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As previously announced, this joint venture project is an operational 35MWwind farm, which completed construction in January 2009. CSRI XuzhouNantung Wind Farm Ltd. was established on June 23, 2004 and has diligentlyprocured the installation and operation of their wind farm project to bringit online. The facility’s Phase I consisted of 10 wind turbines with a unitproduction capacity of 850kW each, Phase II has 10 wind turbines with aunit production capacity of 850kW each and the final completed Phase III ofthe project is 12 wind turbines with a unit production capacity of 1500kWeach. The total installed capacity is expected to be 35MW.
The 20 wind turbines’ successful bid grid price is $0.081 per Kw hour withthe remaining 12 wind turbines’ successful bid grid price of $0.085 per Kwhour. At current levels, the operating profits for this project areexpected to be $850,000 USD annually. However, Navajo anticipates that thefacility will improve profits to $1.2M USD in 2009, and going forward, withthe combined effects of restructuring of the project’s financing to morefavorable terms through the Company’s finance relationships and byimproving the facility’s operating efficiency with the application of newtechnologies to the production process.
“The financing of Navajo’s first joint venture project further solidifiesour strategic relationship with Xiyas Development Capital and will firmlyput Navajo into a positive cash flow position for the first quarter of2009,” stated Barry Doyle, Navajo President and CEO. Mr. Doyle will betraveling to China next week to sign-off on the due diligence process andfacilitate the preparation of closing documents.
Navajo has also recently initiated the due diligence process with XDCL forthe financing of a second wind farm joint venture project. This duediligence process is expected to be completed within 60 days.
The stock closed yesterday at around Three cents a share.
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The Commerce Department said Friday that the economy contracted at astaggering 6.2 percent pace at the end of 2008, the worst showing in aquarter-century.
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