Saipan Casino Parent Company To Build Solar Power Plant

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Resort reportedly to be self-sufficient for electricity generation

By Alexie Villegas Zotomayor

SAIPAN, CNMI (Marianas Variety, April 23, 2015) – Best Sunshine International’s mother company, Imperial Pacific International Holdings Limited, is teaming up with Hanergy Thin Film Power Group Limited, for a joint venture in renewable energy.

Hanergy is the world’s largest thin-film solar power company.

They want to develop the first thin-film power generation station on 2 square kilometers of land, the location of which Imperial Pacific did not disclose.

This power plant will supply electricity to Best Sunshine facilities.

If the entire parcel of land is used for this purpose, it is projected that the power plant could produce over 100 MW.

"The estimated capacity of phase one of the thin-film power station is 10 MW, which will be sufficient to power the casino in the initial stage," Imperial Pacific stated in its latest disclosure to the Hong Kong Stock Exchange.

It confirmed the signing of a Memorandum of Agreement with Hanergy for a joint venture in the design, construction, installation, operation and maintenance of power generation and supporting facilities tapping various types of renewable energy.

Both companies are considering not only the Northern Marianas, but also Guam, the Federated States of Micronesia, Palau and the Marshalls.

Based on the MOA, funding for the joint venture will be obtained through equity or a loan.

Imperial Pacific will be responsible for identifying and securing land for the project and obtaining all necessary permits, licenses, authorizations and covering the other costs of the joint venture.

"Hanergy will be responsible for advising on the technical aspects, and for the construction, operation and maintenance of the plants," Imperial Pacific said.

The primary goal is to supply electric power to the group’s casino resort project on Saipan and other investments in the Pacific.

But the South China Morning Post in an article on April 22, noted the "cool reception" of the market to the deal.

It stated that Hanergy’s stock which had been up five times over the last 12 months, traded flat on April 21 following the announcement of the deal with Imperial Pacific.

The report also quoted Hong Kong-based investment banker David Webb as saying, "Both stocks are bubbles and are made for each other."

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