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CBD Energy Thailand Solar Power Plant Contract

Diversified renewable energy company, CBD Energy Limited (CBD), through wholly owned subsidiary, eco-Kinetics, has won a significant contract to build a solar power plant in Thailand. The size of the installation, at a total 99MW, will rank it among the larger photovoltaic plants in the world. CBD subsidiary, eco-Kinetics, has signed a turnkey contract which covers design, equipment supply and construction of the plant as well as an operating and maintenance contract. The contract for the project is with a prominent private business group in Thailand which has ventures across manufacturing, chemical, insurances, transport and real estate. A first down payment for the project has been received. The project begins with an initial stage of 8 MW, increasing to a total size of 99MW, with an overall project value in excess of $A300 million. eco-Kinetics expects to commence site works and begin installation in September 2010, leading to completion of Stage 1 by early 2011. The total project is expected to be completed approximately two years from initial commencement. Among other details regarding the project are: • the project is supported by a power purchase agreement with Thailand’s electricity authority, Provincial Electricity Authority of Thailand. • location of the solar plant is in Chonburi province near the Eastern Seaboard According to CBD Managing Director, Mr Gerry McGowan, this new contract illustrated the enhanced capabilities within the diversified renewable energy group. “The acquisition of eco-Kinetics has significantly expanded our commercial reach in Australia and overseas solar markets,” Mr McGowan said. “Winning this project is an outstanding achievement by Edwin Cywinski and his team at eco-Kinetics as they look beyond Australia to build a renewable energy business,” Mr McGowan said. In 2009, the Thai government announced its intention to source 20 per cent of its electricity from renewable energy by 2020, a similar target to Australia’s, and has a range of tax and investment incentives to attract investment in its renewable energy sector. CBD recently completed a renewable energy project on the Chatham Islands in New Zealand, has commenced a project on King Island in Bass Strait and is negotiating other wind, solar and energy storage projects in Australia, China and Europe.