Siziwang Qi Wind Farm Project

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In April 2008, HKC (Holdings) Limited, a Hong Kong based company focusing on wind plant project development in Mainland China obtained final approval from the Development and Reform Commission of Siziwang Qi to develop a wind power plant in Siziwang Qi, Inner Mongolia. The project was procured through direct negotiation. For the purpose of constructing the wind farm, the sponsor entered in June 2008 into 2 contracts of purchasing 33 sets of wind turbine and turbine tower with an aggregate value of approximately RMB349.8 million (approximately HK$393.2 million). The sponsor expected further contracts would be entered for acquisition of other wind power generation equipments for the project. The project has a capacity of 49.5 MW and the total investment is RMB 480 million (US$ 68.67 million). HKC (Holdings) Limited owned 100% of the project and would operate it for 20 years. The project was expected to be operational in September 2009. According to the latest information (http://www.china5e.com/newenergy/newenergynews.aspx?newsid=7396946c-ff16-43d7-8c73-fabe25580b79&panelv=%u6700%u65b0%u8d44%u8baf&classv=%u98ce%u80fd&classid=%u65b0%u80fd%u6e90&pageid=5), the project is progressing well. However the exact financial closing time cannot be identified.