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Canadian investment in Chinese development
1 October 2006
Canada's Vitasti Inc has completed a private placement for $600,000 that it will use to complete the pre-development activities, including wind data collection and wind farm design, for its planned Zhanjiang project in South China's Guangdong Province. The company is negotiating a power purchase agreement for the 49 MW project, says director Shannon de Delley. It hopes to install two demonstration turbines this year and begin to build out the rest of the project in the spring. The overall plan for the project site includes five phases totalling 600 MW. "We've got three years of wind data there and everybody is excited," he says. De Delley will not reveal what models the company will use as demonstration turbines, saying it is in the process of "trying to create joint ventures" with the manufacturers to help meet China's 70% local content requirement for wind power projects. But he does say it is planning to use a 1 MW unit and a 1.2 MW unit, both produced in China. In addition to being a director of Vitasti, de Delley is president of Alberta-based Windcor Power Systems, which is developing the China project for Welwind International Energy Corporation, an Alberta-based company acquired by Vitasti earlier this year. Vitasti, which trades on the NASDAQ over-the-counter bulletin board, announced in late August that it plans to change its name to Welwind and focus on wind development in the Asian market.
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