Pacific Green Technologies invests in three utility-scale Chinese CSP projects

Pacific Green Technologies has acquired 100% of Shanghai Engin Digital Technology Co. Ltd, a company incorporated and registered in China.

ENGIN is a development, design and engineering company focused primarily on Concentrated Solar Power (CSP), Salt Water Desalination and Waste to Energy technologies. ENGIN has developed, designed and engineered three utility-scale CSP operating reference plants in China and:

• Dunhuang 100 MW Molten Salt Tower CSP Plant;
• CGN Delingha 50 MW Parabolic Trough CSP Plant; and
• Dunhuang 10 MW Molten Salt Tower CSP Plant.

The company has acquired ENGIN through two separate transactions. The transactions will be funded by the company’s own internal financial resources.

Pacific Green Technologies Inc. (PGTK) has acquired 75% of the registered share capital of ENGIN, for a maximum consideration of CNY76 (US$10.9) million, from Beijing Shouhang IHW Resources Saving Technology Company Ltd. (Shouhang). A total of CNY20 (US$2.6) million is payable on the completion of certain Performance Tests.

PGTK has also acquired 25% of the registered share capital of ENGIN from Mr. Liu Tao and Ms. Liang Qi in a separate transaction for a maximum consideration of CNY2 (US$0.3) million and the issue of 125,000 new shares in the capital stock of PGTK.