Navajo Wind Energy Corp, announces that it has begun negotiations for a Joint Venture Partnership with Mingchuang Energy Manufacturing Co. Ltd
Navajo Wind Energy Corp., announces that it has begun negotiations for a Joint Venture Partnership with Mingchuang Energy Manufacturing Co. Ltd. to manufacture wind turbines internationally and further announces that the two companies have signed a Turbine Supply and Purchase Agreement for 80 wind turbines for the Company’s Xinjiang wind farm project.
Mingchuang, a developer of several types of wind turbine products, said Monday it has agreed to begin negotiating a joint venture partnership with Navajo Wind Energy Corp. to manufacture and distribute wind turbines on an international level. In regards to the turbine supply and purchase contract, Mingchuang expects to have all 80 turbines delivered to the Xinjiang site before February 23, 2010. The Company’s strategic relationship with Mingchuang is unique, as Navajo will take possession of all 80 turbines without having to endure the 2-3 year delivery time facing the majority of existing wind farm developers.
“We are ecstatic to not only announce that we intend to have all 80 turbines delivered to our Xinjiang project before the end of first quarter of 2010, but we are also very appreciative to be involved in negotiating a joint venture partnership for a stake in the turbine manufacturing sector. These developments move Navajo several steps closer to an exclusive level in the alternative energy marketplace. Not only would the operating joint venture allow us to assist in supplying turbines to an increasing market demand; the equipment purchase contract gives the Company first priority in getting our projects expedited at an unprecedented pace,” says Mr. Barry Doyle, CEO of Navajo Wind Energy.
With explosive growth for wind power globally, the industry is seeing an ever growing waiting list for the delivery of wind turbines. Many believe that Chinese turbine companies may be a significant part of the solution as China increases production to meet the export demand. The world’s wind power industry continues to thrive with the vigorous demand for turbine supply brought on by increasing oil prices, stricter emission laws and the growing concerns over climate change.
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.
Navajo Wind Energy Corp. Peter Wong, 800-598-2034, ext. 109 Investor Relations firstname.lastname@example.org