gpe announcement - opening of power plant
23 March 2004 Official Opening of the World’s first Green Waste to Energy Power Plant The World’s first green waste-to-energy power plant is being officially opened by the Honourable Mr Stephen Robertson MP, Minister for Natural Resources, Mines and Energy today. Consumers can now use a much more economical form of clean, environmentally friendly energy to heat and light their homes, thanks to Green Pacific Energy’s (GPE) breakthrough green energy power plant. Located in Stapylton, Queensland, the power plant uses Green Pacific Energy’s unique, patented process and the Fluidised Bed Combustion (FBC) technology to generate clean and environmentally friendly energy from green wastes. These include branch trimmings, tree prunings or other green waste that are collected from suburban households. The Stapylton power plant has earned Green Power Accreditation from the New South Wales Government’s Sustainable Energy Development Authority (SEDA) as well as approval for renewable energy credits from the Office of Renewable Energy. GPE will soon commence construction of 5 fully approved green energy projects, totalling 85 MW to power 80,0000 households across Australia. GPE also has a further 16 green energy power projects in its portfolio totalling 290MW, in different stages of approval across Australia. GPE has already secured long-term power purchase agreements with Energy Australia, and fuel supplies are provided for under long-term agreements with various green waste suppliers. Each of GPE’s trademark 20 MW green power plants is estimated to produce an annual revenue of approx $14 million, based on the terms of the current power purchase agreement, with a net profit after tax of approx $4 million per annum. GPE is also preparing to begin construction of a coal gasification plant in Dalian, China. Under the Gas Purchase Agreement, the Dalian plant is expected to produce an annual revenue of approx $33 million and a net profit after tax of $10 million per annum. It is important to note that GPE is currently awaiting an independent valuation of the company’s Intellectual Property and patents (“IP”), which relate to the FBC technology and generation processes. This value has not been taken into account in any of GPE’s financial projections. The value of any future Carbon Credit Benefits has also been excluded. Information from the independent valuation will shortly be released to the market in the form of an Independent Research Report. As a testament to GPE’s value and long term potential, one of the company’s strategic partner, TechComm Simulation (subsidiary of Yokogawa) has recently committed to a share equity placement in all of GPE’s additional green waste-toenergy projects. The shares will be issued at not less than 35 cents per share. With the well proven FBC technology, a large portfolio of approved projects to ultimately deliver 400MW of clean energy to Australian households, and the capacity to expand overseas through the Dalian coal gasification plant in China, GPE is well positioned to become a leader in the renewable energy industry. -ENDSFurther information: Media: David McGrath (02) 9566 0216 or 0410 770 569 (m) Corporate: Edwin Yeung, Corporate Secretary Peter Gan, Chief Operating Officer Phone: 02 92023000 Or visit our website www.greenpacific.com.au
