Welwind Energy Enters Financing Agreement For Its Guangdong Wind Farm
Welwind Energy International (OTCBB: WWEI) has announced that it has entered into a financing agreement with Guangdong Yatu Industry Investment ("GYII") for its wind farm projects.
Under the terms of the agreement, GYII will invest $16.3 million
USD to develop Welwind’s 49.5 MW wind farm project located in Zhanjiang
of Guangdong Province, with GYII holding a 20% interest in the project.
Through the agreement, Welwind has acquired distribution rights
for GYII’s newly developed vertical axis wind turbine generator systems
which Welwind plans to distribute in North America. Welwind has also
agreed to use 12 of the vertical axis wind turbines for its 49.5 MW wind
farm project located in Zhanjiang.
A new turbine generator system assembly plant will also be created as part of the agreement, for which each party will own a 50% share interest.
Welwind Energy International is engaged in the research,
development and construction of wind farms. The company currently has
two wind projects in China’s Guangdong Province: the Zhanjiang Project
and Yangxi Project. All operations relating to the Zhanjiang Project are
handled through Zhanjiang Windcor Windfarm Ltd.
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