CHINA WIND SECURES FIRST TRANCHE OF $50 MILLION LOAN
December 13 2010 - 7:00AM
PR Newswire (Canada)
TORONTO, Dec. 13 /CNW/ -- - Financing will support completion of
49.5 MW wind farm project - TORONTO, Dec.
13 /CNW/ - China Wind Power International Corp. (TSX-V: CNW) today
announced that it has received the first tranche of a new
330,000,000 Yuan (approximately CDN$50 million) loan agreement
signed with the Agricultural Development Bank of China, the
Company's lender of record. The first tranche will consist of
140,000,000 Yuan (approximately CDN$21.2 million). The loan carries
a basic commercial lending interest rate over the nine-year term,
currently at 6.14%. "We are very honoured that the Agricultural
Development Bank of China has extended its relationship with us and
is prepared to support our vision of becoming the leading wind farm
operator in Heilongjiang province," said Mr. Jun Liu, China Wind's
Chief Executive Officer. "In light of the recent tightening of
monetary policies, our loan provides further evidence of the
Chinese government's clear commitment to wind energy power." China
Wind will use the funds to complete construction of Phase 2 of its
planned five phase wind farm development project. "We are
well on our way towards the completion of Phase 2 having installed
17 of our planned 35 turbines already. Given our recent
progress, we anticipate completion of Phase 2 in the second quarter
of calendar 2011," Mr. Liu also said. When fully completed, Phase 2
will consist of 35 turbines and a combined capacity of 49.5 MW of
renewable energy. China Wind is committed to completing a
five phase wind farm in 2014 that will ultimately provide 546 MW of
capacity. 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 546
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 May 29, 2009 relating to the
Company's reverse take-over with Berkshire Griffin Inc., 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/December2010/13/c4583.html
table valign="top" border="0"tr valign="top"td align="left"Wendell
Zhangbr/ Chief Financial Officerbr/ China Wind Power International
Corp.br/ Tel: 416-916-4205br/ Email: a
href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a/td
td align="left" /td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td align="left" /td td align="left"Joe
Racanellibr/ Investor Relationsbr/ The Equicom Group Inc.br/ Tel:
416-815-0700 ext 243br/ Email: a
href="mailto:jracanelli@equicomgroup.com"jracanelli@equicomgroup.com/a /td/tr/table
Copyright
China Wind Power International Corp. (TSXV:CNW)
Historical Stock Chart
From Jun 2024 to Jul 2024
China Wind Power International Corp. (TSXV:CNW)
Historical Stock Chart
From Jul 2023 to Jul 2024