‘Breaking ground at Phase III marks another milestone for our Company,’ said Mr. Jun Liu, Chief Executive Officer of China Wind Power. ‘Importantly, with our recently announced engineering, procurement and construction contract with a world-leading turbine manufacturer, construction at Phase III is proceeding under favourable financial terms with no immediate impact on our working capital.’
Construction at Phase III is expected to be completed by the end of the second quarter of calendar 2012. When completed, the 198 MW project (to be comprised of four wind farms, each with a total output of 49.5 MW) is expected to generate approximately 400 million KWh per year.
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.