ZHONGSHAN, China, Aug. 28, 2015 /PRNewswire/ -- China Ming Yang
Wind Power Group Limited (NYSE: MY) ("Ming Yang" or the "Company"), a leading wind
energy solution provider in China,
today announced that it entered into a framework agreement with
certain parties, including CGN Wind Energy Limited ("CGN
Wind"), one of the new energy arms of China General Nuclear Power
Group (HK:1816) and Shenzhen Energy
Group Co. Ltd. ("Shenzhen Energy") (SZ:000027), to jointly invest in a fund
management company, namely Guangdong Oriental Millennium Renewable
Energy Industry Fund Management Co., Ltd. ("Oriental
Millennium"). Ming Yang
expects to make a limited partner capital commitment of up to
RMB1 billion to the Guangdong
Renewable Energy Industry Fund (the "Fund"), a fund to be
established and managed by Oriental Millennium.
Oriental Millennium is currently wholly owned by a company
affiliated with Mr. Chuanwei Zhang,
Chairman and Chief Executive Officer of the Company. Upon the
capital injections by Ming Yang, CGN
Wind, Shenzhen Energy and the management team of Oriental
Millennium as currently contemplated, Ming
Yang expects to invest RMB28
million in Oriental Millennium, representing approximately
28% of its equity interest after the capital injection.
Following the capital injection in Oriental Millennium, Oriental
Millennium plans to establish and manage the Fund, which is
expected to raise a total capital commitment of up to RMB3.08 billion. The primary objective of the
Fund is to seek investment opportunities in projects or companies
relating to renewable energies, such as wind, solar, hydropower and
biomass, located in Guangdong
Province. CGN Wind and Shenzhen Energy are expected to
be among the other limited partners of the Fund. And Guangdong
Finance Investment (Holding) Co., Ltd. is expected to make a
capital commitment of RMB50 million
on behalf of the Guangdong
government. The actual subscription
amount will be paid upon the request of the general partner and
subject to the needs of the renewable projects so invested over
time.
"We believe the Fund will help generate synergistic effect by
sharing resources and enlarging investment channels among industry
players," commented Chuanwei Zhang,
Chairman and Chief Executive Officer of the Company. "By leveraging
the Fund's investments, Ming Yang
expects to benefit from obtaining resources and generating more
business opportunities. On the other hand, Ming Yang expects to benefit the Fund by
offering its resources and high technology advantages. We believe
that this investment will also bring about potential opportunities
for the development of downstream wind farms to be owned and
operated by Ming Yang."
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading
wind energy solution provider in China, focusing on designing, manufacturing,
selling and servicing megawatt-class wind turbines, including
cutting-edge SCD (Super Compact Drive) solutions, and providing
post-sales value-added maintenance and technology upgrade services
to wind farm owners. 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 2014.
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," "to be," "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. 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 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.
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
Johnson Zhang
+86-760-2813-8898
+1-646-454-8640
ir@mywind.com.cn
http://ir.mywind.com.cn
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SOURCE China Ming Yang Wind Power Group Limited