Greenworld Wind Supreme Power Co. Ltd.
Greenworld Wind Power Update on Feed-in Tariff Allowance
Greenworld Wind Power Co.Ltd. / Key word(s): Miscellaneous Greenworld Wind Power Update on Feed-in Tariff Allowance Toronto, Canada – (For immediate release) – May 9, 2011 Greenworld Wind Power Co. Ltd. (Greenworld Wind): Deutsche Börse symbol: GWD (www.greenworldpower.ca), advised today that the National Renewable Energy Board (NREB) has recommended a target of 830 MW in new renewable energy projects over the next three years. The NREB is working to balance the need for new energy resources while controlling the financial burden to consumers who will bear the cost of more expensive sources of renewable energy compared to traditional fossil fuel sources. The NREB believes that the rates must be set at a sufficiently attractive rate, roughly 16% Return on Equity to garner new investment in the Renewable Energy sector Feed-in Tariffs The specific targets for different forms of Renewable Energy has been set as In regards to FIT rates on wind power, such as Greenworld’s Wind Farm projects, the NREB set an initial FIT rate in April for Wind Energy at P10 /Kwh ( 22c/Kwh). Under pressure from various Renewable Energy project developers, the NREB has raised this rate by P0.32 per kWh to P10.37 from P10.05 per kWh on May 4, 2011. NREB has informed stakeholders at its last meeting that the targeted filing of the revised FIT charges will be May 16, qualifying however that the installation targets may still change and even last week’s FIT estimates depending on the outcome of the grid impact study of the National Grid Corporation of the Philippines. Disclaimer & Safe Harbor Statement: This release may contain certain ‘forward-looking statements’ with respect to certain of Greenworld Wind Power Co. Ltd.’s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as ‘anticipates’, ‘expects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘might’, ‘will’ and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause Greenworld Wind Power Co. Ltd.’s actual results to differ materially from those anticipated. Greenworld Wind Power Co. Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which Greenworld Wind Power Co. Ltd. operates. The actual results that Greenworld Wind Power Co. Ltd. achieves may differ materially from any forward-looking statements which are based on management’s beliefs and opinions at the time the statements are made. Greenworld Wind Power Co. Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management’s beliefs or opinions change.
Greenworld Wind Power Co. Ltd. Email: info@ greenworldpower.ca End of Corporate News 12.05.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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