MY Signs Offshore Wind Power EPC Project, Joins Alliance to Develop Offshore Wind Power in Guangdong
ZHONGSHAN, China, July 25, 2011 /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 it has signed a engineering, procurement and construction (“EPC”) contract (the “Contract”) with Guangdong Yudean Xuwen Wind Power Co., Ltd., a subsidiary of Guangdong Yudean Group Co. Ltd. (“Yudean”) for a 48MW offshore wind power project in Zhanjiang, Guangdong. The project has already received the approval from the Guangdong provincial development and reform committee (“GDRC”). Ming Yang will supply the following under the Contract:
- sixteen 3MW Super Compact Drive (“SCD”) wind turbine generators (“WTG”); and
- a total EPC solution, including site survey, equipment procurement, obtaining approvals, engineering and construction, installation, commissioning and acceptance, and other general insurance and services for the offshore wind power project.
The first SCD prototype is scheduled to pass the 250 hours durability test before the end of 2011 under the Contract.
In another important move, Xiaodan Zhu, deputy governor of the regional government of Guangdong chaired a special meeting earlier this month to encourage closer cooperation for offshore wind power in Guangdong province. Representatives from GDRC, the Energy Bureau, the Economy and Information Commission of Guangdong Province (“GDEIC”), China Southern Power Grid Co. Ltd. (“CSG”) and Ming Yang attended the meeting. The meeting discussed offshore wind power overall planning, implementation and co-ordination in Guangdong province, and in particular:
- forming a special alliance between CSG, Yudean, Ming Yang and other entities to formulate a detailed working plan, with the GDRC taking the lead, to promote local offshore wind power development in Guangdong;
- pooling of research and development resources between alliance partners to foster offshore wind power technology development; and
- establishing a pilot project of wind/solar storage integrated solution in Wanshan, Guangdong to demonstrate the landmark technology of the alliance partners. The procedures for project approval are initiated immediately
“We believe the Zhanjiang project is the first offshore EPC wind power project in China, and marks a major step forward for Ming Yang’s offshore wind power strategy,” said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. “We are delivering an industry-leading all-in engineering package price for offshore wind power construction. Obtaining this project affirms the proven technology and cost competitiveness of our SCD WTGs, and the competitive advantage of our total EPC offshore wind power solution. Meanwhile, the forming of the special alliance between CSG, Yudean, Ming Yang and other entities will further promote Ming Yang’s leading position in offshore wind power technology and speed up offshore wind power development in Guangdong Province. We believe Ming Yang is well positioned to become the leading technology and EPC solution provider for offshore wind power in China.”
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 low energy production costs and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodynEnergiesysteme, one of the world’s leading wind turbine design firms based in Germany, to develop wind turbines and share intellectual property rights. Ming Yang’s key customers include the five largest state-owned power producers in China, with an aggregate installed capacity accounting for more than 50% of China’s newly installed capacity in 2010. For further information, please visit the Company’s website: www.mywind.com.cn
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. 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.
For investor and media inquiries, please contact:
Investor and Media Contacts: China Ming Yang Wind Power Group Limited Calvin Lau Phone: + 86 760 2813 8898 Email: firstname.lastname@example.org http://ir.mywind.com.cn Fleishman-Hillard New York Hong Kong Kristen Lewko Pamela Leung Phone: + 1 212 453 2212 Phone: + 852 2530 0228 Email: email@example.com Email: firstname.lastname@example.org
SOURCE China Ming Yang Wind Power Group Limited