MY Expects Market Consolidation in China to Help WTG Prices in 2013
ZHONGSHAN, China, Feb. 1, 2013
ZHONGSHAN,China, Feb. 1, 2013 /PRNewswire/ --China Ming Yang Wind Power
Group Limited("Ming Yang" or the "Company") (NYSE: MY), a leading wind
turbine manufacturer inChina, reiterated recent statements by its Chairman
and Chief Executive Officer, Chuanwei Zhang, that market prices of 1.5
megawatt ("MW") and 2.0MW domestic wind turbine generators ("WTG") are
expected to increase up to as much as RMB4,000 per kilowatt ("KW") this year,
and that Ming Yang currently expects to deliver 2.5 gigawatts ("GW") of WTGs
in 2013, including domestic and overseas markets.
The Company stated that it is working with Reliance Power Limited of India
with the aim to install 2.5GW of generation capacity over three years with
financing support from China Development Bank Corp. Ming Yang expects to
deliver 400MW of combined capacity in overseas markets in 2013 by providing
engineering, procurement and construction ("EPC") services as well as WTGs to
customers in India and eastern Europe, out of which 300MW is expected to be
with Reliance Power Limited.
Ming Yang also plans to deliver WTGs to two off-shore wind power projects in
Guangdong Province in China in 2013, each expected to have 200MW of capacity.
"The market has been consolidating after a number of turbine manufacturers
closed down or suspended production due to uncompetitive products," said Mr.
Zhang. "Developers are choosing products with higher power-generation
capability and lower cost per kilowatt-hour rather than those with the
cheapest prices. We aim to continue to expand our market share in both
domestic and international markets by offering Ming Yang's quality products
and innovative total solutions such as EPC services."
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," "to be,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "goal," "aim," "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 beyondMing Yang's control, which may causeMing Yang's
actual results, performance or achievements to differ materially from those in
the forward-looking statements. Transactions contemplated in this press
release also involve risks and uncertainties and are subject to changes and
developments. Actual results or events may differ from those anticipated or
predicted in this press release, and the differences may be material. Further
information regarding these and other risks, uncertainties or factors is
included inMing Yang's filings with theU.S. Securities and Exchange
Commission.Ming Yangdoes 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.
AboutChina Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited(NYSE: MY) is a leading and
fast-growing wind turbine manufacturer inChina, focusing on designing,
manufacturing, selling and servicing megawatt-class wind turbines.Ming
Yangproduces advanced, highly adaptable wind turbines with high energy output
and provides customers with comprehensive post-sales services.Ming
Yangcooperates with aerodyne Energiesysteme, one of the world's leading wind
turbine design firms based inGermany, to co-develop wind turbines. In terms
of newly installed capacity,Ming Yangwas a top 10 wind turbine manufacturer
worldwide and the largest non-state owned wind turbine manufacturer
For further information, please visit the Company's website:ir.mywind.com.cn.
For investor and media inquiries, please contact:
China Ming Yang Wind Power Group Limited
SOURCEChina Ming Yang Wind Power Group Limited
SOURCE China Ming Yang Wind Power Group Limited
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