NEW YORK (AP) — A-Power Energy Generation Systems Ltd. said Tuesday that it has signed a deal worth $86 million with Thailand’s Biomass Electricity Co. Ltd. to develop a 150-megawatt biomass power plant in Prachinburi, Thailand.
A-Power shares rose $1, or 5 percent, to $20.51 in trading Tuesday afternoon. The shares hit a 52-week high of $21.04 earlier Tuesday. The shares have traded as low as $3 in the past year.
The deal covers the design of the power station, procurement and installation of the three main engines and other auxiliary equipment. The company also will be the general contractor for the five main power station systems.
Work started this month and is expected to take two years and three months to complete.
A-Power, through its China-based subsidiaries, is the largest provider of distributed power generation systems in China. Its operations include China’s largest wind turbine manufacturing facility.