Welwind Energy signs LOI for 80% interest in 300MW wind project in Inner Mongolia

Source: Welwind Energy International Corporation

Energy International Corp. (OTCBB:WWEI) (the Company) announces that management from Welwind's China office recently traveled to Hohhot, Inner Mongolia, China on July 4, 2010. The company successfully completed negotiations to acquire an 80% interest in a 300 MW, large scale, wind energy project. 

Inner Mongolia Test Power Ltd. and Welwind Energy have signed a Letter of Intent (LOI) for 80% ownership and future expansion rights in the Inner Mongolia Wind Turbine Complex 300MW Wind Farm Project (MWTC). MWTC is located in Wu Lan Cha Bu City, Inner Mongolia Autonomous Region. 

The potential capacity of the joint venture project is 1000MW. Phase 1 is an existing 49.5MW windfarm project with a 50 year renewable PPA issued in 2008 and has 6 test turbines erected. There is a 70 meter anemometer tower in Huitengxile, and a second 70 meter tower in the east, about 4 km away from the first tower. Anemometer towers remain in place to continue collecting data for future expansion purposes. All testing equipment is from NRG Systems, the industry leader in the wind measurement field. Data reports of average yearly wind speeds in this area are approximately 9.6m/sec, which is one of the best documented sites to build a windfarm in China. 

In the signed LOI, Welwind agrees to/shall: 

• Arrange debt financing. 

• Oversee construction, operations and management of the windfarm project. 

• Provide technical support for the project, including the latest international wind energy research, wind turbine equipment manufacturing and windfarm construction. 

"Negotiations for this joint venture project have been underway for more than one year and we are excited to be at the point of signing a letter of intent. This is by far the largest and most impressive wind energy project that Welwind has pursued to date," says Mr. Zhigao Zeng, Director of Welwind Energy International. "We would like to thank the shareholders of Welwind Energy for their continued support and patience as we work on building the company's portfolio," says Mr. Junyi Feng, Director of Welwind Energy, China Operations.

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