March 16, 2009 | 0 Comments
Navajo Wind Energy Corp.,formerly Caliber Energy, has received a letter of intent for the investment of US $50 million to finance its 200-megawatt (MW) wind farm project located in Xinjiang, China. The value of the 200 MW project is in excess of $450 million.
Navajo has also 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 company secured the site for the project earlier this year. 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," said Barry Doyle, CEO of Navajo.
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