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China Technology Development Group Corp. (CTDC) Announces Stock Agreement with Chinese Solar Group

China Technology Development Group Corp. is an integrated clean energy group focused on solar energy products and solutions in China. The company today announced a Stock Purchase Agreement with China Technology Solar Power Holdings Ltd. (CTSPHL Group) in which CTDC will become the majority shareholder of CTSPHL Group by acquiring a 51 percent equity interest in the company.

Operating through its subsidiary, CTSPHL Group is developing a 100MW grid-connected solar power plant project in Delingha City of Qaidam Basin in Qinghai Province, Northwestern China.

Per today’s announced agreement, CTDC and CTSPHL Group will work together to develop the Delingha 100MW Solar Project, a collaboration that CTDC says it believes will help it reach its goal of becoming an integrated solar company engaged in the design, building and operation of solar power plants.

“We are very pleased to become a controlling shareholder of CTSPHL Group. This marks a significant step that CTDC has made to enter into the solar power station arena and become one of the first overseas listed Chinese companies to hold an operating license from the Chinese government to operate on-grid solar power stations in China,” Alan Li, chairman and CEO of CTDC stated in the press release.

CTSPHL Group has secured a 25-year operation license from the Qinghai Provincial Development and Reform Commission for the first phase of the Delingha 100MW Solar Project, which consists of 10MW, which is expected to be completed by the end of 2010.

The Liaison Office of the Central People’s Government in Hong Kong S.A.R, as well as Shi Dinghuan, counselor of State Council of the PRC and director general of Chinese Renewable Energy Association, support the companies initiatives to move forward with clean energy in China.

“China’s new energy industry is only at its beginning stage. We really welcome more overseas companies to work together with local PV companies to grow and strengthen the new energy sector,” Dinghuan stated.

Li noted the Chinese government’s recent dedication to renewable energy and recognition of the company’s operations.

“The Chinese government has been very supportive of the development of renewable energy. Chinese President Hu Jintao listened to our project briefing in March in Beijing with great interest. He highly praised our endeavor in solar plant development. On September 22, 2009, President Hu reiterated China’s goal of reaching 15 percent renewable energy by 2020 at the UN climate summit in New York,” Li stated.

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