SAN DIEGO, Nov. 9, 2007 (PRIME NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") is pleased to announce that it has received a letter of interest from Acterra Group to fund Phase I of the company's Zhanjiang Windfarm project. Phase I consists of 65 turbines at 1.2-1.5 million per turbine. This commitment will be up to, but not limited to, $75 million.
"We are very pleased at obtaining this letter of interest as it is one of the final steps required by the local power authority in obtaining our PPA," says Mr. Shannon de Delley, Director of Welwind. "Clearly, obtaining financing without further dilution in shareholder stock positions is best for all and financing of this magnitude will propel this company as a major player in the alternative energy market," he adds. Acterra is quite comfortable that financing of the project will be completed once a PPA is in place along with necessary EPC and other standard requirements. Acterra will assist in this process by providing access to project finance legal counsel in preparing such contracts.
"We have been working and negotiating with several finance groups for our two projects and the various phases of development for each -- we are quite pleased in moving forward with Acterra Group," says Tammy McNabb, CEO of Welwind. "There are multiple steps in obtaining a PPA and we would like to thank our shareholders for their patience and their confidence in management's ability in getting the company to this very exciting point. We anticipate financing and build out of Phase I within the first quarter of 2008," she adds.
ABOUT ACTERRA GROUP
For nearly 50 years the people of the Acterra Group have been providing services and support to energy, natural resource, and sustainability companies. From project inception through completion they assist in all areas.
The staff of the Acterra Group is actively working to support the renewable energy market. They deliver services in a number of different ways, each dependent upon the needs and expertise of the clients.
Acterra brings a complete understanding of all project aspects to the management of renewable energy projects thorough technical understanding, construction capabilities, operational talent as well as the underlying financial and management skills necessary for complex programs and comprehensive projects.
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.