|            
|------------
|            
|EXHIBIT 15.1

Calculation of Effective Tariff and Effective
Utilization Rate

|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|----------------- |  | ----------------------------------------- |  | ---------------------- | ----------- | ------------------------------ |  | ------------------------- |  | ---------------- | ----- | ---------- |  | -------------------------- |  | ----------------------------------- | ---- |  |  | ---- |  |  | ---- | 
|                  |  |                                           |  | Total
 Revenues
 (RMB) |             | Total
 Electricity
 Sold (kWh) |  | Installed
 Capacity
 (MW) |  | Number
 of
 days |       | Tax
 Rate* |  | Effective
 Tariff**
 (RMB) |  | Effective
 Utilization
 Rate*** (%) |     
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |     
|Our Company       |  | the year ended 
 Dec 31, 2008             |  |                        | 110,076,549 |                                |  | 333,964,005               |  |                  | 271.0 |            |  | N/A                        |  |                                     | N/A  |  |  | 0.33 |  |  | 29.2 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2009             |  |                        | 247,120,130 |                                |  | 798,945,372               |  |                  | 376.6 |            |  | N/A                        |  |                                     | N/A  |  |  | 0.34 |  |  | 30.8 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2010             |  |                        | 448,218,584 |                                |  | 1,480,742,042             |  |                  | 548.8 |            |  | N/A                        |  |                                     | N/A  |  |  | 0.33 |  |  | 39.4 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2011             |  |                        | 383,371,322 |                                |  | 1,374,178,037             |  |                  | 563.8 |            |  | N/A                        |  |                                     | N/A  |  |  | 0.30 |  |  | 28.0 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Binglangjiang
 I  |  | the year ended 
 Dec 31, 2006             |  |                        | 16,472,000  |                                |  | 106,646,530               |  |                  | 21.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.16 |  |  | 58.0 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the period ended 
 Apr 24, 2007           |  |                        | 4,433,000   |                                |  | 23,495,595                |  |                  | 21.0  |            |  | 114                        |  |                                     | 1.06 |  |  | 0.20 |  |  | 40.9 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the period from 
 Apr 25 to Dec 31,
 2007 |  |                        | 12,988,764  |                                |  | 88,545,602                |  |                  | 21.0  |            |  | 251                        |  |                                     | 1.06 |  |  | 0.16 |  |  | 70.0 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2007             |  |                        | 17,421,764  |                                |  | 112,041,197               |  |                  | 21.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.17 |  |  | 60.9 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2008             |  |                        | 19,410,025  |                                |  | 117,278,061               |  |                  | 21.0  |            |  | 366                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 63.6 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2009             |  |                        | 16,556,208  |                                |  | 95,514,582                |  |                  | 21.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 51.9 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2010             |  |                        | 16,818,484  |                                |  | 94,591,565                |  |                  | 21.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 51.4 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2011             |  |                        | 15,531,109  |                                |  | 86,994,684                |  |                  | 21.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 47.3 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Binglangjiang
 II |  | the year ended 
 Dec 31, 2009             |  |                        | 3,706,529   |                                |  | 29,141,455                |  |                  | 20.0  |            |  | 118                        |  |                                     | 1.06 |  |  | 0.13 |  |  | 51.5 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2010             |  |                        | 11,386,666  |                                |  | 64,041,599                |  |                  | 20.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 36.6 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2011             |  |                        | 16,531,143  |                                |  | 92,596,193                |  |                  | 21.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 52.9 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Liyuan            |  | the period from 
 May 21 to Dec 31, 2007  |  |                        | 5,405,584   |                                |  | 19,758,343                |  |                  | 12.0  |            |  | 225                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 30.5 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2007             |  |                        | 5,405,584   |                                |  | 19,758,343                |  |                  | 12.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 18.8 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2008             |  |                        | 6,866,482   |                                |  | 25,098,176                |  |                  | 12.0  |            |  | 366                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 23.8 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2009             |  |                        | 6,411,614   |                                |  | 23,435,555                |  |                  | 12.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 22.3 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2010             |  |                        | 4,436,922   |                                |  | 16,217,714                |  |                  | 12.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 15.4 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2011             |  |                        | 3,583,081   |                                |  | 13,096,779                |  |                  | 12.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 12.5 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Yingchuan         |  | the year ended 
 Dec 31, 2006             |  |                        | 38,925,000  |                                |  | 97,116,588                |  |                  | 40.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.43 |  |  | 27.7 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2007             |  |                        | 42,998,000  |                                |  | 102,700,957               |  |                  | 40.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 29.3 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the period from 
 Jan 31 to Dec 31,
 2008 |  |                        | 37,594,669  |                                |  | 90,254,137                |  |                  | 40.0  |            |  | 336                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 28.0 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2008             |  |                        | 37,659,160  |                                |  | 90,768,127                |  |                  | 40.0  |            |  | 366                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 25.8 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2009             |  |                        | 44,925,331  |                                |  | 107,225,642               |  |                  | 40.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 30.6 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2010             |  |                        | 56,172,286  |                                |  | 138,329,823               |  |                  | 40.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.43 |  |  | 39.5 | 
|                  |  |                                           |  |                        |             |                                |  |                           |  |                  |       |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|                  |  | the year ended 
 Dec 31, 2011             |  |                        | 43,375,819  |                                |  | 101,896,872               |  |                  | 40.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.45 |  |  | 29.1 | 

