China Wind Power Signs EPC Contract with Ming Yang Wind Power and Commences its 198 MW Phase III Wind Farm Project
17 August 2011 - 9:00PM
PR Newswire (Canada)
TORONTO, Aug. 17, 2011 /CNW/ -- TORONTO, Aug. 17, 2011 /CNW/ -
China Wind Power International Corp. (TSXV: CNW) ("China Wind
Power" or the "Company"), an independent wind power producer in
China, today announced that it has signed an engineering,
procurement and construction ("EPC") contract with China Ming Yang
Wind Power Group Limited (NYSE: MY) ("Ming Yang"), a world-leading
manufacturer of turbines in China, and has commenced its 198 MW
Phase III wind farm project, consisting of four wind farm projects
each with total output of 49.5 MW. Under the terms of the EPC
contract, Ming Yang will deliver and install 132 1.5 MW wind
turbines as well as provide engineering and construction management
for the 198 MW wind farm project. "The commencement of Phase III,
along with the signing of an EPC contract with Ming Yang, is a
critical next step towards our objective of fully developing our
wind resource in Du Mon County," said Mr. Jun Liu, Chief Executive
Officer of China Wind Power. "In particular, our new
arrangement with Ming Yang enables us to access advanced turbines
that are ideally suited for China's specific wind and weather
conditions. Just as significant, our contract provides us
favourable financial terms with no immediate impact on our working
capital." "The signing of the EPC contract with China Wind Power is
another successful application of our new business model," said Mr.
Chuanwei Zhang, chairman and CEO of Ming Yang commented, "Ming
Yang's EPC total solution and customized product offering together
with the abundant wind resource obtained by China Wind Power will
help to promote a win-win outcome, helping Ming Yang to expand its
market share and China Wind Power to accelerate development of its
wind resources." Phase III consists of four wind farms located in
Du Mon County, Heilongjiang Province, China, adjacent to the
Company's Phases I and II and shares the same wind resource.
The project is expected to be completed by the end of the second
quarter of calendar 2012 and to generate approximately 400 million
KWh per year or 244 million RMB (approximately C$37 million)
annually once the wind farms are in full production. As announced
previously, China Wind Power has completed Phase I of the five
planned Phases of development. Phase II, which will have a
total capacity of 49.5 MW, is currently under construction and is
expected to be completed by the end of calendar 2011. About China
Ming Yang Wind Power Group Limited China Ming Yang Wind Power Group
Limited (NYSE: MY) is a leading and fast-growing wind turbine
manufacturer in China, focusing on designing, manufacturing,
selling and servicing megawatt-class wind turbines. Ming Yang
produces advanced, highly adaptable wind turbines with high energy
output and low energy production costs and provides customers with
comprehensive post-sales services. Ming Yang cooperates with
aerodyn Energiesysteme, one of the world's leading wind turbine
design firms based in Germany, to develop wind turbines and share
intellectual property rights. Ming Yang's key customers include the
five largest state-owned power producers in China, with an
aggregate installed capacity accounting for more than fifty percent
of China's newly installed capacity in 2009. 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/August2011/17/c4211.html
table border="0" valign="top" cellspacing="0" tr valign="top" td
align="left" Wendell Zhangbr/ Chief Financial Officerbr/ China Wind
Power International Corp.br/ 416-916-4205br/ a
href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a
/td td /td td align="left" valign="top" Philip Dalebr/
Investor Relationsbr/ TMX Equicombr/ 416-815-0700 ext 253br/ a
href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/ab /b
/td /tr /table p /p
Copyright
China Wind Power International Corp. (TSXV:CNW)
Historical Stock Chart
From Jun 2024 to Jul 2024
China Wind Power International Corp. (TSXV:CNW)
Historical Stock Chart
From Jul 2023 to Jul 2024