Qianling Hydroelectric Station
Power Purchase and Sale Contract

Exhibit 4.86

Fujian Province Shaowu Power Supply Bureau

(As Buyer)

and

Shaowu City Jinling Power Generation Co., Ltd.

(As Seller)

Qianling Hydroelectric Plant (Station)

Power Purchase and Sale Contract

Date: March 2007

1

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

Content

|   |                                                      |  |   
|-- | ---------------------------------------------------- |  | --
|1  | Definition
 and Interpretation                       |  | 3 
|   |                                                      |  |   
|2  | Representations
 of Each Party                       |  | 3 
|   |                                                      |  |   
|3  | Obligations
 of Each Party                           |  | 4 
|   |                                                      |  |   
|4  | Power
 Measurement                                   |  | 4 
|   |                                                      |  |   
|5  | Electric
 Quantity Measurement                       |  | 6 
|   |                                                      |  |   
|6  | Tariff                                               |  | 6 
|   |                                                      |  |   
|7  | Payment and
 Settlement of Tariff                    |  | 6 
|   |                                                      |  |   
|8  | Force
 Majeure                                       |  | 7 
|   |                                                      |  |   
|9  | Default liability                                    |  | 8 
|   |                                                      |  |   
|10 | Effectiveness and Term of the Contract               |  | 9 
|   |                                                      |  |   
|11 | Applicable Law                                       |  | 9 
|   |                                                      |  |   
|12 | Alteration, Transfer and Termination of the Contract |  | 9 
|   |                                                      |  |   
|13 | Dispute Settlement                                   |  | 9 
|   |                                                      |  |   
|14 | Miscellaneous                                        |  | 10

2

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

This Power Purchase and Sale Contract (hereinafter the Contract) is
entered into by the following two parties:

Buyer:Shaowu Power Supply Bureau, a
state-owned enterprise registered with Shaowu Administration for Industry and
Commerce, its legal address: No.75 Xichun Road, Shaowu City, Fujian Province,
postal code: 354000, legal representative: Zheng Sheng.

Seller:
Shaowu City Jinling Power Generation Co., Ltd., a limited liability
company registered with Shaowu Administration for Industry and Commerce, its
legal address: Zhuangshang Village, Nakou Town, Shaowu City, postal code:
354000, legal representative: Cai Ledun.

Whereas:

(1) The Seller owns, manages, operates and maintains the Qianling
Hydroelectric Station with total installed capacity of 10,000 KW at Zhuangshang
Village, Nakou Town, Shaowu City (hereinafter the Station);

(2) The Station has been connected to the power grid managed and
operated by the Buyer for operation in 2003.

Pursuant to the Contract Law of the Peoples Republic of China, Power
Law, Power Grid Dispatching and Administration Regulations and other state laws
and regulations, the two Parties have reached agreement and hereby enter into
this Power Purchase and Sale Contract in the principle of equality,
voluntariness and good faith.

|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1   | Definition and Interpretation                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|1.1 | Unless otherwise required by the context, terms
 used in this Contract shall have the following meanings:                                                                                                                         
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|    | (1)                                                                                                                                                                                                                                | Station means the power generation
 facility with a total installed capacity of 10,000 KW (8 generators, each
 having a capacity of 1250 KW) located at Zhuangshang Village, Nakou Town, Shaowu
 City, and owned, managed, operated and maintained by the Buyer and all auxiliary
 facilities within the property demarcation point.
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|    | (2)                                                                                                                                                                                                                                | The Grid Connection and Dispatching
 Agreement means the agreement in respect of connection of the Station to the
 power grid and power dispatching arrangement between the Buy and the Seller.                                                                                                                                     
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|1.2 | Interpretation                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|    | 1.2.1                                                                                                                                                                                                                              | Headings in this Contract are for
 convenience only and shall not in any event affect the interpretation of this
 Contract.                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|    | 1.2.2                                                                                                                                                                                                                              | This Contract shall have binding effect on
 the assignee of either Party.                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|2   | Representations of
 Each Party                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|    | Each Party represents that:                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|2.1 | It is an enterprise legally established and
 existing under the law, and has the power to execute and perform this
 Contract.                                                                                                     
|    |                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                       
|2.2 | It has cleared all procedures (including
 procedures for the necessary approvals by the government and obtaining
 relevant licenses) necessary for the execution and performance of this
 Contract, which are legal and effective.

