Greentech Lead India: Ming Yang Singapore, a subsidiary
of China Ming Yang, a wind turbine manufacturer in China, has entered
into definitive agreements with Reliance Group, one of India’s largest
private enterprises.
The Company has also signed a Memorandum of Understanding
with Reliance Power to co-develop a large portfolio of clean energy projects.
The agreements allows Ming Yang Singapore to establish a
joint venture with Reliance Capital by subscribing new shares to a significant
stake in the share capital of Global Wind Power Limited (“GWPL”), a
wind power solutions provider in India, in which Reliance Capital and its
related entities are currently the largest shareholders.
This strategic partnership enables Ming Yang to
quickly capture and grow in India and South Asian markets. Both
companies are looking to co-develop up to 2,500 MW clean energy projects in
India.
“We are delighted to form this strategic partnership
with Reliance; this is a milestone of Ming Yang’s development in the Asian
region, and in particular, India, which we believe is going to be one of
the fastest growing renewable markets in the next few years,”
said Chuanwei Zhang, chairman and chief executive officer of Ming
Yang.
Ming Yang will provide total engineering, procurement
and construction (“EPC”) solutions, including micro-siting, wind
resource assessment studies, project financing and other services for the
proposed projects for Reliance and third parties.
Reliance will play a supporting role in facilitating
these proposed projects in addition to providing local market support.
“We are pleased to welcome Ming
Yang to India, through their investment in GWPL. Development of clean
power is a key priority for India, and we at Reliance Power look forward
to working with Ming Yang to further develop and enhance our
portfolio in both, wind and solar energy,” J.P. Chalasani, chief
executive officer, Reliance Power.
Reliance Power targets 300 MW solar capacity by 2015
Recently, Reliance Power announced that it will
invest Rs 6,000 crore in solar power industry and plans to raise its solar
capacity to 300 MW by 2015. The Anil Ambani group company will help light up over
five lakh households in the country.
editor@greentechlead.com