CHINA WIND POWER RECEIVES APPROVAL TO CONSTRUCT FOUR NEW WIND FARMS WITH 198 MW OF TOTAL CAPACITY
April 19 2011 - 11:20AM
PR Newswire (Canada)
TORONTO, April 19 /CNW/ -- - To become one of the largest
independent producers in China upon completion -
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 calendar 2012. 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. Forward-looking statements 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/19/c5334.html
p /p table tr valign="top" td align="left" Wendell Zhangbr/ Chief
Financial Officerbr/ China Wind Power International Corp.br/ Tel:
416-916-4205br/ Email: a
href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a
/td td align="left" Joe Racanellibr/ Investor Relationsbr/ TMX
Equicombr/ Tel: 416-815-0700 ext 243br/ Email: a
href="mailto:jracanelli@equicomgroup.com"jracanelli@equicomgroup.com/a
/td /tr /table p align="justify" bFor more information and the
latest updates on China Wind Power, visit our investor relations
blog at /ba
href="http://chinawindpower.posterous.com/"http://chinawindpower.posterous.com/ab
or follow us on Twitter at /ba
href="http://twitter.com/ChinaWindPower"http://twitter.com/ChinaWindPower/a
/p p /p
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