GRAPEVINE, Texas, May 14 TX-GreenHunter-Wind
GRAPEVINE, Texas, May 14 /PRNewswire/ -- GreenHunter Wind Energy, LLC, a
wholly owned subsidiary of GreenHunter Energy, Inc. (Amex: GRH), is pleased to
announce today its first wind energy development project outside of the United
States, located south of Shanghai, China. Once fully constructed, the project
has the potential to generate up to 300 MW of power and will be developed in
partnership with two other parties, Chem-Energy, Inc., a U.S. based developer
and a Chinese based wind turbine manufacturer, MingYang Wind Power
Technologies. GreenHunter Wind Energy will manage and control approximately
70% of the ownership equity of this project.
Commenting on its first wind energy development project outside of the
United States, Mr. Stephen Wiley, Senior Vice President and Development
Manager of GreenHunter Wind Energy, stated, "This initial wind energy
development project outside of the U.S. is an example of our global strategy
of diversifying our operations not only within the renewable power and fuels
industry, but also geographically. We have been very pleased with how well
received our project development plans have been received by the local Chinese
provincial government. By utilizing turbines manufactured by our strategic
partner, MingYang Wind Power Technologies, we plan to initiate the first phase
of the project and be operational by late 2009 or early 2010. GreenHunter Wind
Energy is in the process of procuring two meteorological towers that would be
installed at the site location in an effort to obtain necessary wind speed
data prior to construction commencement. Given the country's rapidly
expanding investment and energy needs, we believe that China is an exciting
new frontier for our Company in the wind power generation industry."
Wind is the world's fastest growing energy source. GreenHunter Wind
Energy is developing wind power projects in Montana, New Mexico, California,
Texas and now Shanghai, China. Under an exclusive five-year contract with
Chinese manufacturer MingYang, GreenHunter has secured orders for turbines
capable of generating around 1,000 megawatts of electricity once installed.
This relationship ensures GreenHunter can quickly seize opportunities for
additional wind projects in this fast-growing industry. In 2008-2009,
GreenHunter plans to purchase up to 108 MW of turbine capacity for new
projects in the U.S. We have 72 1.5-megawatt turbines on order and anticipate
receiving 27 of those by the end of 2008.
GreenHunter's exclusive agreement with MingYang gives us preferential
rights to purchase any turbines they export to North America between 2009 and
2012. MingYang is currently the only Chinese company permitted to export
turbines to the U.S. and GreenHunter hopes to import as many as 200 of them
during the next several years.
GreenHunter Wind Energy, LLC has assets consisting of leases of real
property for future development of wind energy projects located in Montana,
New Mexico, California, and Texas. Further, it has a landmark Master Turbine
Supply Agreement with MingYang Wind Power Technologies for up to 900 MW of
turbines over a five-year period ending in 2012. GreenHunter BioFuels, Inc.,
a sister company to GreenHunter Wind Energy, is in the final stages of
completing construction activities at the Company's Renewable Fuels Campus
which includes a 105 million gallon per year biodiesel refinery, a 700,000
barrel bulk liquid terminal operation, a 45,000 barrel per month methanol
distillation tower, and a 200 million pound per year glycerin distillation
system.
GreenHunter Energy is focused on the renewable energy sectors of wind,
solar, biofuels, and biomass power plants. Our assets consist of leases of
real property for future development of wind energy projects located in
Montana, New Mexico, California, and Texas, a former waste oil and chemical
refinery currently being converted to the nation's largest biodiesel refinery
located in Houston, Texas, and a biomass power plant located in El Centro,
California. Headquartered in Grapevine, Texas, GreenHunter Energy is the first
publicly traded renewable power and fuels company that provides to investors a
portfolio of diversified assets in the alternative energy sector.
Forward-Looking Statements
Any statements in this press release about future expectations and
prospects for GreenHunter Energy and its business and other statements
containing the words "believes," "anticipates," "plans," "expects," "will" and
similar expressions constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those indicated by such forward-looking statements as a
result of various important factors, including the substantial capital
expenditures required to fund its operations, the ability of the Company to
implement its business plan, government regulation and competition.
GreenHunter Energy undertakes no obligation to update these forward-looking
statements in the future.
SOURCE GreenHunter Wind Energy, LLC
