MY Signs Strategic Cooperation Agreement with China National Nuclear
ZHONGSHAN, China, June 13, 2013
ZHONGSHAN, China, June 13, 2013 /PRNewswire/ -- China Ming Yang Wind Power
Group Limited ("Ming Yang" or the "Company") (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 Nuclear
Huineng Co., Ltd. ("CNHC"), a subsidiary of China National Nuclear Corporation
("CNNC"), a leading investor and owner of clean energy projects in China.
Under the Agreement, Guangdong Mingyang and CNNC will join forces to develop
wind and solar power projects in China. In particular, the two companies
signed a memorandum of understanding ("MOU"), on forming a joint venture
company for the development ofup to 300MW of wind projects in Henan province.
Ming Yang is expected to acquire approximately 25% equity interest in the
proposed joint venture, while CNNC is expected to control the majority
"The collaboration with CNNC is strategically important for us to enhance our
leading position in renewable energy development in China during the 12th
five-year plan period," said Mr. Chuanwei Zhang, Chairman and Chief Executive
Officer of Ming Yang. "We will initially focus on developing wind power
projects in Henan Province. We believe this collaboration will integrate
CNNC's extensive experience and proven track record in clean energy
development with Ming Yang's strengths in developing wind turbines and
providing total wind power solutions."
Shen Bin, deputy general manager of CNHC 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 renewable energy markets in China."
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
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading 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 2012.
For further information, please visit the Company's website: ir.mywind.com.cn.
About China National Nuclear Corporation
China National Nuclear Corporation (CNNC) is the large state-owned enterprise
under the direct management of the central government. Historically, CNNC
successfully developed the atomic bomb, hydrogen bomb and nuclear submarines
and built the fist nuclear plant in the main land of China. CNNC is the main
body of the national nuclear technology industry, the core of the national
strategic nuclear deterrence and the main force of the national nuclear power
development and nuclear power construction, and shoulders the duel historical
responsibilities for building of national defense force, increasing the value
of state assets and developing the society.
CNNC is mainly engaged in scientific research and development, design and
construction, production and operation in various fields such as nuclear
military industry, nuclear power, nuclear electricity generation, nuclear
fuels and nuclear technology application, as well as international economic
cooperation and import and export businesses. China National Nuclear
Corporation has over 100 secondary member units across over 20 provinces,
autonomous regions and municipalities with 100,000 employees.
For investor and media inquiries, please contact:
China Ming Yang Wind Power Group Limited
SOURCE China Ming Yang Wind Power Group Limited
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