CHINA WIND SECURES SECOND TRANCHE OF $50 MILLION LOAN
25 February 2011 - 12:30AM
PR Newswire (Canada)
TORONTO, Feb. 24 /CNW/ -- - 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 6.4%.
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
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 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/24/c5657.html
table border="0"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 valign="top" align="left"Joe Racanellibr/ Investor Relationsbr/
TMX Equicom br/ Tel: 416-815-0700 ext 243br/ Email: a
href="mailto:jracanelli@equicomgroup.com"jracanelli@equicomgroup.com/a /td/tr/table
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