Wind Energy

China Ming Yang Wind Power Forms Partnership with Reliance

‘China Ming Yang Wind Power Group Limited (‘Ming Yang’ or the ‘Company’) (NYSE: MY), a leading wind turbine manufacturer in China, today announced that the Company, through Ming Yang Holdings (Singapore) Pte. Ltd. (‘Ming Yang Singapore’), its Singapore subsidiary, has entered into a Shareholders Agreement and Share Subscription Agreement (‘the Agreements’) with Reliance Capital Limited (‘Reliance Capital’), Reliance Net Limited and Reliance Shares and Stock Brokers Limited, three subsidiaries of Reliance Anil Dhirubhai Ambani Group (‘Reliance’), one of India’s largest private enterprises,’ said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, in an interview with Southern Daily.

Mr. Chuanwei Zhang said in the interview: ‘Under the Agreements, Ming Yang Singapore will establish a joint venture with Reliance Capital and subscribe to newly issued shares of Global Wind Power Limited (‘GWPL’), a leading wind power solutions provider in India and a current subsidiary of Reliance, representing 55% of its fully diluted share capital, accomplishing substantive shareholding at a consideration of US$25.0 million. In addition, Ming Yang has signed a Memorandum of Understanding (‘MOU’) with Reliance Power Limited (‘Reliance Power’), one of the subsidiaries of Reliance, to co-develop clean energy projects with a total potential output capacity of 2,500MW in India in the next three years. According to the MOU, the Company is expected to supply multi-megawatt wind turbine, major parts and engineering services through GWPL and provide engineering, procurement and construction (‘EPC’) total solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects, as well as value-added paid maintenance services upon completion of the projects. Reliance Power is expected to take a leading role in facilitating these proposed projects in addition to providing local market support.’

‘We are delighted to form this strategic partnership with Reliance, and this is a milestone of Ming Yang’s development in South Asian region, and in particular India which is going to be the fastest growing renewable market in the next few years.’ said Mr. Zhang in the interview. ‘Reliance is the leading player in India’s utility sector, committed to clean energy development, and our strategic partnership is another strong endorsement of our capabilities in overseas markets, where we offer total solutions by combining equipment, technology innovation and financing support. This platform between Reliance and Ming Yang will enable us to quickly capture and grow India and South Asia markets. We are confident that our international market development will gather great momentum and further drive the Company’s growth.’

China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyne Energiesysteme, one of the world’s leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2011.

http://ir.mywind.com.cn