ZHONGSHAN, China, Aug. 18, 2011 /PRNewswire-Asia/ -- China Ming
Yang Wind Power Limited ("Ming Yang"
or the "Company") (NYSE: MY), a leading wind turbine manufacturer
in China, today announced that it
has signed an engineering, procurement and construction ("EPC")
contract with China Wind Power International Corp. (TSX-V: CNW)
("China Wind Power"), an independent wind power producer in
China, and has commenced its 198
MW Phase III wind farm project, consisting of four wind farm
projects each with total output of 49.5MW.
Under the terms of the EPC contract, Ming Yang will deliver and install 132 units of
1.5 MW wind turbines generators as well as provide engineering and
construction management for the 198 MW wind farm project.
"The signing of the EPC contract with China Wind Power is
another successful application of our new business model," said Mr.
Chuanwei Zhang, chairman and CEO of
Ming Yang, "Ming Yang's EPC total solution and customized
product offering together with the abundant wind resource obtained
by China Wind Power will help promote a win-win outcome, helping
Ming Yang to expand its market share
and China Wind Power to accelerate the development of its wind
resources."
"The commencement of Phase III, along with the signing of an EPC
contract with Ming Yang, is a
critical next step towards our objective of fully developing our
wind resource in Du Mon County," said Mr. Jun Liu, Chief Executive Officer of China Wind
Power. "In particular, our new arrangement with Ming Yang enables us to access advanced wind
turbines that are ideally suited for China's specific wind and weather conditions.
Just as significant, the EPC contract provides us favorable
financial terms with no immediate impact on our working
capital."
Phase III consists of four wind farms located in Du Mon County,
Heilongjiang Province,
China, adjacent to the China Wind
Power's Phases I and II and shares the same wind resource.
The project is expected to be completed by the end of the
second quarter of calendar 2012 and to generate approximately 400
million KWh per year or RMB244
million (approximately US$38.2
million) annually once the wind farms are in full
production.
China Wind Power has completed Phase I of the five planned
Phases of development. Phase II, which will have a total capacity
of 49.5 MW, is currently under construction and is expected to be
completed by the end of calendar 2011.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is uniquely positioned to
capitalize on the growing demand for wind power in China. The Company indirectly holds the
exclusive rights for wind energy development in Du Mon County,
Heilongjiang Province, which has a
demonstrated potential installed capacity of 1,150 MW of wind
energy developable over an area of 612 square km. While 1,150
MW represents the Company's long-term potential for wind power in
the area, its current plans are for building out approximately 800
MW over five development phases. The Company's common shares are
listed on the TSX Venture Exchange under the symbol "CNW". The
Company has approximately 63.9 million shares outstanding.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) 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 55% of China's newly installed capacity in 2010. For
further information, please visit the Company's website:
http://ir.mywind.com.cn.
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.
For investor and media inquiries, please contact:
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Investor and Media
Contacts:
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China Ming Yang Wind Power Group
Limited
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Calvin Lau
Phone: + 86 760 2813
8898
Email:
calvin.lau@mywind.com.cn
http://ir.mywind.com.cn
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Fleishman-Hillard
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New York
Kristen Lewko
Phone: + 1 212 453
2212
Email:
hkg.mingyang@fleishman.com
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Hong Kong
Pamela Leung
Phone: + 852 2530
0228
Email:
hkg.mingyang@fleishman.com
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SOURCE China Ming Yang Wind Power Group Limited