Aerospace Electromechanical: Overseas companies have been refused PV subsidy

As the aerospace electromechanical one overseas joint venture company's power station cannot obtain the photovoltaic power price subsidy, the joint venture company is prepared to deal with the relevant administrative department.

The company’s announcement states that the company’s 50% Dutch joint venture, “Universal Solar Technology Co., Ltd.” in Italy’s MILIS 11.8MW greenhouse power plant project, completed power station construction by the end of 2010, and the MILIS project company submitted to the Italian government’s energy service management department. In 2010, PV power subsidies were applied for, and in May 2011, the power station was officially put into operation.

In mid-September, the project company received a notification from the management department that raised objections to whether the power station meets the completion standards and the type of project authorization, and refused to give power station PV subsidies in 2010.

After the management of the joint venture company received the notification from the management department, after the initial communication between the local lawyer and the management department, the lawyers had been hired to plan to file a lawsuit with the local administrative court in the near future and requested to cancel the above decision of the management department.

Aerospace Electric said that if the power station cannot obtain PV subsidy for 2010, the project revenue will be affected.