3

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.3 | As of the date of execution of this
 Contract, no judgment, award or any specific administrative action, which may
 have material adverse effects on the performance of this Contract, has been
 declared or taken by any court, arbitration centre or administrative
 authorities.                                            
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|2.4 | It has completed all procedures for
 obtaining the internal authorisations necessary for the valid execution of
 this Contract. The signatory of this Contract is the legal representative or
 entrusted representative of the Party. Once this Contract comes into force,
 it shall have legal binding effect on both Parties.
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|3   | Obligations of Each
 Party                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|3.1 | The Buyers obligations shall include:                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.1.1                                                                                                                                                                                                                                                                                                                           | purchasing the power generated by the units
 of generators of the Seller in accordance with this Contract;                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.1.2                                                                                                                                                                                                                                                                                                                           | abiding by the Grid Connection and
 Dispatching Agreement entered into by the Buyer and the Seller, operating and
 maintaining the power transmission and transformation facilities in
 accordance with the standards of the state and the power industry, protecting
 the safety of the power system and operating in an efficient and economical
 manner;                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.1.3                                                                                                                                                                                                                                                                                                                           | performing power dispatch work and disclose
 information in an open, fair and equitable manner in accordance with relevant
 state provisions, and providing information about the status of power load,
 back-up capacity, operation of transmission and transformation facilities and
 other relevant information;                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.1.4                                                                                                                                                                                                                                                                                                                           | providing the power required for the
 restart of the units of the Station to the Seller in accordance with the
 relevant state provisions;                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.1.5                                                                                                                                                                                                                                                                                                                           | compensating the Seller for the reasonable
 costs incurred for its provision of support services with compensation as
 required in accordance with the relevant state provisions;                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|3.2 | The Sellers obligations shall include:                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.2.1                                                                                                                                                                                                                                                                                                                           | selling power in compliance with the
 standards of the state and the power industry to the Buyer in accordance with
 the provisions of this Contract;                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.2.2                                                                                                                                                                                                                                                                                                                           | abiding by the Grid Connection and
 Dispatching Agreement entered into by the Buyer and the Seller, submissive to
 the unified power dispatch, Station operation and maintenance in accordance
 with the standards of the state, the power industry and the dispatch
 regulations, ensuring that the operating capacity of the generators reach the
 technical standards and provisions formulated by the relevant state
 authorities, protecting the safety of the power system and operating in an
 efficient and economical manner;
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.2.3                                                                                                                                                                                                                                                                                                                           | providing reliability indicators of the
 units of generators and operation of the equipment of the Station to the
 Buyer on a monthly basis; reporting any equipment defects in a timely manner,
 regularly submitting the generators checking and repairing plan, and strictly
 observing the generators checking and repairing schedule which has been
 deliberated and included in the Buyers overall arrangement, and agreed by
 both Parties.                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.2.4                                                                                                                                                                                                                                                                                                                           | compensating the Buyer for the reasonable
 costs incurred for its provision of support services with compensation as
 required in accordance with the relevant state provisions;                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | 3.2.5                                                                                                                                                                                                                                                                                                                           | not supplying power directly to users
 without approval of relevant state authorities.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4   | Power Measurement                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4.1 | Principle for the establishment of metering
 points                                                                                                                                                                                                                                                                            

