Welwind Energy: Letter of Intent
Welwind Energy International Corp. announces that management from Welwind's China office recently travelled to Hohhot, Inner Mongolia, China on July 4, 2010. The company successfully completed negotiations to acquire an 80% interest in a 300 MW, large scale, wind energy project.
Inner Mongolia Test Power Ltd. and Welwind Energy have signed a Letter of Intent ("LOI") for 80% ownership and future expansion rights in the Inner Mongolia Wind Turbine Complex 300MW Wind Farm Project ("MWTC"). MWTC is located in Wu Lan Cha Bu City, Inner Mongolia Autonomous Region.
The potential capacity of the joint venture project is 1000MW. Phase 1 is an existing 49.5MW windfarm project with a 50 year renewable PPA issued in 2008 and has 6 test turbines erected. There is a 70 meter anemometer tower in Huitengxile, and a second 70 meter tower in the east, about 4 km away from the first tower. Anemometer towers remain in place to continue collecting data for future expansion purposes. All testing equipment is from NRG Systems, the industry leader in the wind measurement field. Data reports of average yearly wind speeds in this area are approximately 9.6m/sec, which is one of the best documented sites to build a windfarm in China.
In the signed LOI, Welwind agrees to/shall:
* arrange debt financing.
* oversee construction, operations and management of the windfarm project.
* provide technical support for the project, including the latest international wind energy research, wind turbine equipment manufacturing and windfarm construction.
"Negotiations for this joint venture project have been underway for more than one year and we are excited to be at the point of signing a letter of intent. This is by far the largest and most impressive wind energy project that Welwind has pursued to date," says Mr. Zhigao Zeng, Director of Welwind Energy International. "We would like to thank the shareholders of Welwind Energy for their continued support and patience as we work on building the company's portfolio," says Mr. Junyi Feng, Director of Welwind Energy, China Operations.
ABOUT INNER MONGOLIA TEST POWER LTD.
Inner Mongolia Test Power Co., Ltd, is invested jointly by Inner Mongolia Lenon New Energy Co., Ltd and Inner Mongolia Meng Neng Energy Designing and Consulting Co., Ltd. The company employs 28 professional and technical personnel. The core business of the company is to provide testing and certification for the wind turbine generator systems. The company is also involved in the development of large scale windfarm projects. The company owns and operates Inner Mongolia Wind Turbine Generator System Complex Testing Park in Cha Ha Er You Yi Hou Qi, Wu Lan Cha Bu, Inner Mongolia, which is a windfarm of testing and certificating the wind turbine generator system for manufacturers. The certification is issued by China Electric Power Research Institute (CEPRI), allowing the company to promote the development of wind power and generator manufacturers of Inner Mongolia.
Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations. Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and governmental consumer.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany this news release.
Welwind Energy International
Larry McNabb, President