Greenworld Wind Supreme Power Co. Ltd.
Greenworld Wind Power in Joint Venture to Develop Philippine Water Treatment and Supply Company
Greenworld Wind Power Co.Ltd. / Key word(s): Joint Venture Greenworld Wind Power in Joint Venture to Develop Philippine Water Treatment and Supply Company Toronto, Canada – February 29, 2012 – Greenworld Wind Power Co. Ltd. (Greenworld): Deutsche Börse symbol: GWDA (www.greenworldpower.ca), has entered into a joint venture with Singfil Hydro Builders Corporation (Singfil) to develop a water treatment and supply facility for the Masbate-Mobo water district in Masbate Province, Philippines. Singtrader JV Corp. has been founded to develop the project, and Greenworld acquired a 25% interest in the Company for 17.5 million pesos, while another private investor brought in by Greenworld has taken 25% interest under similar terms. Singfil retains the remaining 50% interest in the venture. Singfil recently won the bulk water supply contract and approached Greenworld to help develop the project. The Joint Venture Company will build the water treatment and supply facility which is anticipated to begin operations in June of this year. When completed, the facility will supply 7,000 cubic meters of water (cbm) per day to the Musbate-Mobo Water District at a price of P 11.88 per cbm, with annual revenue of just over P 30 million and an estimated net income of approximately P 8.5 million, or roughly EUR152,000 per annum. The Water supply contract has a fifteen year term, and may be extended under a new Agreement when the current contract expired.
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158431 29.02.2012 |