Welwind Energy International Corp., founded to build, own and operate wind farms, today announced a formal Investment Cooperation Agreement (ICA) with Guangdong Yatu Industry Investment Co. Ltd. (GYII) to jointly develop wind farm projects in China, fueling Welwind with additional financing.
Per the ICA, GYII will invest $16.3 million to co-develop Welwind’s first phase 49.5MW wind farm project in Zhanjiang of Guangdong Province. GYII will hold a 20 percent stake in the project.
Additionally, GYII will appoint Welwind as its North American selling agent for its new wind turbine system technology; the companies will jointly establish a new turbine generator system assembly plant, in which each party will own a 50 percent share. These terms of the agreement create two new revenue channels for Welwind.
“GYII’s financing and investment agreement is one of several financing options the company has been looking at for the Zhanjiang and Mongolia projects. We feel that this relationship is not only the best for Welwind on a financing level, but most importantly, beneficial on a long-term business level,” Larry McNabb, president of Welwind stated in the press release.
McNabb highlighted Welwind’s partnership with GYII and the company’s solid position in the Chinese wind turbine industry.
“We have always appreciated the relationship the company has had with [GYII Chairman] Mr. Deng and look forward to a bright future partnership for both organizations. GYII is a prominent organization in China with a strong foothold in several industries. This is an organization that we are confident in doing business with,” McNabb stated.
For more information visit www.welwind.com
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