Navajo Receives $50 Million Finance Commitment for Its 200 MW Xinjiang Wind Farm Project
Navajo Wind Energy Corp. (the “Company” and formerly Caliber Energy Inc.), announces that it has received a letter of intent to finance its 200 MW wind farm project located in Xinjiang, China. The value of the 200 MW project is in excess of US$450,000,000.
As previously announced, Navajo has come to a terms agreement with Mingchuang Energy Manufacturing Co. Ltd. to create a joint venture partnership on projects located in China. Both companies have agreed to begin their relationship starting with the Xinjiang wind farm project.
The Xinjiang wind farm project is situated on 6,200 acres and is in an area with proven, high-energy wind speeds. Previous testing indicates a mean average annual wind speed in excess of 11 meters per second or over 25 miles per hour, capable of generating net operating capacity factors in excess of 50 percent.
“With this funding commitment that is now in place, we will be able to complete all of our project goals by 2010,” stated Barry Doyle, CEO of Navajo.
Source: Navajo Wind Energy Corp.
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Tags: Caliber Energy, China Wind Power, Navajo Wind Energy, Wind Farm
