I have a situation very much like the one at ImportError: DLL load failed: %1 is not a valid Win32 application, but the answer there isn\'t working for me.
My Python
It has a very simple solution. After installing opencv place
opencv
cv2.pyd from C:\opencv\build\python\2.7\ **x64** to C:\Python27\Lib\site-packages
cv2.pyd
C:\opencv\build\python\2.7\ **x64**
C:\Python27\Lib\site-packages
instead of, place cv2.pyd from C:\opencv\build\python\2.7\ **x86** to C:\Python27\Lib\site-packages
C:\opencv\build\python\2.7\ **x86**