- Financing will support completion of second 49.5 MW wind farm project
TORONTO, Feb. 24 /CNW/ - China Wind Power International Corp. (TSX-V: CNW) today announced that it has signed a loan agreement for
120,000,000 Yuan (approximately CDN$18.3 million) as the second tranche
of its previously disclosed 330,000,000 Yuan (approximately CDN$50
million) conditional loan arrangement with the Agricultural Development
Bank of China, the Company's lender of record. The loan carries a basic
commercial lending interest rate over the nine-year term, currently at
China Wind will use the funds to complete the construction of Phase 2 of
its planned five phase wind farm development project.
"We are well on our way towards completion of Phase 2 having already
installed 22 of our planned 35 turbines," said Mr. Jun Liu, Chief
Executive Officer, China Wind Power. "Given our recent progress, we
anticipate completion of Phase 2 by the end of June 2011."
When fully completed, Phase 2 will consist of 35 turbines and a combined
capacity of 49.5 MW of renewable energy.
To date, China Wind Power had drawn 210,000,000 Yuan (approximately of
CDN$31.5 million) of its available 330,000,000 (approximately CDN $50
million) loan from the Agricultural Development Bank of China.
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 546 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.
For more information and the latest updates on China Wind Power, visit
our investor relations blog at http://chinawindpower.posterous.com or follow us on Twitter at http://twitter.com/ChinaWindPower
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 November 5, 2010, 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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