- To become one of the largest independent producers in China upon
TORONTO, April 19 /CNW/ - China Wind Power International Corp. (TSX-V: CNW) today announced that it has received final government
approval for the construction of four new 49.5 MW wind farms totaling
198 MW. The 198 MW represents Phase III of China Wind's five phase
plan to build out approximately 800 MW of wind generated electrical
power. The final approval includes all required environmental and
state grid connection approval as well as permits required to construct
and operate a wind farm in China.
"We are very pleased to receive regulatory approval to further develop
our wind farm project in Du Mon County" said Mr. Jun Liu, China Wind's
Chief Executive Officer. "The approval to move forward with
construction and development of Phase III provides further evidence of
China's clear commitment to wind energy power, and represents our most
significant milestone to date."
The four new wind farms are located in Du Mon County, Heilongjiang
Province, China, adjacent to the Company's Phases I and II, and share
the same wind resource and experience the same wind speed and density.
China Wind is currently finalizing the construction and supply
agreements for Phase III with a major international wind turbine
manufacturer. The agreement will not only give China Wind access to
leading wind turbine technology with no upfront capital requirements,
but will also provide a clear path for the construction and
commercialization of Phase III and its 198 MW of capacity by the end of
China Wind expects to begin construction of Phase III before the start
of the third quarter of the current calendar year, and expects initial
commercialization to begin by the end of calendar 2012. With the
addition of Phase III, China Wind will produce approximately 300 MW of
wind generated electricity, making it one of the largest independent
wind power producers in China.
Mr. Liu went on to say, "With the final approval for Phase III granted,
we look forward to the next step of developing our wind resource
further. The fourth phase of our project consists of approximately 300
MW and is currently in the approval process. Upon completion of the
fifth and final phase, we will have capacity to produce 800 MW of
renewable wind energy."
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is
uniquely positioned to capitalize on the growing demand for wind power
in China. The Company indirectly holds the exclusive rights for wind
energy development in Du Mon County, Heilongjiang province, which has a
demonstrated potential installed capacity of 1,150 MW of wind energy
developable over an area of 612 square km. While 1,150 MW represents
the Company's long-term potential for wind power in the area, its
current plans are for building out approximately 800 MW over five
development phases. The Company's common shares are listed on the TSX
Venture Exchange under the symbol CNW. The Company has approximately
63.9 million shares outstanding.
Certain statements that are not historical facts made in this press
release may be forward looking statements subject to risks and
uncertainties. Statements containing words such as "will", "could",
"expect", "may", "anticipate", "believe", "intend", "estimate", "plan"
and other similar expressions are forward-looking statements that
represent management's beliefs at the time the statements are made and
are based on certain factors and assumptions including wind farm
construction and commercial production schedule, output and capacity,
revenue and earnings expectations and market potential. These
forward-looking statements are subject to a variety of risks and
uncertainties and other factors that could cause actual events to
differ materially from those projected in forward-looking statements.
Important factors that could cause actual results to differ materially
from the Company's expectations include uncertainties involving the
availability of financing; fluctuations in currency exchange rates;
uncertainties relating to economic and market conditions; uncertainty
of estimates of capital and operating costs; the need to obtain
additional financing to develop the projects and uncertainty as to the
availability and terms of future financing; the possibility of delay in
construction projects and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed in
the information circular dated May 29, 2009 relating to the Company's
reverse take-over with Berkshire Griffin Inc., which is available at www.sedar.com under the Company's profile. Except as required by applicable securities
laws, the Company undertakes no obligation to update any forward
looking statement to reflect events or circumstances after the date on
which such statement is made.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE China Wind Power International Corp.
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