CTDC Expects Progress in Global Solar Farm Expansion
21 März 2012 - 11:30AM
China Technology Development Group Corporation (Nasdaq:CTDC)
("CTDC" or the "Company"), a growing clean energy group that
provides solar energy products and solutions, based in Hong Kong
with sales office in Frankfurt, and facilities in China announced
that China Merchants New Energy Group Limited ("CMNE"), the
Company's largest shareholder, entered into a Development Financing
Cooperation Agreement ("the Agreement") with China Development Bank
Corporation ("CDB") on March, 14th, 2012. According to CMNE's
announcement on Mar. 15th, CDB will provide up to RMB10 billion
potential financing support to CMNE in the coming four years. CTDC
expects that the financing support from CDB will greatly facilitate
the solar business expansion of its subsidiary Sinofield Group
Limited ("Sinofield") which is to be the only platform for CMNE to
invest into China's rooftop solar development after the completion
of its capital increase.
In this January, a three-year cooperation framework ("the
Framework") to develop solar projects in the United States and
China was signed among CTDC, Sinofield, GCL-Poly Energy Holdings
Limited ("GCL-Poly")'s subsidiary GCL-Poly Investment Limited
("GCL-Poly Investment"), and CMNE. Pursuant to the Framework,
Sinofield will be the only platform for CMNE to invest into China's
rooftop solar development after Sinofield's completion of capital
increase. CTDC and CMNE will be responsible for raising funds for
all the rooftop projects to ensue. On this March 14th, the
Development Financing Cooperation Agreement signed between CMNE and
CDB will bring CMNE up to RMB10 billion financing support in the
coming four years, which will be used to fully support CMNE's solar
business, including development, construction and operation
domestic and abroad, as well as merger and acquisition of advanced
solar technology, potential business opportunities and solar
assets.
Besides, as a part of the Framework signed in January, CTDC and
GCL-Poly will jointly develop and invest in solar farms in the USA.
In addition, GCL-Poly is to assist CTDC in investing solar farms
that are in operation or being installed in the USA. According to
GCL-Poly's announcement published on Feb.13, 2012, GCL-Poly and
Bank of America Merrill Lynch ("BofA Merrill") announced the
closing of an initial transaction to fund solar power systems
developed by GCL-Poly's US subsidiary GCL Solar Energy Inc. ("GCL
Solar"). This initial transaction involves the financing of 15
separate sites, totaling 5MW of solar power systems serving the
Palmdale School District located in southern California. GCL-Poly
said it was an initial transaction to form the basis of a long-term
relationship to provide funding for a portion of the substantial
portfolio of over 1GW of solar projects under development by GCL
Solar in the United States.
Alan Li, Chairman of the Board and CEO of CTDC, said: "We are
glad that China Merchants New Energy Group and GCL-Poly recently
received financing support for solar station development and
construction from well-known local banks, which indicates that we
are now one step further to achieving cooperation the goal of
creating the most professional solar station operating
platform."
CTDC is seeking its shareholders' approval regarding Sinofield's
capital increase issue at its extraordinary meeting of shareholders
(the "EGM") to be held at the Company's offices located at Unit
1010-11, 10/F, West Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Hong Kong on March 30, 2012 at 10:00 a.m., local time. The
proxy statement is available on the website
https://materials.proxyvote.com/G84384 .
About CTDC
CTDC is a fast growing clean energy group in China based in Hong
Kong, providing solar energy products and solutions to the global
market under the "LSP" brand.
CTDC's major shareholder is China Merchants Group, a state-owned
conglomerate in China (http://www.cmhk.com).
For more information, please visit http://www.chinactdc.com
About China Development Bank Corporation
("CDB")
As a state policy bank in China, China Development Bank has
achieved outstanding results in supporting various areas, such as
state's strategic emerging industries, infrastructure construction,
and people's livelihood financing development as well as
international cooperation, etc. According to CDB's official
website, at the end of 2011, CDB's total assets were around RMB600
billion. In recent years, CDB continues to increase support for
environmental protection, energy conservation and emissions
reduction industry, in order to help change the CO2 economic
development pattern. Till now, CDB's outstanding loan to this
sector reaches RMB 658.3 billion. China Development Bank has become
the major supporter to China's energy saving industry.
For more information, please visit
http://www.cdb.com.cn/english/index.asp
Forward-Looking Statement Disclosure
It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding:
A) the timing of product, service and solution deliveries; B) the
Company's ability to develop, implement and commercialize new
products, services, solutions and technologies; C) expectations
regarding market growth, developments and structural changes; D)
expectations regarding the Company's product volume growth, market
share, prices and margins; E) expectations and targets for the
Company's results of operations; F) the outcome of pending and
threatened litigation; G) expectations regarding the successful
completion of contemplated acquisitions on a timely basis and the
Company's ability to achieve the set targets upon the completion of
such acquisitions; and H) statements preceded by "believe,"
"expect," "anticipate," "foresee," "target," "estimate,"
"designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the
information currently available to it. Because they involve risks
and uncertainties, actual results may differ materially from the
results that the Company currently expects. Factors that could
cause these differences include the risk factors specified on the
Company's annual report on Form 20-F for the year ended December
31, 2010 under "Item 3.D Risk Factors." Other unknown or
unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ
materially from those in the forward-looking statements. The
Company does not undertake any obligation to update publicly or
revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
CONTACT: Enquiry:
Anxiang Hu, PR/IR Senior Manager
China Technology Development Group Corporation
Tel: +852 3112 8461
Email: ir@chinactdc.com
Web: www.chinactdc.com
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