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

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|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | Based on the property rights relations, the
 demarcation between the Station and the power grid is set at the No. 381 and
 382 switches by the side of the main transformer 35KV of the Seller, at which
 the Seller shall install a set of high-pressure electricity metering box and
 a set of bi-directional kilowatt-hour meters with reverse current stopping
 device. (see the metering points diagram in the schedule)
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|4.2 | Electric quantity measuring device                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.2.1                                                                                                                                                                                                                                                                                                                                                                                                                         | The electric quantity measuring devices
 shall be allocated in accordance with the requirements set out in the
 Electric Quantity Measuring Device Technical Management Regulations
 (DL/T4482000). Before the operation of the installed electric quantity
 measuring devices, both Parties to the Contract shall conduct the acceptance
 inspection in accordance with the Electric Quantity Measuring Device
 Technical Management Regulations (DL/T4482000). The second return circuit
 connecting terminal and the testing terminal installed in the electric
 quantity measuring devices and the electric quantity measuring device
 container shall satisfy the conditions to meet the requirement for sealing
 up.                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.2.2                                                                                                                                                                                                                                                                                                                                                                                                                         | The electric quantity at each point where
 electricity is connected to or disconnected from the power grid of the Seller
 shall be measured by an electronic multi-functional kilowatt-hour meter which
 shall have the bi-directional active power (accuracy degree is 0.2S) and
 4-motion-control reactive power (accuracy degree is 2.0) measuring functions.
 In addition, the kilowatt-hour meter must have the function required for the settlement
 of electricity fees. There shall be one kilowatt-hour meter. The Seller shall
 be responsible for purchasing and installing the electric quantity measuring
 devices. The ownership of such devices shall belong to the Seller. The Seller
 shall be responsible for daily operation and maintenance of the electric
 quantity measuring devices and ensure that such devices are not damaged, and
 the seals are in good condition.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|4.3 | Inspection and operation management of
 electric quantity measuring devices                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.3.1                                                                                                                                                                                                                                                                                                                                                                                                                         | The measuring devices shall be checked and
 tested by the qualified measurement inspector, and can be installed and
 operated only when they have passed such inspection. Relevant expenses shall
 be borne by the Seller.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.3.2                                                                                                                                                                                                                                                                                                                                                                                                                         | Operation and management of regular
 inspections (by turn) and regular on-spot inspections of electric quantity
 measuring devices shall be conducted by a qualified measurement inspector
 appointed jointly by the Buyer and the Seller. Costs incurred shall be borne
 by the Seller. The Seller shall assist with such operation and management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.3.3                                                                                                                                                                                                                                                                                                                                                                                                                         | The regular inspections (by turn) and
 regular on-spot inspections of electric quantity measuring devices shall be
 managed in accordance with relevant standards, rules and regulations of the
 state and the power industry.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.3.4                                                                                                                                                                                                                                                                                                                                                                                                                         | Electric quantity measuring devices must be
 sealed after inspection or on-spot inspection. Neither Party shall be allowed
 to break the seal, make changes to the measuring devices and mutual
 connections, or replace components of the measuring devices without obtaining
 the consent of the other Party. If a Party is found to have broken the seal, made
 changes to a measuring device and mutual connections, or replaced components
 of the measuring device which results in inaccuracy of the measurement, the
 breaching Party shall, apart from returning corresponding electricity fees,
 be liable for relevant consequence and liability.                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.3.5                                                                                                                                                                                                                                                                                                                                                                                                                         | Either Party may, at any time, request an
 inspection or testing of the electric quantity measuring devices in addition to
 the regular or on-spot regular inspections, and the requesting Party shall
 bear the costs for such inspection.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|4.4 | Meter reading                                                                                                                                                                                                                                                                                                                                                                                                                

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

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|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | 4.4.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The meter-reading time shall be zero hour
 of 28th each month. Electric quantity shall be determined by the figures
 shown in the meter. If the remote reading through the tariff calculation
 system can satisfy the requirement of the settlement of electricity fees,
 such reading can be used for the settlement of electricity fees. If the
 remote reading through the electricity fees calculation system is different
 from figures shown in the kilowatt-hour meter, the latter shall prevail. The
 above figures shall all be confirmed by the Buyer and the Seller.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|4.5 | Measurement discrepancy                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 4.5.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | If a Party is aware that any electric
 quantity measuring device is inaccurate, or breaks down, it shall promptly
 notify the other Party. The Parties shall discuss and find a solution as soon
 as possible. The Parties may determine the electric quantity of the period
 during which the device is inaccurate or breaks down by making reference to
 other reliable data. If there is no sufficient basis to determine the
 electric quantity, it shall be determined by the Parties through
 consultations.                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5   | Electric Quantity
 Measurement                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5.1 | Annual Basic On-grid Electric Quantity                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | Under the guidance of the annual power
 generation adjustment plan issued by the provincial economic and trade
 commission, the Buyer shall take into consideration the hydrological
 situation of the Station, the nationwide power supply and demand as well as
 the conditions for operational safety of power grid, and arrange the monthly
 power generation plan and adjustment plan of the Sellers power station based
 on the principle of fairness, equality and openness.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|5.2 | Calculation of the Electric Quantity                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | The monthly on-grid electric quantity shall
 be determined according to Clause 4.4.1. The on-grid electric quantity from
 0:00 am December 28 of the previous year to the present shall be the
 accumulative on-grid electric quantity.                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6   | Settled Tariff                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.1 | The on-grid tariff which shall not exceed
 0.24 yuan/KWh (including 6% of VAT) as agreed by the Buyer and the Seller in
 relation to the power generated by the Station of the Seller shall be
 submitted by the Seller to competent administrative authorities of price for
 approval. The price approved by the competent administrative authorities of
 price shall be the final on-grid tariff.                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7   | Payment and
 Settlement of Electricity Fees                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.1 | All fees between both Parties shall be
 denominated and paid in RMB.                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.2 | Monthly Electric Quantity Measurement                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | Detailed measurement of the electric quantity
 shall be conducted according to Clause 5.2.                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.3 | Electricity Fees for On-grid Electric
 Quantity                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 7.3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The Buyer shall pay the Seller an amount
 which is calculated based on the monthly electric quantity measured according
 to Clause 7.2 and the on-grid tariff determined in Clause 6. The liquidated
 damages in the Grid Connection and Dispatching Agreement shall be confirmed
 monthly by the Buyer and the Seller.                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | 7.3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The annual settlement of electricity fees
 for the year shall be completed by the Seller and the Buyer prior to February
 10 of the next year.                                                                                                                                                                                                                                                                                                                                                                                                                                 

