SAN DIEGO, Dec. 9, 2008 (GLOBE NEWSWIRE) -- Welwind Energy International Corp. (OTCBB: WWEI.OB) (the "Company") announces that it has received a letter of intent to finance its 200 MW wind farm project located in Southern Alberta, Canada. The value of the 200 MW project is in excess of US$400,000,000 (four hundred million).

As previously announced, Welwind has come to a terms agreement with Windcor Power Systems to create a joint venture partnership on various projects located in Canada. Both companies agree to begin their relationship starting with the Southern Alberta project.

ABOUT THE SOUTHERN ALBERTA PROJECT

• The project, with a potential build out of 200 MW, is located
  in Southern Alberta, Canada and has over 3 years wind data.
  
  
• The energy yield for the project shows a steady class of wind that
  will produce a clean, low turbulent output. This is better on the
  equipment compared to blustery winds known in the south west region of
  the foothills of Alberta.
  
  
• The project is located in an area that is far enough away from
  the blustery conditions with no residences close to the project; the
  transmission runs through the property and there are no known
  environmental issues preventing the project from proceeding.
  
  
• The area is one of the lowest populated areas in Alberta and has
  some of the best suited wind regimes in the province for production,
  operation and maintenance of the turbines.
  
  
• The Province of Alberta is known for its wind regime and its
  deregulated market, having some of the first turbines installed
  in Canada.
  
  
• The City of Calgary runs their (C-train) transit system from Wind
  generated electricity.
  
  
• The companies will work to have this project construction ready in
  2009 with the electricity to be sold to the Alberta Power Pool.
  
  
• There is enough room on the grid where the project is located so
  that there are no delays with conducting any interconnection issues
  or waiting for new transmission lines to be built.
  
  

"With the funding commitment that is in place we will be able to complete all of our project goals in 2009, including the Peace project, Zhanjiang, Yangxi, and Ningxia," says Shannon de Delley, Director of Welwind.

ABOUT WINDCOR POWER SYSTEMS

Windcor Power Systems is a Canadian wind energy development company with a unique vision for the alternative energy industry. Their unique approach is to forge close ties with partner communities, both through the development process, and afterward into power production. With this approach, communities enjoy respect for both their traditions and their own vision of their future.