Goldpoly Project chosen in the '2011 Golden Sun Pilot Project' list

The company will receive funds to accelerate the construction of this leading-edge environmentally friendly power project.

Goldpoly New Energy Holdings Limited (“Goldpoly”) announced that the “Goldpoly User On-Grid Photovoltaic Power Generation Project” of its subsidiary Goldpoly (Quanzhou) Science & Technology Industry Co., Ltd. has been selected for inclusion within the “2011 Golden Sun Pilot Project List” by the Ministry of Finance, Ministry of Science and Technology and Bureau of Energy of the PRC.

“The Golden Sun Projects” are subsidised by the Government and intended to expand the scale of solar power generation application in China while nurturing strategic emerging industries. According to the requirements of the project, the photo-electric conversion efficiency indicator including the module border area of the total area of crystal silicon modules is ≥14. The modules will have a usage quality guarantee period of not less than five years with a useful life of not less than 25 years. The attenuation rate of the crystal silicon modules will not exceed 2% within two years nor exceed 20% within 25 years. The installed power generation capacity of the user photovoltaic energy project for a single enterprise shall not be less than 300kW whereas for the new and high-tech development zones, industrial park zones and business zones shall not be less than 10MW.

Goldpoly will utilise the photovoltaic modules installed on the rooftop of the buildings within the industrial park where its plant is located, to provide environmentally friendly energy to support the production and other needs of corporations within that park. According to the terms of the subsidy, the amount provided to demonstration projects that apply crystal silicon modules is RMB9 per watt (W). Based on a capacity of 10.8 MW for the “Goldpoly User On-Grid Photovoltaic Power Generation Project”, the Group would be granted a subsidy of approximately RMB97 million. The project is expected to be completed before 30 June 2012, as mentioned in a Goldpoly report.

Mr Yiu Ka So, Executive Director of Goldpoly, said, “We are pleased that our project has been selected as the only Golden Sun Project during 2011 to date in Fujian Province. This selection reflects the corresponding authorities’ recognition and appreciation of and support for our power generation project. As a designated Golden Sun Project, we are eligible to receive the allowance, which will provide additional capital for us to accelerate the construction of this leading-edge environmentally friendly power project. Upon completion, the project is expected to supply 13 million kWhr of electricity and reduce 10,000 tonnes of carbon dioxide emissions a year on average. In its first 25 years of operation, the project should supply approximately 330 million kWhr of electricity and reduce 250,000 tonnes of CO2 emissions”.