6

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|7.4 | Payment of Electricity Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | After reading the electric meter, the
 Seller shall accurately calculate the on-grid electric quantity and the
 electricity fees without delay, and fill in Electric Quantity Measurement
 List and the Electricity Fees Settlement List which, after confirmed by the
 electric power bureau, shall be faxed to the Buyer on that day or next business
 day.                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | The Buyer shall check and confirm the
 Electric Quantity Measurement List and the Electricity Fees Settlement List
 after receiving them from the Seller as soon as possible. Where there is any
 disagreement, it shall notify the Seller within 3 business days after the
 receipt of the fax. After making any proper amendment to the lists by both
 Parties through negotiation, the Seller shall send the revised Electric
 Quantity Measurement List and the revised Electricity Fees Settlement List to
 the Buyer by fax while the original copies shall be sent by express mail or
 courier on the same day. If the Buyer does not notify the Seller any
 disagreement within 3 business days after receiving the fax, it shall be
 deemed that it has no disagreement.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | The Seller shall issue a VAT invoice (dated
 that month) according to the Electricity Fees Settlement List confirmed by
 the Buyer and deliver such invoice to the Buyer. The Buyer shall pay the
 tariff of such period to the Seller within 30 days after receiving the
 accurate Electric Quantity Measurement List and the Electricity Fees
 Settlement List.                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|7.5 | Form of Payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | The Buyer shall pay the electricity fees to
 the Seller directly to the bank account as specified on the VAT invoice
 issued by the Seller (or any other account designated by the Seller in
 writing). The bank account must be an account opened by the Seller, otherwise
 the Buyer has the right to refuse to pay the electricity fees.                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|7.6 | Settlement of Grid Supplied Electric
 Quantity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | The Seller shall pay the Buyer an amount
 for the grid supplied electric quantity on a monthly basis according to the
 non-industrial and ordinary industrial tariff and the grid supplied electric
 quantity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|7.7 | Data and Record                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | The Seller and the Buyer agree to keep the
 original data and records for checking the accuracy of the statements,
 recorded examinations or calculations to a reasonable extent according to
 this Contract.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|8   | Force Majeure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|8.1 | Event of Force Majeure
 means all events which are unforeseen, unavoidable and cannot be overcome. An
 Event of Force Majeure includes volcanic eruption, tornado,tsunami,
 snowstorm, mudslide, landslide, flood, fire, earthquake beyond the standard
 for earthquake resistant design, typhoon, thunder, fog-flashover, nuclear
 radiation, war, plague, riots, etc.                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|8.2 | If the occurrence of the Event
 of Force Majeure totally or partially prevents a Party performing any of its
 obligations under this Contract, such Party may suspend to perform its
 obligation, provided that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | the extent to and time period
 for the obligation suspension shall not exceed the extent and time period as
 reasonably required for eliminating the Event of Force Majeure;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | the Party which is affected by
 the Event of Force Majeure shall continue its other obligations under this
 Contract which are not affected by the Event of Force Majeure;  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                             
|    | (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | once the Event of Force
 Majeure ends, such Party shall resume to perform this Contract as soon as
 possible.                                                               

