MY Signs Strategic Cooperation Agreement with CGNPC on Wind and Solar Power Development
ZHONGSHAN, China, Sept. 10, 2012 /PRNewswire/ -- China Ming Yang Wind Power Group Limited (MY) ("Ming Yang") (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 Guangdong Nuclear Power Holding Co., Ltd ("CGNPC"), a leading clean energy supplier and energy services provider in China.
Under the Agreement, Guangdong Mingyang and CGNPC will join forces to develop wind and solar power projects, including: 1) working closely on the Golden Bay offshore wind power project in Jieyang, Guangdong province with the objective to become a model for similar projects in China; 2) promoting the developments of onshore and offshore wind power projects in the Fujian province; 3) promoting overseas market opportunities; 4) establishing a renewable energy fund; and 5) improving utilization of wind and solar power through research and development.
"The collaboration with CGNPC is strategically important for us to establish our leading position in off-shore wind power development in China." said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "We will focus on developing off-shore wind power projects in Guangdong and Fujian provinces. We believe the collaboration will help combine CGNPC's extensive experience and strong record in clean energy development with Ming Yang's strengths, consolidate Ming Yang and CGNPC's international business and capture international market opportunities."
CGNPC deputy general manager Shi Bing 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 wind power markets in Guangdong and Fujian, accelerating Guangdong province's new energy developments."
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," "goal," "strategy" and similar statements. Such statements are based upon management's current expectations 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. 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 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: ir.mywind.com.cn.
About China Guangdong Nuclear Power Holdings Co., Ltd
Established in September, 1994 with a registered capital of RMB 10.2 billion, China Guangdong Nuclear Power Holding Co., Ltd (CGNPC) is a large clean energy corporation under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) of China. China Guangdong Nuclear Power Group (CGN) has evolved into a large group consisting of more than 30 affiliates.
CGN aims at "developing clean energy and benefiting the human society" and tries to "build one of the world top clean energy enterprises and become a leading clean energy supplier and services provider in the world". By the end of July, 2012, the total assets of CGN was RMB280 billion; the installed capacity of NPP in operation reached 6,120 MWe, with another 17,750 MWe of under-construction nuclear units; the installed capacity of holding wind power units in operation reached 3,400 MWe; the equity capacity of hydro power was near 3,500MWe; and the solar photovoltaic power generation was 210 MWe; CGN has also made great development in distributed energy, energy contract management and improvement of energy conservation technology.
For investor and media inquiries, please contact:
Investor and Media Contacts:
China Ming Yang Wind Power Group Limited
SOURCE China Ming Yang Wind Power Group Limited