The proposed wind energy venture will be collectively known as the Ruihao Project (the "Project") of which Ruihao currently owns or has exclusive access to substantial wind resources in Heilongjiang province and Jilin province.
Far East and Ruihao have expressed interest in cooperating to develop several wind farms, the first of which is the Guangyuan Daxin Project Phase I, located at Daxin Village, Shengli Mongolian Town, Tailai County, Qiqihaer, Heilongjiang Province. Planned capacity is 49.5MW. Tariff in this area is RMB 0.61 Yuan per kWh (US $0.090/kWh). The project is Phase I of a planned 200 MW development wind turbines project.
The Guangyuan Daxin Phase I Project is in the final permitting and approval process and Ruihao expects it to be construction ready in 2010.
Far East aims to complete due diligence on the Ruihao Project within 30 days after the LOI is signed, and the Definitive Agreement shall contain customary representation and warranties, covenants and indemnification provisions.
Details of the company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s ("SEC") EDGAR database.
Far East Wind Power Corp. aims to generate clean and profitable energy in one of the world’s fastest growing energy sectors through access to a portfolio of high-calibre utility-class wind power development projects. Far East will inject innovation to drive cost out of turbine manufacturing, introduce new technologies and strategic relationships, plus aggressively pursue low cost of capital to deliver the most competitive cost per capacity and highest rates of return in the Asian marketplace.