- Phase 1 to commence commercial production by end of year -
TORONTO, Nov. 5 /CNW/ - China Wind Power International Corp. (TSX-V: CNW) ("China Wind" or the "Company"), today announced that it has completed the first phase of its five-phase wind farm build-out, with 34 wind turbines representing installed capacity of 49 MW. As at October 31, 2009, Phase 1 had generated and sold more than 24 million KWh of electricity to the power grid under trial production. Regular commercial production is expected to commence in December 2009.
"The completion of Phase 1 is obviously a very significant milestone for our Company," said Mr. Jun Liu, Chief Executive Officer of China Wind. "To achieve this milestone, we reconfigured our original turbine allocation planned for Phase 2 to mitigate a temporary turbine supply constraint we were experiencing under our original allocation planned for Phase 1. Importantly, regular commercial production for Phase 1 is expected to begin on schedule."
The Company currently has two 1.5 MW wind turbines installed under its plans for Phase 2, which will represent installed capacity of 49.5 MW when completed. An additional seven wind turbines are to be installed in November. Management expects that Phase 2 will be completed and in production before May 2010.
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 860 MW of wind energy developable over an area of 220 square km. While 860 MW represents the Company's long-term potential for wind power in the area, its current plans are for building out eight wind farms representing capacity of 546 MW over five development phases. The Company's common shares are listed on the Toronto Venture Exchange under the symbol CNW. The Company has approximately 24 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.
For further information: For further information: Wendell Zhang, Chief Financial Officer, China Wind Power International Corp., Tel: (416) 916-4205, Email: firstname.lastname@example.org; Trevor Heisler, Investor Relations, The Equicom Group Inc., Tel: (416) 815-0700 ext 270, Email: email@example.com; Follow us on Twitter at http://twitter.com/ChinaWindPower