Ludlow China upgrades WWEI
Nice volume today....like to see some follow through.
Ludlow China Fund Upgrades Welwind Energy International Corp.
SAN DIEGO, Feb. 22, 2007 (PRIME NEWSWIRE) -- New York-based Ludlow China Fund upgrades Welwind Energy International Corporation (OTCBB:WWEI), a leading developer of renewable wind energy projects in China, to a B- rating.
Zhanjiang Wind Farm Project
On Feb. 02, 2007, the company announced that their first wind turbine rolled off the production line for its Zhanjiang wind farm project. The company has an agreement with Guangzhou Engga Wind Energy Co. Ltd. (ENGGA) to produce its turbines. The cooperative agreement between Welwind and ENGGA allows the two companies to work together on the technology and future supply of all Welwind turbines. The agreement also gives Welwind priority for all turbines to be manufactured by ENGGA. As there is typically a substantial wait time for delivery of turbines from suppliers, this puts Welwind in a favorable position in expediting the development of its wind farms. The company has completed the concrete foundation for the 750 KW ENGGA wind turbine which will be ready for installation within the next 2 weeks.
Yangxi Wind Farm Project
In regards to the Yangxi wind farm project, the company currently has a meter meteorological tower installed on the property collecting data. Reports to the company indicate that the data thus far is quite favorable. The data collected over the next year will provide the necessary information required to build out the wind farm. The Yangxi wind farm will start as a 49 megawatt project building out to 400 megawatts.
