SAN DIEGO, Dec. 9, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") announces that it has received a letter of intent to finance its 200 MW wind farm project located in Southern Alberta, Canada. The value of the 200 MW project is in excess of US$400,000,000 (four hundred million).
As previously announced, Welwind has come to a terms agreement with Windcor Power Systems to create a joint venture partnership on various projects located in Canada. Both companies agree to begin their relationship starting with the Southern Alberta project.
ABOUT THE SOUTHERN ALBERTA PROJECT
* The project, with a potential build out of 200 MW, is located in Southern Alberta, Canada and has over 3 years wind data. * The energy yield for the project shows a steady class of wind that will produce a clean, low turbulent output. This is better on the equipment compared to blustery winds known in the south west region of the foothills of Alberta. * The project is located in an area that is far enough away from the blustery conditions with no residences close to the project; the transmission runs through the property and there are no known environmental issues preventing the project from proceeding. * The area is one of the lowest populated areas in Alberta and has some of the best suited wind regimes in the province for production, operation and maintenance of the turbines. * The Province of Alberta is known for its wind regime and its deregulated market, having some of the first turbines installed in Canada. * The City of Calgary runs their (C-train) transit system from Wind generated electricity. * The companies will work to have this project construction ready in 2009 with the electricity to be sold to the Alberta Power Pool. * There is enough room on the grid where the project is located so that there are no delays with conducting any interconnection issues or waiting for new transmission lines to be built.
"With the funding commitment that is in place we will be able to complete all of our project goals in 2009, including the Peace project, Zhanjiang, Yangxi, and Ningxia," says Shannon de Delley, Director of Welwind.
ABOUT WINDCOR POWER SYSTEMS
Windcor Power Systems is a Canadian wind energy development company with a unique vision for the alternative energy industry. Their unique approach is to forge close ties with partner communities, both through the development process, and afterward into power production. With this approach, communities enjoy respect for both their traditions and their own vision of their future.
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.