China Wind Power Generates 81 GWh of Electricity in Fiscal 2011 and Provides Update on Additional Phases
30 June 2011 - 1:22AM
PR Newswire (Canada)
TORONTO, June 29, 2011 /CNW/ -- TORONTO, June 29, 2011 /CNW/ -
China Wind Power International Corp. (TSX-V: CNW), an independent
wind power producer in China, today announced an annual production
and revenue update on its fully operational Phase I for the fiscal
2011 year ended March 31, 2011. All amounts are in Canadian dollars
unless otherwise indicated and all revenue numbers exclude 17% VAT.
"Fiscal 2011 was a watershed year in the Company's development,"
said Mr. Jun Liu, Chief Executive Officer, China Wind Power
International Corp. "It was the first full year of operations for
Phase I of our current five phase development and we became
profitable in the third quarter of the first year. We look
forward to continuing the development of the remaining four phases
and fully capitalizing on the potential of our Du Mon County
project site, in Heilongjiang Province." For the 12-month period
ended March 31, 2011, the first year of operations for Phase I of
the Company's five phase wind project, China Wind Power generated
and sold 81.0 GWh of electricity and realized revenue of $6.6
million, surpassing fiscal 2010's annual production of 51.9 GWh and
revenue of $3.8 million. For the fourth quarter of fiscal 2011, the
Company generated and sold 21.3 GWh of electricity and realized
revenue of $1.7 million compared to 15.2 GWh of electricity and
$1.2 million of revenue for the same period last year. The
fourth quarter was the first in which Phase I was fully ramped up
and operating at planned capacity. For the first two-months of the
first quarter of fiscal 2012, the Company generated and sold 22.1
GWh electricity and realized revenue of $1.8 million, already
surpassing last year's production of 15.4 GWh of electricity and
revenue of $1.2 million for fiscal Q1 2011. The quarter over
quarter increase in production is consistent with an increase in
wind speeds during the spring months in Du Mon County.
Audited financial statements are expected to be released by the end
of July. Phase II Update To date, the Company has installed 22 out
of the 35 wind turbines planned for Phase II of the Company's wind
project. The remaining 13 wind turbines are expected to be
installed by the end of December. The initial installation
delay was due to a postponement of delivery by the turbine
suppliers. As a result of the unavoidable delay of delivery
of the turbines, management has decided to work with the turbine
suppliers to incorporate recent advances in technology such as
higher towers and longer blades into the design of the remaining
turbines. Phase III Update The Company has received all regulatory
and environmental approvals for the third phase of its five phase
wind farm. Phase III will be 198 MW in size and construction
is expected to begin in the third quarter of the current calendar
year. The Company is currently finalizing the construction and
supply agreements for Phase III with a major international turbine
manufacturer and supplier. After Phase III finishes next year, the
Company will have approximately 300 MW wind farms in production,
making it one of the largest independent wind power producers in
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
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. 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/June2011/29/c2166.html
table cellspacing="0" border="0" valign="top" tr valign="top" td
align="left" Wendell Zhangbr/ Chief Financial Officerbr/ China Wind
Power International Corp.br/ Tel: 416-916-4205br/ a
href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a
/td td /td td /td td align="left" Philip Dalebr/
Investor Relationsbr/ TMX Equicombr/ Tel: 416-815-0700 ext 253br/ a
href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/a
/td /tr /table p /p
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