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GreenHunter Energy Announces First Wind Energy Development Project In China
Grapevine TX (SPX) May 15, 2008 GreenHunter Wind Energy is pleased to announce its first wind energy development project outside of the United States, located south of Shanghai, China. Once fully constructed, the project has the potential to generate up to 300 MW of power and will be developed in partnership with two other parties, Chem-Energy, Inc., a U.S. based developer and a Chinese based wind turbine manufacturer, MingYang Wind Power Technologies. GreenHunter Wind Energy will manage and control approximately 70% of the ownership equity of this project. Commenting on its first wind energy development project outside of the United States, Mr. Stephen Wiley, Senior Vice President and Development Manager of GreenHunter Wind Energy, stated, "This initial wind energy development project outside of the U.S. is an example of our global strategy of diversifying our operations not only within the renewable power and fuels industry, but also geographically. "We have been very pleased with how well received our project development plans have been received by the local Chinese provincial government. By utilizing turbines manufactured by our strategic partner, MingYang Wind Power Technologies, we plan to initiate the first phase of the project and be operational by late 2009 or early 2010. "GreenHunter Wind Energy is in the process of procuring two meteorological towers that would be installed at the site location in an effort to obtain necessary wind speed data prior to construction commencement. Given the country's rapidly expanding investment and energy needs, we believe that China is an exciting new frontier for our Company in the wind power generation industry." Wind is the world's fastest growing energy source. GreenHunter Wind Energy is developing wind power projects in Montana, New Mexico, California, Texas and now Shanghai, China. Under an exclusive five-year contract with Chinese manufacturer MingYang, GreenHunter has secured orders for turbines capable of generating around 1,000 megawatts of electricity once installed. This relationship ensures GreenHunter can quickly seize opportunities for additional wind projects in this fast-growing industry. In 2008-2009, GreenHunter plans to purchase up to 108 MW of turbine capacity for new projects in the U.S. We have 72 1.5-megawatt turbines on order and anticipate receiving 27 of those by the end of 2008. GreenHunter's exclusive agreement with MingYang gives us preferential rights to purchase any turbines they export to North America between 2009 and 2012. MingYang is currently the only Chinese company permitted to export turbines to the U.S. and GreenHunter hopes to import as many as 200 of them during the next several years. GreenHunter Wind Energy has assets consisting of leases of real property for future development of wind energy projects located in Montana, New Mexico, California, and Texas. Further, it has a landmark Master Turbine Supply Agreement with MingYang Wind Power Technologies for up to 900 MW of turbines over a five-year period ending in 2012. GreenHunter BioFuels is in the final stages of completing construction activities at the Company's Renewable Fuels Campus which includes a 105 million gallon per year biodiesel refinery, a 700,000 barrel bulk liquid terminal operation, a 45,000 barrel per month methanol distillation tower, and a 200 million pound per year glycerin distillation system. GreenHunter Energy is focused on the renewable energy sectors of wind, solar, biofuels, and biomass power plants. Our assets consist of leases of real property for future development of wind energy projects located in Montana, New Mexico, California, and Texas, a former waste oil and chemical refinery currently being converted to the nation's largest biodiesel refinery located in Houston, Texas, and a biomass power plant located in El Centro, California. Headquartered in Grapevine, Texas, GreenHunter Energy is the first publicly traded renewable power and fuels company that provides to investors a portfolio of diversified assets in the alternative energy sector. Community Email This Article Comment On This Article Share This Article With Planet Earth
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U.S. Energy Department looks at wind power
Washington (UPI) May 13, 2008 The U.S. Department of Energy has released a report examining the feasibility of using wind to provide 20 percent of the nation's electricity needs by 2030. |
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