Earlier this year, Welwind Energy, a renewable energy company, promised to keep their shareholders as well as the public updated on the company’s directions and endeavors. Today, the company did just that by announcing several updates.
The first installed 750kw turbine in Zhanjiang has been in operation for a year and all data collected by the turbine manufacturer, ENGGA, has shown that there have been no issues with the turbine’s function and performance. The data, which was collected and processed in accordance with strict industry standards, showed that the turbine has met and exceeded expectations as it continues to operate in a normal and satisfactory manner.
As for the corporate office in Yangxi, China, the company held an opening ceremony on April 20, 2008. The site currently consists of an 80-foot meteorological tower which has continued to collect favorable data since 2005, indicating a location for a viable wind farm. The data to date has been used to conduct a wind feasibility study and wind farm layout design and, based on this data, the company will move forward with phase I of a 49-MW wind farm. But first they will have to submit documents for the project’s approval and they are being proactive in its preparation and have already begun to submit documentation to the local government. The first documentation, a formal Project Proposal, was submitted to the Yangxi Government in January of 2008.
In regards to financing, the company has a financing relationship with Acterra Group to fund Phase I of the company’s Zhanjiang Wind farm project and Yangxi Wind farm project. According to the agreement, Phase I funding consists of 65 turbines at $1.2 to $1.5 million per turbine, which will make the commitment up to, but not limited to, $75 million.
The company also completed $500,000 in financing earlier this year. The amount will be split among the two projects, as well as the head office for overhead costs, including this public company’s legal, auditing, accounting and administrative costs. The company does not anticipate any additional stock issuances for funding.
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