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July 5, 2012 /PRNewswire-Asia/ -- "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.
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
South Asia markets. We are confident that our international market development will gather great momentum and further drive the Company's growth."
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" and similar statements. Such statements are based upon management's current expectations, results of and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond
Ming Yang's control, which may cause
Ming Yang's actual results, performance or achievements to differ materially from those in the forward-looking statements. Transactions contemplated in this press release also involve risks and uncertainties and are subject to changes and developments. Actual results or events may differ from those anticipated or predicted in this press release, and the differences may be material. Further information regarding these and other risks, uncertainties or factors is included in
Ming Yang's filings with the U.S. Securities and Exchange Commission.
Ming Yang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About China Ming Yang Wind Power Group Limited
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.
For further information, please visit the Company's website:
For investor and media inquiries, please contact:China Ming Yang Wind Power Group LimitedBeatrice LiE:
http://ir.mywind.com.cnFleishman-HillardPamela LeungT: +852-2530-0228E: