SAN DIEGO, Sept. 4, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company"), announces that it has successfully signed a binding joint venture partnership for a 49% interest in a wind farm project owned by Ningxia Electric Power Corp. (NEP).
'A La Shan Zuo Qi Windfarm Ltd.' (project company of NEP) is a 49.5 MW wind farm, expandable to 400 MW. The partnership will give Welwind a 49% interest in the entire project. Welwind will provide the debt financing for the project and also provide technical support along with turbine equipment manufacturing and construction. NEP has a signed Power Purchase Agreement (PPA price: 0.08 cents USD/KWH) dated August 5, 2008 from the Neimeng Provincial Development and Planning Commission.
"As we wait for an update from the Zhanjiang Government for Welwind's current wind farm project, we continue to forge ahead on building out the company's business model. This joint venture with one of China's largest wind farm developers allows the company to continue its growth and maintain momentum," says Tammy McNabb, President of Welwind.
ABOUT NINGXIA ELECTRIC POWER GROUP
Ningxia Electric Power Group was established in June of 2003. The company is a large-scale group holding by Ningxia Hui Autonomous Region Government. The company's primary focus is the development and construction of thermal power generation, wind power, wind turbines, and an involvement in the coal chemical industry. By the end of 2006, Ningxia Electric Power Group assets totaled 6.2 billion Yuan ($906 Million USD), and sales revenues were above 2 billion Yuan ($300 Million USD). The company has approximately 4500 employees.
ABOUT WELWIND
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.
The Welwind Energy International Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3727
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 the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.