---



|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|------------ |  | ----------------------------------------- |  | ---------------------- | ---------- | ------------------------------ |  | ------------------------- |  | ---------------- | ---- | ---------- |  | -------------------------- |  | ----------------------------------- | ---- |  |  | ---- |  |  | ---- | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|            
|             |  |                                           |  | Total
 Revenues
 (RMB) |            | Total
 Electricity
 Sold (kWh) |  | Installed
 Capacity
 (MW) |  | Number
 of
 days |      | Tax
 Rate* |  | Effective
 Tariff**
 (RMB) |  | Effective
 Utilization
 Rate*** (%) |     
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |     
|Wuliting     |  | the year ended 
 Dec 31, 2007             |  |                        | 27,532,000 |                                |  | 65,423,294                |  |                  | 42.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.45 |  |  | 17.8 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the period from 
 Jan 31 to Dec 31,
 2008 |  |                        | 29,946,906 |                                |  | 69,232,680                |  |                  | 42.0 |            |  | 336                        |  |                                     | 1.06 |  |  | 0.46 |  |  | 20.4 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2008             |  |                        | 30,371,102 |                                |  | 70,224,000                |  |                  | 42.0 |            |  | 366                        |  |                                     | 1.06 |  |  | 0.46 |  |  | 19.0 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2009             |  |                        | 40,143,784 |                                |  | 92,554,440                |  |                  | 42.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.46 |  |  | 25.2 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2010             |  |                        | 61,927,235 |                                |  | 148,943,520               |  |                  | 42.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 40.5 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2011             |  |                        | 37,850,518 |                                |  | 92,118,840                |  |                  | 42.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 25.0 | 
|            
|Jiulongshan  |  | the year ended 
 Dec 31, 2009             |  |                        | 27,124,666 |                                |  | 73,964,924                |  |                  | 37.6 | (1)        |  | 280                        |  |                                     | 1.17 |  |  | 0.43 |  |  | 20.0 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2010             |  |                        | 27,706,976 |                                |  | 69,618,958                |  |                  | 37.6 | (1)        |  | 365                        |  |                                     | 1.06 |  |  | 0.47 |  |  | 21.1 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2011             |  |                        | 28,414,330 |                                |  | 67,157,924                |  |                  | 37.6 | (1)        |  | 365                        |  |                                     | 1.06 |  |  | 0.45 |  |  | 20.4 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Zhougongyuan |  | the year ended 
 Dec 31, 2009             |  |                        | 1,197,109  |                                |  | 2,934,316                 |  |                  | 16.0 | (1)        |  | 61                         |  |                                     | 1.17 |  |  | 0.48 |  |  | 12.5 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2010             |  |                        | 16,976,305 |                                |  | 41,837,946                |  |                  | 16.0 | (1)        |  | 365                        |  |                                     | 1.06 |  |  | 0.47 |  |  | 29.9 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2011             |  |                        | 16,923,433 |                                |  | 39,827,794                |  |                  | 16.0 | (1)        |  | 365                        |  |                                     | 1.06 |  |  | 0.45 |  |  | 28.4 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Ruiyang      |  | the year ended 
 Dec 31, 2007             |  |                        | 31,513,675 |                                |  | 68,645,855                |  |                  | 32.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.49 |  |  | 24.5 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2008             |  |                        | 22,862,842 |                                |  | 51,237,120                |  |                  | 32.0 |            |  | 366                        |  |                                     | 1.06 |  |  | 0.47 |  |  | 18.2 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the period from 
 Jan 1 to Aug 19,
