SAN DIEGO, Sept. 15, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") announces the following projected revenues of Phase I of the 49.5 MW 'A La Shan Zuo Qi' wind farm (project company of NEP). On September 4, 2008 the company announced that it had successfully signed a joint venture agreement for a 49% interest in the NEP wind farm.
Based on NEP's signed Power Purchase Agreement (PPA price: 0.08 cents USD/kWH) with Neimeng Provincial Development and Planning Commission, Welwind estimated the revenues as follows:
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Yearly Cash Flows
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Year Pre-tax After-tax Cumulative
# $ $ $
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1 6,786,499 6,786,499 -11,820,252
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3 7,784,995 7,784,995 614,671
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5 8,859,314 8,859,314 17,786,274
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10 10,540,563 10,540,563 69,658,530
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15 4,642,927 4,642,927 95,721,477
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20 14,379,361 14,379,361 170,840,885
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25 18,267,480 18,267,480 257,830,153
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The figures reflect projected revenues on a 49 megawatt install only. The company's build out of 49 megawatts is the first phase of a four hundred (400) megawatt wind farm. The yearly projections are based on the historical wind speed for the area, size of turbines installed and wind speeds.
Senior Management of Welwind have left for China this past Friday for the official signing of the joint venture between both companies.
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 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 for download 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.