JIC Tech invests in wind, cellulosic ethanol

Hong Kong's J.I.C. Technology announced today that it would invest a total of $207 million in three renewable energy projects across China, including two wind farms and a pilot cellulosic ethanol plant.

J.I.C. Technology, a manufacturer of LCDs, was acquired in March by HKC, a Hong Kong-based property developer and alternative energy company.

HKC said it plans to change the name of J.I.C. to Hong Kong Energy Holdings, with all of its investments in renewables to be conducted through the newly acquired company.

"As the principal vehicle of the group's alternative energy businesses, the new projects signify an important first step for the company," said Eric Oei, chairman of HKC's steering committee. "The PRC government has been actively encouraging investment in renewable energy."

Oei said the country's Renewal Energy Law requires state-owned power grids to give priority to and pay premium rates for power generated by privately-owned companies using clean energy.

J.I.C. said it would put up $136 million to develop the Lunaobao Wind Farm in Hebei, $68.8 million for the Siziwang Qi Wind Farm in Inner Mongolia, and $2.2 million to work with a Hong Kong biotechnology company on a cellulosic ethanol project.

The 100.5 megawatt Lunaobao wind farm is expected to consist of 67 1.5 MW turbines. J.I.C. said construction of the turbines would start in the second half of this year, with the project scheduled to be fully operational in 2010.

The company said the Siziwang Qi wind farm would be 49.5 MW, with 33 1.5 MW turbines. Construction is set to begin in the second half of this year, according to J.I.C., with the farm expected to be up and running by the end of 2009.

For the cellulosic ethanol project, J.I.C. plans to work with GeneHarbor (Hong Kong) Technologies to build a pilot plant using technology developed by GeneHarbor.

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