Zhongshan (China), July 2 (IANS) Chiness wind turbine manufacturer Ming Yang Wind Power Group Monday said it has entered into agreements with Reliance Capital and Reliance Power to co-develop a large portfolio of clean energy projects in India.
The Chiness wind turbine manufacturer through its Singapore subsidiary has signed a memorandum of understanding (MOU) with Reliance Power.
Under the agreements, Ming Yang Singapore plans to establish a joint venture (JV) with Reliance Capital by subscribing to a significant stake in the shares of Global Wind Power (GWPL) in which Reliance Capital and related entities of the group are the largest shareholders.
“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,” said J.P. Chalasani, chief executive, Reliance Power.
According to the MOU, Ming Yang 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.
“Reliance is the leading player in India’s utility sector, committed to clean energy development, and our strategic partnership is another strong endorsement of our capabilities in overseas markets, where we offer total solutions by combining equipment, technology innovation and financing support,” said Chuanwei Zhang, chairman and chief executive, Ming Yang.
“This platform between Reliance and Ming Yang is expected to enable us to quickly capture and grow India and South Asia markets. We are confident that our international market development will gather great momentum and further drive the Company’s growth,” Chuanwei said.