 2009  |  |                        | 24,167,675 |                                |  | 55,261,800                |  |                  | 32.0 |            |  | 231                        |  |                                     | 1.06 |  |  | 0.46 |  |  | 31.1 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the period from 
 Aug 20 to Dec 31,
 2009 |  |                        | 3,109,994  |                                |  | 7,191,974                 |  |                  | 32.0 |            |  | 134                        |  |                                     | 1.06 |  |  | 0.46 |  |  | 6.1  | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | The year ended 
 Dec 31, 2009             |  |                        | 27,277,669 |                                |  | 62,453,774                |  |                  | 32.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.46 |  |  | 22.3 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | The year ended 
 Dec 31, 2010             |  |                        | 31,933,990 |                                |  | 77,819,280                |  |                  | 32.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.43 |  |  | 27.8 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | The year ended 
 Dec 31, 2011             |  |                        | 21,305,440 |                                |  | 49,810,200                |  |                  | 32.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.45 |  |  | 17.8 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Shapulong    |  | the period from 
 Jan 1 to Dec 24,
 2007  |  |                        | 18,313,000 |                                |  | 43,292,057                |  |                  | 25.0 |            |  | 358                        |  |                                     | 1.06 |  |  | 0.45 |  |  | 20.2 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2008             |  |                        | 17,723,482 |                                |  | 42,308,157                |  |                  | 25.0 |            |  | 366                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 19.3 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the period from 
 Jan 1 to Aug 2,
 2009   |  |                        | 9,702,244  |                                |  | 22,279,828                |  |                  | 25.0 |            |  | 215                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 17.3 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the period from 
 Aug 3 to Dec 31,
 2009  |  |                        | 7,581,398  |                                |  | 18,351,068                |  |                  | 25.0 |            |  | 150                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 20.0 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2009             |  |                        | 17,283,642 |                                |  | 40,630,896                |  |                  | 25.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 18.6 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2010             |  |                        | 26,947,680 |                                |  | 64,624,002                |  |                  | 25.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.44 |  |  | 29.5 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2011             |  |                        | 16,141,486 |                                |  | 36,611,340                |  |                  | 25.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.54 |  |  | 14.4 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Banzhu       |  | the year ended 
 Dec 31, 2006             |  |                        | 55,561,000 |                                |  | 180,461,022               |  |                  | 45.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.36 |  |  | 45.8 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2007             |  |                        | 52,029,000 |                                |  | 169,092,862               |  |                  | 45.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.36 |  |  | 42.9 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2008             |  |                        | 47,872,768 |                                |  | 155,536,410               |  |                  | 45.0 |            |  | 366                        |  |                                     | 1.17 |  |  | 0.36 |  |  | 39.3 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2009             |  |                        | 38,972,232 |                                |  | 126,659,753               |  |                  | 45.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.36 |  |  | 32.1 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2010             |  |                        | 57,011,622 |                                |  | 185,287,772               |  |                  | 45.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.36 |  |  | 47.0 | 
|             |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|             |  | the year ended 
 Dec 31, 2011             |  |                        | 34,535,879 |                                |  | 112,241,606               |  |                  | 45.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.36 |  |  | 28.5 | 

