Far East Wind Power will acquire rights to a number of development stage wind farm projects in Heilongjiang Province, China, from Heilongjiang Ruihao Technology Group, under a letter of intent (LOI).
The proposed venture, known as the Ruihao Project, currently has exclusive access to substantial wind resources in Heilongjiang Province and Jilin Province.
Far East and Ruihao plan to cooperate in developing several wind farms, the first of which is the Guangyuan Daxin Project Phase I, Heilongjiang Province, with a capacity of 49.5MW.
Phase I is part of a proposed 200MW development project.
The project is in the final permitting and approval process and Ruihao expects it to be ready for construction in 2010.
Far East is expected to complete due diligence on the Ruihao Project within 30 days after the LOI is signed.