CLBN .025 x .03 cant believe its not poppin on this news.
Navajo Receives $50 Million Finance Commitment for Its 200 MW Xinjiang Wind Farm Project
ATLANTA, Mar 11, 2009 (BUSINESS WIRE) -- Navajo Wind Energy Corp. (the "Company" and formerly Caliber Energy Inc.) (PINK SHEETS: CLBN), 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.
About Navajo Wind Energy
Navajo Wind Energy, Corp. is a renewable energy company focused on the development of more than 500 megawatts of clean wind energy to drive its future revenues and growth. The Company is pursuing significant opportunities to provide clean wind power to the growing demand in China. With the key acquisition of wind farm and power trading company Guangzhou Jianianxiang Co. Ltd, Navajo will become one of only a few companies licensed to trade electrical power in and outside of China.
SOURCE: Navajo Wind Energy Corp.
CONTACT:
Navajo Wind Energy Corp. Peter Wong, 800-598-2034, ext. 109 Investor Relations
Copyright Business Wire 2009
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KEYWORD: United States
China
Asia Pacific
North America
Georgia
INDUSTRY KEYWORD: Energy
Alternative Energy
SUBJECT CODE: Funding