7

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|8.3 | If any Party is prevented to
 perform this Contract due to any Event of Force Majeure, such Party shall
 notify the other Party in writing as soon as possible, indicating the
 occurrence date of the Event of Force Majeure, the time period during which
 the Event of Force Majeure is estimated to continue, the nature of the event,
 the impact on the performance of such Party of this Contract, and any
 measures that have been taken by such Party to reduce the impact of such
 Event of Force Majeure.                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|    | The Party which is affected by
 any Event of Force Majeure shall provide the other Party with an evidential
 document in relation to the occurrence of the Event of Force Majeure within
 30 days from the date on which such event occurs (in case of interruption of
 communication, from the date on which the communication resumes).                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|8.4 | Both Parties affected by the
 Event of Force Majeure shall take reasonable steps to reduce the losses
 suffered by one or both of the Parties. Both Parties shall negotiate and
 implement remedial plans and reasonable alternative measures in a timely
 manner in order to reduce or eliminate the impact of the Event of Force
 Majeure.                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|    | If the Party which is affected
 by the Event of Force Majeure fails to make its best efforts to take
 reasonable measures to mitigate the influence of the Event of Force Majeure,
 such Party shall bear any additional losses caused by such act.                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|8.5 | If the Event of Force Majeure
 prevents a Party from performing its obligations for more than 60 days, the
 Parties shall negotiate the conditions to continue this Contract or terminate
 this Contract. If both Parties fail to reach an agreement on the conditions
 to continue this Contract or on the termination of this Contract within 1
 year from the occurrence of the Event of Force Majeure, any Party has the
 right to notify the other Party to terminate this Contract, unless otherwise
 provided in this Contract.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|9   | Default
 liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|9.1 | Principle to Deal with Breach                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|    | 9.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Any Partys failure to perform
 its obligations under this Contract or perform its obligations according to
 this Contract shall be deemed as a breach of contract. The defaulting Party
 shall be liable to continue to perform or take any remedial steps or
 compensate any loss for the non-defaulting Party.     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|    | 9.1.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Where a Party breaches the
 Contract, the other Party shall take any proper measure to prevent losses
 from aggravating. If such Party fails to take proper measures, resulting in
 the aggravation of losses, it shall not claim any compensation against the
 defaulting Party in respect of such aggravated losses.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|9.2 | If the Seller fails to provide
 settlement invoice and other settlement materials accurately and timely
 according to Clause 7.4, the Buyer may extend the electricity fees payment
 date accordingly.                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|9.3 | In respect of any outstanding
 amount due and payable from one Party to the other Party under this Contract,
 the default interests for each delayed day shall be paid at the rate of 0.02%
 of the outstanding amount.                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|9.4 | If any breach of one Party
 under this Contract results in losses of the other Party, it shall compensate
 such other Party accordingly.                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                       
|9.5 | Both Parties agree that any
 default liability uncovered by this Contract shall be handled according to
 the Grid connection and Dispatching Agreement.                                                                                                                                                                                                                                                                                                                                                                               

8

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10   | Effectiveness
 and Term of the Contract                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|10.1 | This Contract shall come into
 force upon the execution by the legal representatives or authorized
 representatives of both Parties and affixture of seals by both Parties and
 effectiveness of the Grid connection and Dispatching Agreement.                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|10.2 | The term of this Contract
 shall be from the date on which the generator units of the Station are
 initially connected to the grid to 31 March 2009.                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|10.3 | Both Parties shall negotiate
 issues in respect of the renewal of this Contract 3 months prior to the
 expiry of this Contract. If both Parties agree that no further amendments are
 needed, the term of this Contract shall extend to the expiry of the operation
 term of the Station. During the extended period, if a Party gives the other
 Party any written disagreement, this Contract shall be terminated automatically
 and the Parties shall execute a separate Contract.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|11   | Applicable
 Law                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|11.1 | The execution, effectiveness,
 construction, performance and dispute settlement in respect of this Contract
 shall be governed by PRC law.                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|12   | Alteration, Transfer and
Termination of the Contract                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|12.1 | No alteration, revision and
 supplementary to this Contract shall be effective unless it is in writing and
 signed by the authorized representatives of both Parties.                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|12.2 | Both Parties expressly agree
 that neither of them has the right to transfer all or part of its rights and
 obligations under this Contract to a third party without a prior written
 consent of the other Party.                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|12.3 | During the term of this
 Contract, both Parties agree to make adjustments to relevant clauses of this
 Contract in the event of:                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|     | (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | any change of relevant state
 laws, regulations and rules;                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|     | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | any promulgation of rules,
 measures or regulations related to the electricity market by the State
 Electricity Regulatory Commission.                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|12.4 | Termination of Contract                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|     | In case of occurrence of any
 of following events, the other Party has the right to terminate this Contract
 after providing a termination notice:                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|     | (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | the Seller is unable to
 transmit electricity safely for a successive 60 days according to this
 Contract, or the Buyer is unable to accept electricity for a successive 60
 days according to this Contract (unless it is caused by an Event of Force
 Majeure);
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|     | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | a Party becomes bankrupt or is
 the subject of proceedings for liquidation or its business license is
 revoked;                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|     | (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | a Party is merged with another
 entity or transfers all or most of its assets to another entity and the
 existing entity is unable to reasonably bear all of its obligations under
 this Contract.                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|13   | Dispute
 Settlement                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                  
|13.1 | Any dispute arising out of or
 in relation to the performance of this Contract shall be first settled by
 both Parties through negotiation. If no agreement can be reached within 30
 days, it shall be submitted to Fujian electricity regulatory authority for
 mediation. If no agreement can be reached within 60 days through mediation,
 the Parties agree to submit such dispute to Fuzhou                                                                                    

