Welwind Announces Final Approval for Zhanjiang Wind Farm PPA From Local Government

Welwind Energy International Corp. 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.