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June 13, 2013 /PRNewswire/ -- 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
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
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 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
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