SAN DIEGO, Sept. 30, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") announces an additional interest in A La Shan Zuo Qi Windfarm Phase II development.
In management's recent trip to China, Welwind met with Ningxia Electric Power Corp., owners of A La Shan Zuo Qi Windfarm Ltd. Welwind's initial commitment was for 49% interest in Phase I of the windfarm which currently holds a completed PPA with Neimeng Provincial Development and Planning Commission. Upon further discussions and due diligence, Welwind immediately committed to an additional 49% interest in Phase II 49.5 MW with an anticipated PPA inside of 2 months.
For Phase I, a turbine supply agreement has been signed with Mitsubishi Power Systems for the MWT 1000 Turbine. The Mitsubishi's manufacturing facility is within 15 miles of the windfarm's location. The company anticipates beginning construction in January and taking delivery of the turbines at that time.
Welwind and Ningxia Electric Power Group are in further discussions to cooperate in the development of windfarm equipment manufacturing, production of silicon-based solar panels, and solar power plants.
Zhanjiang Project - Welwind has had meetings with the Mayor and government officials over the last week with its concerns over the delay in receiving its PPA for the Zhanjiang windfarm project. The Mayor has reassured the company that the PPA is forthcoming and that all issues have been sorted. The PPA shall be awarded within the next few weeks.
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 (US$906 Million), and sales revenues were above 2 billion Yuan (US$300 Million). The company has approximately 4,500 employees.
ABOUT MITSUBISHI
Mitsubishi wind turbine innovations include:
-- Lightweight blades with full-span pitch control and optimum
blade profile for superior power performance
-- Advanced noise reduction technology (blade and gearbox)
Mitsubishi maintains an integrated design and production capability for key wind turbine components, including blades, gearbox and controls. Moreover, their IS9001-certified manufacturing facility ensures consistently high levels of quality and reliability for all Mitsubishi wind turbine components
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.