A-Power Energy (APWR) Signs $300M Contract with Thailand

I continue to believe this is an undiscovered gem, and despite the harrowing daily stock action I buy every dip, as I did yesterday. Another great long term contract announced today; essentially 3.5 years and $300M. Considering they only are slated to do $400M in revenue for all of 2008, that's a very nice frosting on the cake.

• A-Power Energy Generation Systems announced today that it has signed a Memorandum of Understanding with the National Power Supply Co., Ltd., a subsidiary of Advance Agro Public Co. Ltd., a large Thai-based conglomerate, to develop a 600 MW distributed power generation system worth approximately $300 million in Chachengsao Province, Thailand.
  
• The project is expected to begin in August, 2008 and will be completed in approximately 42 months.
• Mr. Jinxiang Lu, A-Power’s Chairman and CEO, commented, “This project represents a significant milestone for A-Power as it will be our largest distributed power project and second major project with National Power Supply in Thailand. National Power Supply is a major provider of electricity to Thailand’s state-owned power grid and we are excited to announce our expanded relationship with them.
  
• Based on our performance on the contract we signed with them in April to construct a 300MW distributed power system, we have reached an agreement to construct this new 600MW system and are in discussions for multiple other opportunities.”
• Mr. Lu continues, “Thailand and other Southeast Asian countries continue to struggle to provide a consistent and adequate power supply to feed their growing economies and based on our track record, efficient distributed power system design and ability to quickly develop new high-quality systems, A-Power is well positioned for major contract wins in this region.”

[Jul 14: A-Power Energy Generation Systems Hot and Heavy with Press Releases - Up Another 7%]
[Jul 9: A-Power Energy Generation Up 15% on Announcement of Completion of Largest Wind Turbine Plant in China]
[Jun 27: New Position in A-Power Energy Generation Systems to Create Alternative Energy Mini Basket]

Long APWR in fund and personal account