SAN DIEGO, Sept. 8, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB:WWEI) (the "Company"), announces that it has successfully signed a second joint venture partnership for a 50% interest in the Ningxia Tianjing Helanshan wind farm project. This joint venture is for an interest in a 30.9MW wind farm which completed construction in February 2008. Ningxia Tianjing Shenzhou Windfarm Ltd was established on May 16, 2002. It is a joint venture of Ningxia Electric Power Group with Huarui Electric Ltd. which is affiliated with Beijing Hanneng Group. Phase I of the project consists of 12 wind turbines with a unit capacity of 850kW each; phase II has 12 wind turbines with a unit capacity of 850kW each; and the final completed phase III of the project consists of 7 wind turbines with a unit capacity of 1500kW each. Total installed capacity is 30.9MW.
The 24 wind turbines' successful bid grid price is 0.078 dollar per Kw hour with the remaining 7 wind turbines' successful bid grid price is 0.082 dollar per Kw hour. Current operating profits for this project is approximately $735,000 USD annually. Welwind anticipates that after refinancing under lower interest rates with Welwind's financing relationships, more favorable terms will generate profits in excess of $1M USD for 2008.
* operating profit in 2004 was 83,000 USD dollars;
* operating profit in 2005 was 184,000 USD dollars;
* operating profit in 2006 was 515,000 USD dollars;
* operating profit in 2007 was 618,000 USD dollars;
* operating profit in 2008 is expected be over
1,000,000 USD dollars
Profit margins will increase annually.
"We are very excited with the signing of our second joint venture relationship for an established wind farm project in China. Our interest in Ningxia Tianjing Shenzhou Wind farm is an exceptional opportunity for Welwind and its shareholders. The joint venture will put Welwind in a positive cash flow position immediately." says Tammy McNabb, President of Welwind.
ABOUT NINGXIA ELECTRIC POWER GROUP
Ningxia Electric Power Group was established in June of 2003. The company is a large-scale group holding by Ningxia Hui Autonomous Region Government. The company's primary focus is the development and construction of thermal power generation, wind power, wind turbines, and an involvement in the coal chemical industry. By the end of 2006, Ningxia Electric Power Group assets totaled 6.2 billion Yuan ($906 Million USD), sales revenues were above 2 billion Yuan ($300 Million USD). The company has approximately 4500 employees.
ABOUT WELWIND
Welwind Energy International Corp. is committed to providing the best resource option available for renewable energy, protecting our environment, empowering communities, bolstering local economies and respecting the rights of future generations.
Welwind Energy International was founded to build, own and operate wind farms on an international scale. The company's goal is to become a leading provider of clean energy products for the residential, business and governmental consumer.
The Welwind Energy International Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3727
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.