---



|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|---------- |  | ----------------------------------------- |  | ---------------------- | ---------- | ------------------------------ |  | ------------------------- |  | ---------------- | ---- | ---------- |  | -------------------------- |  | ----------------------------------- | ---- |  |  | ---- |  |  | ---- | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|          
|           |  |                                           |  | Total
 Revenues
 (RMB) |            | Total
 Electricity
 Sold (kWh) |  | Installed
 Capacity
 (MW) |  | Number
 of
 days |      | Tax
 Rate* |  | Effective
 Tariff**
 (RMB) |  | Effective
 Utilization
 Rate*** (%) |     
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |     
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Wangkeng   |  | the year ended 
 Dec 31, 2006             |  |                        | 40,242,000 |                                |  | 151,882,677               |  |                  | 40.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.31 |  |  | 43.3 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2007             |  |                        | 31,475,000 |                                |  | 118,792,231               |  |                  | 40.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.31 |  |  | 33.9 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2008             |  |                        | 34,237,226 |                                |  | 129,217,917               |  |                  | 40.0 |            |  | 366                        |  |                                     | 1.17 |  |  | 0.31 |  |  | 36.8 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2009             |  |                        | 28,713,380 |                                |  | 108,369,852               |  |                  | 40.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.31 |  |  | 30.9 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2010             |  |                        | 48,704,698 |                                |  | 183,820,955               |  |                  | 40.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.31 |  |  | 52.5 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 25,543,219 |                                |  | 96,398,922                |  |                  | 40.0 |            |  | 365                        |  |                                     | 1.17 |  |  | 0.31 |  |  | 27.5 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Yuanping   |  | the year ended 
 Dec 31, 2007             |  |                        | 6,274,209  |                                |  | 30,071,595                |  |                  | 16.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.22 |  |  | 21.5 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2008             |  |                        | 8,004,678  |                                |  | 38,393,478                |  |                  | 16.0 |            |  | 366                        |  |                                     | 1.06 |  |  | 0.22 |  |  | 27.3 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2009             |  |                        | 12,624,433 |                                |  | 44,316,824                |  |                  | 16.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.27 |  |  | 31.6 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2010             |  |                        | 22,682,552 |                                |  | 82,908,637                |  |                  | 16.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 59.2 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 11,565,379 |                                |  | 42,273,514                |  |                  | 16.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 30.2 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Yuheng     |  | the year ended 
 Dec 31, 2007             |  |                        | 9,384,000  |                                |  | 54,955,750                |  |                  | 30.0 |            |  | 228                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 33.5 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the period from 
 Jan 1 to Oct 20,
 2008  |  |                        | 14,154,407 |                                |  | 82,893,211                |  |                  | 30.0 |            |  | 294                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 39.2 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the period from 
 Oct 21 to Dec 31,
 2008 |  |                        | 2,180,392  |                                |  | 8,090,245                 |  |                  | 30.0 |            |  | 72                         |  |                                     | 1.06 |  |  | 0.29 |  |  | 15.6 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2008             |  |                        | 16,334,799 |                                |  | 90,983,456                |  |                  | 30.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 34.6 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2009             |  |                        | 16,053,453 |                                |  | 69,284,988                |  |                  | 30.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 26.4 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2010             |  |                        | 34,445,274 |                                |  | 134,173,611               |  |                  | 30.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.27 |  |  | 51.1 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 19,042,649 |                                |  | 69,593,044                |  |                  | 30.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.29 |  |  | 26.5 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Husahe     |  | the year ended 
 Dec 31, 2010             |  |                        | 11,413,357 |                                |  | 66,801,125                |  |                  | 18.7 |            |  | 257                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 57.9 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 12,046,457 |                                |  | 67,753,458                |  |                  | 18.7 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 41.4 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Zilenghe   |  | the year ended 
 Dec 31, 2010             |  |                        | 7,730,041  |                                |  | 46,546,038                |  |                  | 25.2 |            |  | 193                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 39.9 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 13,961,579 |                                |  | 86,162,474                |  |                  | 25.2 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.17 |  |  | 39.0 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Aluhe      |  | the year ended 
 Dec 31, 2010             |  |                        | 2,316,881  |                                |  | 13,950,979                |  |                  | 10.0 |            |  | 193                        |  |                                     | 1.06 |  |  | 0.18 |  |  | 30.1 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 4,776,665  |                                |  | 29,478,703                |  |                  | 10.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.17 |  |  | 33.7 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Latudi     |  | the year ended 
 Dec 31, 2010             |  |                        | 3,730,075  |                                |  | 21,312,493                |  |                  | 18.9 |            |  | 138                        |  |                                     | 1.06 |  |  | 0.19 |  |  | 34.0 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 7,159,053  |                                |  | 45,296,415                |  |                  | 18.9 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.17 |  |  | 27.4 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Xiaopengzu |  | the year ended 
 Dec 31, 2010             |  |                        | 5,877,644  |                                |  | 29,916,026                |  |                  | 44.0 |            |  | 115                        |  |                                     | 1.06 |  |  | 0.21 |  |  | 24.6 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 13,844,808 |                                |  | 68,255,227                |  |                  | 44.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.22 |  |  | 17.7 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Qianling   |  | the year ended 
 Dec 31, 2010             |  |                        | N/A        |                                |  | N/A                       |  |                  | 10.0 |            |  | N/A                        |  |                                     | 1.06 |  |  | N/A  |  |  | N/A  | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 6,180,492  |                                |  | 27,297,172                |  |                  | 10.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.26 |  |  | 31.2 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Jinjiu     |  | the year ended 
 Dec 31, 2010             |  |                        | N/A        |                                |  | N/A                       |  |                  | 3.0  |            |  | N/A                        |  |                                     | 1.06 |  |  | N/A  |  |  | N/A  | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 3,062,168  |                                |  | 11,592,491                |  |                  | 3.0  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.26 |  |  | 44.1 | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|Dongguan   |  | the year ended 
 Dec 31, 2010             |  |                        | N/A        |                                |  | N/A                       |  |                  | 4.8  |            |  | N/A                        |  |                                     | 1.06 |  |  | N/A  |  |  | N/A  | 
|           |  |                                           |  |                        |            |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      | 
|           |  | the year ended 
 Dec 31, 2011             |  |                        | 2,152,048  |                                |  | 8,147,040                 |  |                  | 4.8  |            |  | 365                        |  |                                     | 1.06 |  |  | 0.26 |  |  | 19.4 | 

