China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company"), a leading wind turbine manufacturer in China, announced that it has signed a cooperative agreement with Huaneng Renewables Corporation Limited ("Huaneng Renewables"), contemplating the establishment of a joint venture specializing in the development of wind power and solar projects in China and overseas markets. Under the Agreement, the Joint Venture in contemplation will be controlled by Huaneng Renewables.
"We are glad to expand our partnership with Huaneng Renewables through the Agreement to form the Joint Venture," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Huaneng Renewables is an established wind energy generator with a strong track record in wind farm development and operation in China. Partnering with Huaneng Renewables represents an important strategic development for Ming Yang and we look forward to the establishment of this Joint Venture as a pioneer in the industry to jointly develop quality wind farm projects in China."
Gang Lin, Executive Director and President of Huaneng Renewables, said, "We are delighted about this cooperation. Ming Yang is a leading manufacturer in the wind industry, and has secured an abundance of prime wind resources in China. This cooperation will be of great importance for Huaneng Renewables' acceleration of strategic development in the wind power industry."
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 law.
About Huaneng Renewables:
It is the leading pure renewable energy company that specializes in wind power generation, with wind power projects (operational, under-construction and planned) located in six regions of China, distributed in 19 provinces and autonomous regions. By 31st Dec. 2010, in terms of total wind power installed capacity, Huaneng Renewables ranked third among Chinese wind power companies and ranked eighth in the world. In terms of installed capacity growth rate, Huaneng Renewables ranked first among the top 10 wind power companies in the world. By the end of last year, Huaneng Renewable had total installed capacity of 3,522.4 MW, and the capacity under construction was 1,202MW. From 2008 to 2010, the compound annual growth rate reached 195.9%, which drove a great surge in sales of electricity during that period. Adjusted operating profit had been increased from 122.7million Yuan in 2008 to 884.5 million Yuan in 2010. By the end of 2010, Huaneng Renewables had 73,463.5MW reserved wind power projects for future development. It is expected that the total installed capacity will reach 5,100MW by the end of 2011.
About China Ming Yang Wind Power Group Limited:
It 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 aerodyn Energiesysteme, 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 5.5% of China's newly installed capacity in 2010.
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