9

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|     | Arbitration Commission for
 arbitration. The arbitral award shall be final and binding on the Parties.
 During the arbitration, except the dispute in question, the Parties shall
 continue to perform other parts of this Contract.                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|14   | Miscellaneous                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|14.1 | Confidentiality                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|     | Both Parties shall treat as
 confidential any materials and documents which are acquired from the other
 Party and could not be obtained from public domain. Without the consent of
 such other Party which provides such materials and documents, the Party shall
 not divulge any or all of such materials and documents, unless as otherwise
 required by law.                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|14.2 | Entire Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|     | This Contract and its schedule
 constitute the entire agreement between the Parties in respect of the subject
 of this Contract, and shall supersede any prior discussions, negotiations,
 agreements and contracts between the Parties concerning this power purchase
 project.                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|14.3 | Notice                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|     | Any notice, document and
 standard bill in connection with this Contract shall be in writing. They
 shall be deemed as received when the receiver signs for confirmation if they
 are sent by registered email, express mail or personal delivery. They shall
 be deemed as received when they are sent and received by fax. All notices,
 documents and standard bills shall come into force when they have been
 delivered or received. All notices, bills, materials or documents shall sent
 to the legal address and address for communications provided below in this
 Contract, until any Party notifies the other Party any change of its address:

| |              |                                                 
| | ------------ | ------------------------------------------------
| | Party A:     | Fujian Province Shaowu Power
 Supply Bureau     
| |              |                                                 
| | Attention:   | Office                                          
| |              |                                                 
| | Tel:         | 0599-6206601                                    
| |              |                                                 
| | Fax:         | 0599-6206625                                    
| |              |                                                 
| | Postal Code: | 354000                                          
| |              |                                                 
| | Address:     | No.75 Xichun Road, Shaowu
 City, Fujian Province
| |              |                                                 
| | Party B:     | Shaowu City Jinling Power
 Generation Co., Ltd. 
| |              |                                                 
| | Attention:   | Office                                          
| |              |                                                 
| | Tel:         | 0599-6229338                                    
| |              |                                                 
| | Fax:         | 0599-6230568                                    
| |              |                                                 
| | Postal Code: | 354000                                          
| |              |                                                 
| | Address:     | No.27 Chengdong Road, Shaowu
 City              

|     |              | 
|---- | ------------ | 
|14.4 | Counterparts

10

---



Qianling Hydroelectric Station
Power Purchase and Sale Contract

| |                                                                                                                                                                                                                                 | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | This Contract may be executed
 in two original copies and three duplicates. Each Party holds one original
 copy and one duplicate. The third duplicate shall be submitted to the
 provincial electric power company for record.
| |                                                                                                                                                                                                                                 | 
| | Party A: Fujian Shaowu City
 Power Supply Bureau                                                                                                                                                                               
| |                                                                                                                                                                                                                                 | 
| | Representative: Zheng Sheng                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                 | 
| | Party B: Shaowu City Jinling
 Power Generation Co., Ltd.                                                                                                                                                                       
| |                                                                                                                                                                                                                                 | 
| | Representative: Wang Wangqin                                                                                                                                                                                                   
| |                                                                                                                                                                                                                                 | 
| | Date and Place of Execution of
 the Contract: March 2007, in Shaowu City                                                                                                                                                       

11

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Qianling Hydroelectric Station
Power Purchase and Sale Contract

Schedule

Qianling Power
Station Connection and Metering Point Diagram

(GRAPHIC)

12

---