The project is one of four wind farms included in China Wind Power’s 198MW Phase 3 development. The company has also announced that 111 of the 132 sets of wind turbines planned for Phase 3 have been delivered to the site, with 104 sets of wind turbines having been installed to date.
The loan has a term of 15 years repayable in installments commencing September 27, 2013. Interest is payable quarterly at a variable rate, which is equal to 110% of the commercial loan rate published by the People's Bank of China. The loan is secured by the capital assets and future revenue of the wind farm; by shares of Daqing Zhongdan Ruihao Wind Power Co., Ltd. (which holds one of the Phase 3 wind farms); and by a guarantee from the Phase 3 turbine supplier. To date, the world-class turbine manufacturer supplying turbines for Phase 3 (please refer to news release dated August 17, 2011 for more information) has also provided the Company financing of RMB 263 million for Phase 3 construction.
When completed, the 198 MW Phase 3 project is expected to generate approximately 400 million KWh per year.
China Wind Power International Corp. is an Ontario company seeking to capitalize on the growing demand for wind power in China. The Company indirectly holds the exclusive rights for wind energy development in Du Mon County, Heilongjiang Province, which has a demonstrated potential installed capacity of 1,150 MW of wind energy developable over an area of 612 square km. While 1,150 MW represents the Company's long-term potential for wind power in the area, its current plans are for building out approximately 800 MW over five development phases.
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