SAN DIEGO, Dec. 1, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company") announces that it has received a letter of final approval from the local regional Mayor for the Zhanjiang Power Purchase Agreement (PPA).
As per China's Renewable Energy Law, the Power Purchase Agreement with the local utility is mandated by the central Government of China. Through this legislation, the State officially encourages the construction of renewable energy power facilities. China's electricity grid is obligated to purchase all the electricity generated by approved renewable energy facilities located in its service area. The grid's buying price for renewables is set by the National Development and Reform Commission (NDRC), a regulatory department of the State Council. The company awaits final pricing and terms from the NDRC.
The company is extremely pleased with this development and is assured that we will have this long awaited news from the Province before Christmas along with our construction permit. "Although this only represents approximately 1/8 of our new business plan, this is a paramount achievement for Welwind. We would like to thank our employees and partners for all of their hard work in attaining this monumental accomplishment," says Larry McNabb, President of Welwind Energy International.
The details of the PPA will be formally announced within the next few weeks with terms, conditions and pricing.
We look forward to commencing construction of the first 49.5 MW in the first quarter of 2009.
ABOUT WELWIND
Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations.
Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and governmental consumer.
The Welwind Energy International Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3727
ABOUT CHINA'S RENEWABLE ENERGY LAW
http://www.renewableenergyworld.com/rea/news/story?id=23531
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.