China Ming Yang Wind Power Group Limited, a leading and fast-growing wind turbine manufacturer in China, has entered into an agreement with three subsidiaries of Reliance Anil Dhirubhai Ambani Group (‘Reliance’), one of India’s largest private enterprises, to jointly develop clean energy projects with a total potential output capacity of 2,500 MW in India in the next three years.
According to Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, company’s Singapore subsidiary, Ming Yang Holdings, has entered into a shareholder agreement and share subscription agreement with Reliance Capital Limited, Reliance Net Limited and Reliance Shares and Stock Brokers Limited.
Mr. Zhang informed that 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 per cent of its fully diluted share capital, accomplishing substantive shareholding at a consideration of US$25.0 million.
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 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.’
Speaking about the partnership with Reliance, Mr Zhang said, “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. 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.”