China Ming Yang (MY) Enhances Relationship with Reliance Capital
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China Ming Yang Wind Power Group Limited (NYSE: MY), announced that the Company, through Ming Yang Holdings (Singapore) Pte. Ltd. ("Ming Yang Singapore"), its Singapore subsidiary, has entered into definitive agreements with Reliance Capital Limited and its related entities, forming part of Reliance Group ("Reliance"), one of India's largest private enterprises.
In addition, the Company has signed a Memorandum of Understanding ("MOU", together with the definitive agreements above mentioned, "Agreements") with Reliance Power Limited ("Reliance Power"), the largest private sector power company in India, both, in capacity under development as well as Market Cap, to co-develop a large portfolio of clean energy projects.
Under the Agreements, Ming Yang Singapore plans 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 leading wind power solutions provider in India, in which Reliance Capital Limited and its related entities are currently the largest shareholders.
According to the MOU, China Ming Yang Wind Power Group Ltd. is expected to 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 is expected to play a supporting role in facilitating these proposed projects in addition to providing local market support.
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In addition, the Company has signed a Memorandum of Understanding ("MOU", together with the definitive agreements above mentioned, "Agreements") with Reliance Power Limited ("Reliance Power"), the largest private sector power company in India, both, in capacity under development as well as Market Cap, to co-develop a large portfolio of clean energy projects.
Under the Agreements, Ming Yang Singapore plans 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 leading wind power solutions provider in India, in which Reliance Capital Limited and its related entities are currently the largest shareholders.
According to the MOU, China Ming Yang Wind Power Group Ltd. is expected to 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 is expected to play a supporting role in facilitating these proposed projects in addition to providing local market support.
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