SAN DIEGO, Nov. 26, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") announces management update from Shannon de Delley, Welwind Director and Mark Sutin, Windcor Power Systems Engineer for their due diligence trip to China.
Mr. de Delley met with officials of Hanergy to review their operational wind project. The project is a current joint venture with Ningxia Group and part of an operational 260 MW wind park. A review of company documentation including the power purchase agreement, the carbon credit program, and the audited financials all exceeded Welwind's expectations and are professionally maintained.
A site visit of the operational wind park took place. Welwind management was very impressed with the professionalism and efficiency of the operation. The wind parks wind speeds are exceptional and provide a consistent wind speed to optimize the output of the wind turbines.
Ningxia Group is the crown utility for the Province which owns a 260 MW project in the Innner-Mongolia region of China. Ningxia is a leader in the wind industry and is one of the first companies to install a project of this magnitude.
We have signed a letter of intent to enter into a joint venture with Ningxia on additional 100 MW project that is located close to the existing 260 MW project.
During the due diligence trip, Welwind and Windcor officials attended an opening ceremony hosted by Ningxia Group to commemorate the ground breaking for the 100MW build out of A La Shan Zuo Qi Wind farm. The entire ceremony was disrupted from high winds- though all in attendance saw this as a good presage of the future of the wind farm and partnership.
The project has started construction and will be operational in less than a year.
"The opportunity to JV with a professional and experienced company like Ningxia Group is indispensible for the company's continued success in China. In this industry, a good wind regime along with a good partner is what this project has to offer." says Shannon de Delley, Director of Welwind. "We are very pleased to move forward with this exciting opportunity", he adds.
Welwind's website will be updated with photos of the Henergy and A La Shan Zuo Qi projects later this week.
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 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.
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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.