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Greenworld Wind Power Finalizes Carbon Credit Agreement for Hydro Project in Tanzania Feb 12, 2012
Toronto, Canada – February 5, 2012 - Greenworld Wind Power Co. Ltd. (Greenworld): Deutsche Börse symbol: GWDA (www.greenworldpower.ca), is pleased to announce that it has finalized a revenue sharing agreement with Katani Ltd. with respect to the Certified Emission Reduction (carbon credits) with respect to a mini-hydro power project that Katani has planned in Tanzania. Under the terms of the agreement, Greenworld will finance the application to qualify for carbon credits. In return, Greenworld will be entitled to receive a percentage of revenues generated from the sale of the carbon credits generated by the projects for the first 21 years of operation. Based in Dersalaan, Tanzania, Katani is developing the 10 MW Mapembasi Small Hydropower Project that will sell power to the Tanzania Electric Supply Company (TANESCO), as well as local villages. Under the terms of the agreement, Greenworld will be entitled to: • 20% of revenues generated for the first 5 years; • 12% for the following 9 years; • 8% for the final 7 years of the agreement. This is below the Company’s initial estimates, but will still account for significant revenues over the term of the contract. The total number of carbon credits to be generated by the project are now estimated at 33,600 CERs annually, which is higher than the preliminary estimate of 26,500 per year. Based on a projected value of €10 per CER, total revenue is estimated to be €887,040.00 over the 21 year period. As per previous announcements, Cornland International will be retained by Greenworld to complete the actual analysis and verification processes required by the Kyopto Protocol’s Clean Development Mechanism. 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. For further information please contact: |