ASX/Media Release Thursday, 20 January 2005
GPE SIGNS AGREEMENT TO BUILD NEW GREEN ENERGY PLANTS
Listed renewable utility company Green Pacific Energy Ltd (ASX Code: GPE) has signed a Heads of
Agreement with Easteel Industries Ltd for the Engineering, Procurement and Construction (EPC) of
two 13.5MW green waste to energy power plants. Construction of the plants in Stapylton, Queensland
and Morwell, Victoria is expected to commence by the end of March this year. The combined capital
cost of the projects is $A55M, to be financed from GPE’s existing capital facilities.
Construction of these plants follows the successful commissioning of GPE’s pilot plant in Stapylton in
March 2004. First production is expected from the new plants in mid-2006. On completion of the new
projects, the company’s total generation capacity will exceed 30MW of green electricity, representing
more than $A17M revenue per annum, a solid start towards GPE’s target of 200MW.
Managing Director Peter Gan said “This is a significant milestone for the company as we commence
the roll-out of our pipeline of green waste to energy plants. Securing this arrangement with Easteel
Industries, Australasia’s leading biomass engineering company, demonstrates great confidence in
GPE’s business model and technology”.
Easteel Industries Ltd is the leading thermal engineering company in New Zealand with a successful
track record extending over fifty years. It is the first choice for both the dairy and timber industries in
the region for biomass fired steam and power plants. Easteel’s CEO, Paul Dippie said “Easteel is
delighted to work with GPE, Australia’s innovative green energy company, on these projects. Our
experience minimizes construction and process risk because of the number of similar projects we have
successfully commissioned in the past.”
Released by CapitalConnect www.capconnect.com.au on behalf of Green Pacific Energy Ltd. For
further information, view today’s Investor Briefing and visit the company’s website
www.greenpacific.com.au or contact:
Mr Peter Gan
Managing Director
(612) 9202 3070
Mr Edwin Yeung
CFO/Company Secretary
(612) 9202 3070
ABOUT GREEN PACIFIC ENERGY LIMITED
Green Pacific Energy Limited is an ASX listed renewable energy company. It is focused on utilizing innovative
technology to process green waste to produce electricity. The company has 80MW of fully approved projects,
and will commence construction on these shortly following its agreement with Easteel. It has a pipeline of
projects in development representing a portfolio of around 200MW.
GPE
green pacific energy limited
