TORONTO, Jan. 21 /CNW/ - China Wind Power International Corp. (TSX-V: CNW) ("China Wind" or the "Company"), today provided an update with respect to the Company's future projects within the context of Notice No. (2010)13 (the "Notice") issued by the Heilongjiang Province Development and Reform Commission on January 11, 2010. Following the provincial government's recently approved Heilongjiang New and Renewable Energy Industry Development Master Plan (the "Master Plan"), the Notice identifies several key development areas in Heilongjiang Province to be given higher priority and more support. The Notice requires finishing the preliminary works and the approval procedures for wind power projects in these key areas promptly.
One of the key areas identified includes the Company's project pipeline in Du Mon County, including its Sino-Danish project. The Company has filed the final application for its Sino-Danish project, representing approximately 200 MW installed capacity upon completion.
"Heilongjiang government set up a magnificent goal for wind power development and has put huge efforts to promptly carry out its Master Plan." said Mr. Jun Liu, Chief Executive Officer of China Wind. "We are pleased and proud to be part of these efforts and to be identified as one of the key wind power projects. With the priority given by the government, we expect to obtain the approvals for our Sino-Danish project soon."
The Company announced today that the Finance Bureau of Heilongjiang Provincial Government recently granted a government subsidy of one million RMB Yuan (C$151,000) to the Company to support and encourage the development of its wind energy projects. The Company's wind power project is one of only two key projects in Heilongjiang Province which were granted such a subsidy in 2009.
In addition, the Du Mon County Government recently awarded the Company a 1.623 million RMB Yuan (C$246,000) subsidy for its achievement in improving its wind farm control and monitoring systems.
About the Heilongjiang New and Renewable Energy Industry Development Master Plan
According to the Master Plan, based on the energy demand and grid capacity, Heilongjiang plans to build 2.4GW wind capacity by 2010, 4.2 GW by 2015, and 7.2 GW by 2020, which will account for 20%, 25% and 30% of the total power generated in Heilongjiang by then, respectively. Heilongjiang also plans to transfer 50 billion kWh electricity to the south grid by 2020 according to the national "North Power Transferring to South" program. Under the consideration of this program, 10.50 GW wind capacity is projected to be built in Heilongjiang by 2020.
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 57.3 million shares outstanding.
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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.
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SOURCE CHINA WIND POWER INTERNATIONAL CORP.
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