China WindPower plans to construct 500 MW wind power

China WindPower Group Limited ("China WindPower" or the "Group") (stock code: 182), an integrated wind power company in China, today announced that it has signed a Strategic Alliance Agreement with China Construction Bank Corporation Limited (Liaoning Branch). Guests at the signing ceremony included Mr. Liu Shunxing, Chairman and CEO of the Group, Mr. Liu Dongyan, Vice President of the Group, Mr. Lee Yingjun, Governor of China Construction Bank Corporation Limited (Liaoning Branch) and Mr. Han Min, Deputy Governor of China Construction Bank Corporation Limited (Liaoning Branch).

According to the agreement, China Construction Bank Corporation Limited (Liaoning Branch) will grant a stand-by credit line of RMB 5 billion to the Group which will be used to support its business development in China. China Construction Bank Corporation Limited (Liaoning Branch) will also leverage its business strengths to promote more extensive cooperation with the Group in investment, cash management, financing settlement and mergers and acquisitions.

Mr. Liu Shunxing said, "We are very pleased to have signed this agreement thereby forging a strategic alliiance with China Construction Bank and are grateful for their support. The collaboration reflects their confidence in our business prospects. It also represents a major milestone to strengthen our strategic cooperation and gives us solid capital support for our rapid development of wind power plants in China."

Looking ahead, Mr. Liu said, "The Group’s five-year development plan sets forth to invest in and construct wind power projects with a total installed capacity of 700 MW in 2010. We expect new wind power projects with an installed capacity of 500 MW or more to commence operation within the year. Leveraging the financing facility from China Construction Bank, the Group may raise these targets, depending on the progress of development."

The Group has invested in 28 wind farms, 12 of which have commenced generating electricity with a capacity of 566.25MW. Thos e presently in operation are able to sell "green" electricity totalling 1.35 billion kWh to the nation’s electrical power grid corporations a year, realising a revenue of nearly RMB0.8 billion and preventing the emission of about 1,400,000 tonnes of carbon dioxide a year.

China Windpower announced that it has entered into two contracts to buy wind turbines from Goldwind (SZSE: 002202) for its wind farms.

China WindPower Group Limited ("China WindPower") is an integrated wind energy company. Its principle businesses include (1) wind farm investment and (2) wind power services, including project development, consultancy, design, engineering and construction service, operation and maintenance service, wind power tower tube manufacturing, wind turbine gearbox design and assemblies manufacturing.

The Group owns more than 9,000 MW exclusive wind farm development rights in Inner Mongolia, Liaoning, Jilin, Heilongjiang, Gansu, Hebei and Zhejiang for investment and operation of large-scale wind farms.