---



|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|-------- |  | ------------------------------------------------------------------- |  | ---------------------- | --------- | ------------------------------ |  | ------------------------- |  | ---------------- | ---- | ---------- |  | -------------------------- |  | ----------------------------------- | ---- |  |  | ---- |  |  | ---- | -
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|        
|         |  |                                                                     |  | Total
 Revenues
 (RMB) |           | Total
 Electricity
 Sold (kWh) |  | Installed
 Capacity
 (MW) |  | Number
 of
 days |      | Tax
 Rate* |  | Effective
 Tariff**
 (RMB) |  | Effective
 Utilization
 Rate*** (%) |     
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |     
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|Jinlong  |  | the year ended 
 Dec 31, 2010                                       |  |                        | N/A       |                                |  | N/A                       |  |                  | 10.0 |            |  | N/A                        |  |                                     | 1.06 |  |  | N/A  |  |  | N/A  |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | the year ended 
 Dec 31, 2011                                       |  |                        | 8,423,034 |                                |  | 29,761,388                |  |                  | 10.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.30 |  |  | 34.0 |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|Jintang  |  | the year ended 
 Dec 31, 2010                                       |  |                        | N/A       |                                |  | N/A                       |  |                  | 11.6 |            |  | N/A                        |  |                                     | 1.06 |  |  | N/A  |  |  | N/A  |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | the year ended 
 Dec 31, 2011                                       |  |                        | 7,229,890 |                                |  | 29,475,704                |  |                  | 11.6 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.26 |  |  | 29.0 |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|Jinwei   |  | the year ended 
 Dec 31, 2010                                       |  |                        | N/A       |                                |  | N/A                       |  |                  | 16.0 |            |  | N/A                        |  |                                     | 1.06 |  |  | N/A  |  |  | N/A  |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | the year ended 
 Dec 31, 2011                                       |  |                        | 8,854,564 |                                |  | 37,846,120                |  |                  | 16.0 |            |  | 365                        |  |                                     | 1.06 |  |  | 0.25 |  |  | 27.0 |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|Dazhaihe |  | the year ended 
 Dec 31, 2011                                       |  |                        | 5,337,079 |                                |  | 32,494,133                |  |                  | 15.0 |            |  | 265                        |  |                                     | 1.06 |  |  | 0.17 |  |  | 34.1 |  
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | Weighted Average Utilization Rate for Consolidated Number
 2008**** |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  | 29.2 | %
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | Weighted Average Utilization Rate for Consolidated Number
 2009**** |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  | 30.8 | %
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | Weighted Average Utilization
 Rate for whole year Number 2008****   |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  | 33.7 | %
|         |  |                                                                     |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  |      |  
|         |  | Weighted Average Utilization Rate for whole year Number
 2009****   |  |                        |           |                                |  |                           |  |                  |      |            |  |                            |  |                                     |      |  |  |      |  |  | 30.2 | %

---



|
|
|

|      |  |                                                                                                                                                                                         | 
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|      | 
|*     |  | Tax rate =
 1+VAT (VAT is 6% or 17%, as applicable)                                                                                                                                    
|      |  |                                                                                                                                                                                        
|**    |  | Effective
 Tariff = Total Revenues / Total Electricity Sold *tax rate                                                                                                                  
|      |  |                                                                                                                                                                                        
|***   |  | Effective
 Utilization Rate=Total Electricity Sold / (Installed Capacity *1000*24*Number
 of Days)*100                                                                                 
|      |  |                                                                                                                                                                                        
|****  |  | Weighted
 Average Utilization Rate = (Total Sold KWh)/(Total Installed Capacity),
 with/without Shapulong                                                                              
|      |  |                                                                                                                                                                                        
|***** |  | Consolidated
 Utilization Rate=Total Electricity Sold/SUM(Installed
 Capacity(MW)*1000*24*Number of Days)*100                                                                          
|      |  |                                                                                                                                                                                        
|(1)   |  | Jiulongshan
 and Zhougongyuan projects were split from Zhougongyuan projects in December
 2009. The total installed capacity for Jiulongshan was 37.6 MW and for
 Zhougongyuan 16.0 MW.

---