Far East Wind Power Announces LOI to Acquire 700MW Wind Farm Development Rights in China
29 Marzo 2010 - 3:51PM
Marketwired
Far East Wind Power Corp. (OTCBB: FEWP) ("Far
East" or the "Company") is pleased to announce it has entered into
a Letter of Intent ("LOI") with Wuhan Guoce Nordic New Energy Co.
Ltd. of Wuhan, China ("Guoce") to acquire certain rights to a
number of development stage wind farm projects located in Jilin
Province and the Inner Mongolia Autonomous Region ("Inner
Mongolia").
The proposed projects will be acquired from Guoce for cash and
other considerations subject to agreed-upon financing. Guoce is a
manufacturer of wind turbines and has been assembling a 700
megawatt ("MW") portfolio of project locations and working with
local, regional and national agencies as well as regional grid
operators to acquire requisite permits and approvals necessary for
development efforts to proceed at those locations. As further
consideration for the project rights, the Company has agreed to
exclusively use wind turbines manufactured by Guoce should the
projects proceed and to position Guoce as a strategic partner on
these efforts.
The most advanced-stage project of the portfolio is known as the
TianHe 1 Project and is a proposed 50MW development with all
approvals in place and a site ready for construction commencing in
April. This Inner Mongolia location has been determined to be a
robust wind resource offering favorable conditions for annualized
wind power generation. The TianHe Phase 2 project is planned for an
additional 50MW later this year subject to permitting and approvals
which will be undertaken by Far East.
Additional projects as part of the Guoce portfolio include a
number of locations in Jilin Province. They include a proposed
100MW development site at the Min Ying Development Zone, and a
planned 500MW program dispersed across the proposed Taonan Project
Phases 1-5. All sites have been identified by various government
agencies as recognized wind resource development locations and,
subject to approval, are in various authorization stages which
could offer short lead times to development.
Far East's mission is to develop wind farms with the highest
rates of return on investment in the industry by working with
strategic partners to develop or acquire innovative solutions to
drive cost out of the turbine manufacturing process, as well as
aggressively attempting to achieve a low cost of capital. The
Company's goal is to achieve the lowest cost per capacity from the
resulting wind farms.
Details of the company's business, finances, appointments and
agreements can be found as part of the Company's continuous public
disclosure as a reporting issuer under the Securities Exchange Act
of 1934 filed with the Securities and Exchange Commission's ("SEC")
EDGAR database.
Notice Regarding Forward-Looking
Statements This news release contains "forward-looking
statements" as that term is defined in Section 27A of the United
States Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such
forward-looking statements include, among other things, the
development, costs and results of new business opportunities.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
new projects and development stage companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that any beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
any such beliefs, plans, expectations or intentions will prove to
be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
ON BEHALF OF THE BOARD
Far East Wind Power Corp.
Marcus Laun, Director
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