China Ming Yang Wind Power Group Limited ("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."