China Wind Power International Corp. (TSXV:CNW)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more China Wind Power International Corp. Charts. Click Here for more China Wind Power International Corp. Charts.](/p.php?pid=staticchart&s=TX%5ECNW&p=8&t=15)
TORONTO, Aug. 17, 2011 /CNW/ --
TORONTO, Aug. 17, 2011 /CNW/ - China Wind Power International Corp. (TSXV: CNW) ("China Wind Power" or the "Company"), an independent wind
power producer in China, today announced that it has signed an
engineering, procurement and construction ("EPC") contract with China
Ming Yang Wind Power Group Limited (NYSE: MY) ("Ming Yang"), a
world-leading manufacturer of turbines in China, and has commenced its
198 MW Phase III wind farm project, consisting of four wind farm
projects each with total output of 49.5 MW.
Under the terms of the EPC contract, Ming Yang will deliver and install
132 1.5 MW wind turbines as well as provide engineering and
construction management for the 198 MW wind farm project.
"The commencement of Phase III, along with the signing of an EPC
contract with Ming Yang, is a critical next step towards our objective
of fully developing our wind resource in Du Mon County," said Mr. Jun
Liu, Chief Executive Officer of China Wind Power. "In particular, our
new arrangement with Ming Yang enables us to access advanced turbines
that are ideally suited for China's specific wind and weather
conditions. Just as significant, our contract provides us favourable
financial terms with no immediate impact on our working capital."
"The signing of the EPC contract with China Wind Power is another
successful application of our new business model," said Mr. Chuanwei
Zhang, chairman and CEO of Ming Yang commented, "Ming Yang's EPC total
solution and customized product offering together with the abundant
wind resource obtained by China Wind Power will help to promote a
win-win outcome, helping Ming Yang to expand its market share and China
Wind Power to accelerate development of its wind resources."
Phase III consists of four wind farms located in Du Mon County,
Heilongjiang Province, China, adjacent to the Company's Phases I and II
and shares the same wind resource. The project is expected to be
completed by the end of the second quarter of calendar 2012 and to
generate approximately 400 million KWh per year or 244 million RMB
(approximately C$37 million) annually once the wind farms are in full
production.
As announced previously, China Wind Power has completed Phase I of the
five planned Phases of development. Phase II, which will have a total
capacity of 49.5 MW, is currently under construction and is expected to
be completed by the end of calendar 2011.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and
fast-growing wind turbine manufacturer in China, focusing on designing,
manufacturing, selling and servicing megawatt-class wind turbines.
Ming Yang produces advanced, highly adaptable wind turbines with high
energy output and low energy production costs and provides customers
with comprehensive post-sales services. Ming Yang cooperates with
aerodyn Energiesysteme, one of the world's leading wind turbine design
firms based in Germany, to develop wind turbines and share intellectual
property rights. Ming Yang's key customers include the five largest
state-owned power producers in China, with an aggregate installed
capacity accounting for more than fifty percent of China's newly
installed capacity in 2009.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is
uniquely positioned to capitalize on the growing demand for wind power
in China. The Company indirectly holds the exclusive rights for wind
energy development in Du Mon County, Heilongjiang Province, which has a
demonstrated potential installed capacity of 1,150 MW of wind energy
developable over an area of 612 square km. While 1,150 MW represents
the Company's long-term potential for wind power in the area, its
current plans are for building out approximately 800 MW over five
development phases. The Company's common shares are listed on the TSX
Venture Exchange under the symbol "CNW". The Company has approximately
63.9 million shares outstanding.
For more information and the latest updates on China Wind Power, visit
our investor relations blog at http://chinawindpower.posterous.com or follow us on Twitter at http://twitter.com/ChinaWindPower
Forward-looking statements
Certain statements that are not historical facts made in this press
release may be forward looking statements subject to risks and
uncertainties. Statements containing words such as "will", "could",
"expect", "may", "anticipate", "believe", "intend", "estimate", "plan"
and other similar expressions are forward-looking statements that
represent management's beliefs at the time the statements are made and
are based on certain factors and assumptions including wind farm
construction and commercial production schedule, output and capacity,
revenue and earnings expectations and market potential. These
forward-looking statements are subject to a variety of risks and
uncertainties and other factors that could cause actual events to
differ materially from those projected in forward-looking statements.
Important factors that could cause actual results to differ materially
from the Company's expectations include uncertainties involving the
availability of financing; fluctuations in currency exchange rates;
uncertainties relating to economic and market conditions; uncertainty
of estimates of capital and operating costs; the need to obtain
additional financing to develop the projects and uncertainty as to the
availability and terms of future financing; the possibility of delay in
construction projects and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed in
the information circular dated November 5, 2010, which is available at
www.sedar.com under the Company's profile. Except as required by
applicable securities laws, the Company undertakes no obligation to
update any forward looking statement to reflect events or circumstances
after the date on which such statement is made.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/17/c4211.html
table border="0" valign="top" cellspacing="0" tr valign="top" td align="left" Wendell Zhangbr/ Chief Financial Officerbr/ China Wind Power International Corp.br/ 416-916-4205br/ a href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a /td td /td td align="left" valign="top" Philip Dalebr/ Investor Relationsbr/ TMX Equicombr/ 416-815-0700 ext 253br/ a href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/ab /b /td /tr /table p /p