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Greenworld Wind Power Assists Crestford View in Signing Memorandum of Agreement to Expand the Kumalarang Mini-Hydropower Plant
Jan 10, 2012
Toronto, Canada – (For immediate release) – January 9, 2012 Greenworld Wind Power Co. Ltd. (Greenworld): Deutsche Börse symbol: GWDA (www.greenworldpower.ca), is pleased to announce that it has worked with Crestford View Generation Corp. in achieving an agreement in principle with the Basilan Electric Cooperative Inc. to significantly expand the Kumalarang mini-hydro power plant, which the Cooperative operates.
The agreement envisions Crestford View conducting the feasibility study on a planned 700 KW expansion of the existing power plant and then spearheading the actual construction phase of the project. Crestford will retain ownership rights over the project and pay an ongoing royalty back to the Cooperative.
Located in Lantawan, Basilan, and with a 640KW dependable capacity, the Kumalarang power plant cannot meet current peak load demand of 950KWs. The power shortage is attributed to the relatively rapid expansion of the population in the Lantawan, Maluso, and Sumisip municipalities.
Greenworld has a 40% interest in Crestford View. Further details will be provided when the definitive agreement has been finalized.