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  China Recycling Energy in 10-yr contracts with Shenmu County coking project |
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China Recycling Energy Corp (OTCBB: CREG), a waste-to-energy technologies provider specialised in recycling industrial by-products for steel mills, cement factories and coke plants in China, said it has delivered a set of 18-megawatt capacity power generating systems to Shenmu County Jiujiang Trading Co Ltd as part of two 10-year contracts between the parties.Under the agreements, CRE will recycle waste gas from Shenmu's 600,000 tons per year coke production line to generate power, which will then be sold back to Shenmu for use in production.
Shenmu agrees to supply the coke-oven gas free of charge.
Power generation and delivery of power began last month.Shenmu will pay to the company service fees of approximately US$473,000 per month for the life of the contracts, as well as such additional amount as may result from the supply of power to Shenmu in excess of 10.80 million kilowatt hours per month at the rate of approximately US$.04 per kilowatt hour.
The Company will subcontract a third party operator at a cost of approximately US$438,000 per year.CRE expects to treat the contracts as a sale-type lease and anticipates that it will recognize a total amount of US$38.4 million as interest income from this sale-type lease over the 10-year term.
“This is CREG's first project in the coking industry, one of the most energy intensive sectors in China.” said Guohua Ku, CEO of CRE, adding: “This project is expected to reduce annual coal consumption by 52,000 tons, equivalent of 130,000 tons of CO2 emissions.”
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