongxiang Industrial Group, has developed and operates seven thermal power plants in north eastern China. The existing plants have annual revenue in excess of $280 M USD. Shandong's development and operational expertise will come from Mr. Hong's group.
The clean coal processing component will be fulfilled by DGF and its Fulcrum Environmental Solutions TiPs licensed technology. The TiPs technology combines several existing sciences into a single unique process which has the proven ability to convert carbon-based matter (coal), without a catalyst or excessive heat, into among other things, highly efficient clean coal. The clean coal, which burns with 20% more efficiency and is 90% emission free, will be fed directly into the Shandong power plant. Shandong is negotiating an agreement with a Vancouver based Exempt Market Dealer to create exempt market investment opportunities to fund the development of TIPS plants implemented through a public market strategy.
Bin Hong, President Shandong, Director: "We are very pleased to be able to introduce this patented Canadian technology to our coal fired power plants solving a major environmental issue facing China and the world."
Mr. Wang, General Manager of the Ningyang Economic Development Zone: "We are fortunate to have a group of world renowned producers and environmentally concerned customers for our power who are leaders in their industries involved in this project combined with an international financing consortium making this a worthwhile project with impact globally."
The Companies will make further announcements on conclusion of the financing commitment and negotiations with North American partners on construction of clean coal processing plants in North America
Shandong Sino Canadian Steam Power Corporation a Chinese registered Corporation in the business of constructing and operating coal burning power plants. Shandong has secured the site, government approvals, and financing prerequisites in the form of Off-take commitments for power and SBLC by a Credit Rated institution to construct a coal fired power plant in Shandong province China. DGF Shandong Industries Corp. a Canadian registered corporation, is in the business of constructing and operating clean coal processing plants using the patented technology of Fulcrum Environmental Technologies based in Edmonton, Alberta. DGF will combine the TiPS plant initially with the coal fired power plant in China, and additional plants in China and North America. The companies Shandong and DGF share some common shareholders and Directors.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SHANDONG SINO CANADIAN STEAM POWER CORPORATION
DGF SHANDONG INDUSTRIES CORP.
FORWARD-LOOKING INFORMATION: Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking information in this news release does or may include, but is not limited to, the Company's objectives, goals or future plans. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company and construction plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, inflation, delays in the development of projects and the other risks involved in construction of a power plant. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, other than as required by law.
Source: Marketwired (Canada)
(October 26, 2015 - 10:11 PM EDT)
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