GCL-Poly Energy Holdings Limited is pleased to announce that, a grand ceremony was held on the project construction site in Suzhou Industrial Park ("SIP") to celebrate the commencement of construction of the Northern Gas Turbine Co-generation Project (the "Project"), which is jointly invested by GCL-Poly, CNPC Kunlun Natural Gas Exploitation Co., Ltd., CS SIP Public Utilities Development Group Co., Ltd., and Suzhou Industrial Park Co., Ltd.. On 31 March 2012 morning, Mr Jiang Hongkun, Member of CPC Jiangsu Provincial Standing Committee and Secretary of CPC Suzhou Municipal Committee, Mr Cao Fulong, Member of the Standing Committee of Suzhou Municipal Party and Executive Deputy Mayor of Suzhou City, Mr Ma Minglong Member of the Standing Committee of Suzhou Municipal Party and Secretary of the Working Committee of SIP, Mr Yang Zhiping, the Deputy Secretary of the Working Committee of SIP and Director of Administrative Committee of SIP, Mr Zhu Gong Shan, Chairman of GCL-Poly, and leading officials from CNPC, attended the ceremony and laid the foundation stone for the Project.
The Project, as one of the key projects under the "Twelfth Five-Year" plan of Jiangsu province, will make use of CNPC’s natural gas as fuel which is clean energy transmitted from West to East China. The installed capacity of the Project is 2X180 MW, with a total investment of RMB1.51 billion and annual gas consumption of 500 million cubic meters. The effective equity interest of the Group in the Project is approximately 37% of which the investment cost is equivalent to approximately RMB 560 million. The Project is designed to reduce emissions of carbon dioxide by 500,000 tonnes, sulphur dioxide by 1,400 tonnes,water consumption by 8.08 million tonnes and ash and dust by 300,000 tonnes respectively. The Project can satisfy SIP’s rising demand for heat supply and at the same time, alleviate the conflicts of power supply and demand in Suzhou region, thus greatly improve the city image and enhance its regional overall competitiveness.
Mr Zhu Gong Shan, Chairman of GCL-Poly, expressed that, "For over two decades since the establishment of GCL Group, we have always been committed to the philosophy of "Change the World with Green Energy", and developed into a global leading renewable and clean energy enterprise. The Project, which was included on the key projects list of Jiangsu province, is a showcase project for building an ecological industrial park. The Group will give full support to the Project, and with joint efforts from all parties, we strive for early completion of the Project and turn it into a world-leading, eco-environmentally friendly clean energy showcase project. As a result, we positively contribute in establishing Suzhou to become an eco-friendly city."