26 Jun Arctic Green Energy, Sinopec Star and Xianyang Municipal People´s Government Sign Letter of Intent
Arctic Green Energy signed a three party Letter of Intent on 10 June 2015 with Xianyang Municipal People´s Government and Sinopec Star Petroleum Co., Ltd. By signing this Letter of Intent, the signatories agreed to to build Xi’an (Xianyang) Cultural and Sports Functional Area into a Demonstration Zone Utilizing Clean Energy with an estimated investment of CNY 800 million (approx US$ 128 mm) over a period of ten years. The signing Ceremony took place in Iceland.
The Letter of Intent lays out a comprehensive energy synchronization plan for the area, based on but not limited to geothermal development and utilization, photovoltaic solar energy, biomass, ground source heat pump, waste heat utilization and natural gas.
The Xi’an – Xianyang region in Shaanxi province is one of Arctic Green Energy´s main areas of operations in China since 2006. The area is home to nearly fourteen million people where Arctic Green Energy is currently providing heating for over six million square meters of housing through its joint venture, Sinopec Green Energy Geothermal Co., Ltd (SGEG). SGEG’s operations within the Xi’an – Xianyang region currently include 50 heat centrals and 30 geothermal wells as well as waste-heat utilization- and ground source heat pump projects.
The management team at Arctic Green Energy is confident that the agreement will work to accelerate even further Arctic Green’s growth within the region as well as the greater Shaanxi province.