China Ming Yang Wind Power Group Limited (“Ming Yang” or the “Company”) (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Guangdong Mingyang Wind Power Group Limited (“Guangdong Mingyang”), a subsidiary of Ming Yang, has signed a strategic cooperation agreement (the “Agreement”) with China Nuclear Huineng Co., Ltd. (“CNHC”), a subsidiary of China National Nuclear Corporation (“CNNC”), a leading investor and owner of clean energy projects in China.
Under the Agreement, Guangdong Mingyang and CNNC will join forces to develop wind and solar power projects in China. In particular, the two companies signed a memorandum of understanding (“MOU”), on forming a joint venture company for the development of up to 300MW of wind projects in Henan province. Ming Yang is expected to acquire approximately 25% equity interest in the proposed joint venture, while CNNC is expected to control the majority equity.
“The collaboration with CNNC is strategically important for us to enhance our leading position in renewable energy development in China during the 12th five-year plan period,” said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. “We will initially focus on developing wind power projects in Henan Province. We believe this collaboration will integrate CNNC’s extensive experience and proven track record in clean energy development with Ming Yang’s strengths in developing wind turbines and providing total wind power solutions.”
Shen Bin, deputy general manager of CNHC said, “We are very pleased to establish this strategic partnership with Ming Yang. Ming Yang is our partner of choice in the wind power industry in China, which possesses leading expertise in wind turbine manufacturing and various market and financial resources. We believe the alliance with Ming Yang will help us further develop the renewable energy markets in China.”
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading 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 2012.
For further information, please visit the Company’s website: ir.mywind.com.cn.