Welwind Energy International Corporate Progress Report
HONG KONG, Sept. 29, 2010 (GLOBE NEWSWIRE) -- Welwind Energy International Corp . (http://www.welwind.com) (OTCBB: WWEI ) (the "Company") is engaged in the research, development and construction of wind farms in China with additional projects under consideration in North America. Future renewable energy applications are also under review.
The following projects and businesses currently form Welwind's portfolio:
ZHANJIANG WIND FARM PROJECT
Development of the Zhanjiang wind farm is a key objective of the Company and the final stage of the permit procedure is in process. Zhanjiang is a 49 MW project expandable to 400 MW. Installation of a 750 KW test turbine was completed in May 2007. A Project Feasibility Study Report and Grid Connection Report were submitted to the Guangdong Power Grid Corporation for a Power Purchase Agreement ("PPA").
The Zhanjiang Government held a meeting on January 10, 2010 to discuss the relocation of the wind farm due to a new government steel project that would be located at the Company's site. Welwind was informed that the new government committee reached a consensus to relocate the Company's project to Nansan Island in Guangzhou in July of 2010. The company awaits final approvals and believes this will obtained third-fourth quarter 2010.
INNER MONGOLIA POWER PROJECT
On July 15, 2010, it was announced that the Company completed negotiations to acquire an 80% interest in Inner Mongolia Wind Turbine's 300 MW wind farm, with future expansion rights. Phase 1 is an existing 49.5 MW wind farm project with a 50 year renewable PPA issued in 2008 and has 6 test turbines erected. Potential capacity is 1000MW. Yearly Cash flow projections are as follows:
HONG KONG OFFICE OPENS – INNER MONGOLIA FINANCING
On July 20, 2010 the Company successfully negotiated terms and conditions for financing of the Company's Inner Mongolia project. The financing is for $15.5 Million USD. It was also announced that to further the company's finance and expansion efforts the Company opened an Office in Hong Kong.
YATU INDUSTRIES INVESTMENT CO.
On September 13, 2010, the Company announced a formal investment cooperation agreement between Welwind and Yatu for an investment of $16.3 Million USD in the Zhanjiang project, along with a capital injection for the Mongolia and all other China based wind farm projects. The partnership will also include:
Co-develop wind farms in China
Acting agent in North America for Yatu's new multi-gen, single tower, vertical axis wind turbine generator systems
Establish new turbine generator system assembly plant, for 50% share
Welwind Energy International Corporation is engaged in the research, development and construction of wind farms, primarily involving small scale wind power. The Company's projects focus is in the wind energy sector with future renewable energy applications under consideration. The Company will also work on extending its business plan into other markets, including Canada and the United States.