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AMERICAN FIRM SECURES FOOTHOLD IN CHINA

A new joint venture has been formed by New World Power Corp of the US with Chang Jiang Energy Co of China and the Metropolitan Enterprise Corp, called The New World Power Company/China Jiang Energy Co. It will produce and sell electricity generated from both wind and sun in China.

Up to 275 MW of wind power is being planned for installation in China by a new joint venture being formed by New World Power Corp of the US with Chang Jiang Energy Co of China and the Metropolitan Enterprise Corp.

The joint venture, called The New World Power Company/China Jiang Energy Co already has a letter of intent for a 50 MW wind farm on Nanao Island in Guandong Province to be constructed in two phases of 25 MW each, eight months apart. It also has a second letter of intent to construct another 25 MW plant for Shenzhen City. Power purchase contracts are also expected to be signed soon in Inner Mongolia, Fujian Ningbo and Zhou Shang Dao with a combined capacity of at least 200 MW.

The joint venture will produce and sell electricity from the wind and sun in China through power purchase contracts with national, regional and city power departments and will sell power directly to major users. Based in Shenzhen, it will build, own and operate wind, solar and hydro facilities. New World will be responsible for debt financing, technical expertise and the selection of equipment and material. It will also assist with the transfer of appropriate technologies and in-country manufacturing and assembly.

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