China Wind Power's Sites in Du Mon County Identified as Key Development Areas
in Province's Master Plan
One of the key areas identified includes the Company's project pipeline in Du Mon County, including its Sino-Danish project. The Company has filed the final application for its Sino-Danish project, representing approximately 200 MW installed capacity upon completion.
"Heilongjiang government set up a magnificent goal for wind power development and has put huge efforts to promptly carry out its Master Plan." said
The Company announced today that the Finance Bureau of Heilongjiang Provincial Government recently granted a government subsidy of one million RMB Yuan (C$151,000) to the Company to support and encourage the development of its wind energy projects. The Company's wind power project is one of only two key projects in Heilongjiang Province which were granted such a subsidy in 2009.
In addition, the Du Mon County Government recently awarded the Company a 1.623 million RMB Yuan (C$246,000) subsidy for its achievement in improving its wind farm control and monitoring systems.
About the Heilongjiang New and Renewable Energy Industry Development Master Plan
According to the Master Plan, based on the energy demand and grid capacity, Heilongjiang plans to build 2.4GW wind capacity by 2010, 4.2 GW by 2015, and 7.2 GW by 2020, which will account for 20%, 25% and 30% of the total power generated in Heilongjiang by then, respectively. Heilongjiang also plans to transfer 50 billion kWh electricity to the south grid by 2020 according to the national "North Power Transferring to South" program. Under the consideration of this program, 10.50 GW wind capacity is projected to be built in Heilongjiang by 2020.
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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
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For further information: Wendell Zhang, Chief Financial Officer, China Wind Power International Corp., Tel: (416) 916-4205, Email: [email protected]; Trevor Heisler, Investor Relations, The Equicom Group Inc., Tel: (416) 815-0700 ext 270, Email: [email protected]
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