In a significant stride toward renewable energy adoption, China’s fastest growing wind turbine manufacturer China Ming Yang Wind Power Group Limited signed a memorandum of understanding with the provincial government of Hebei, a province in Northern China. Under the terms of the memorandum of understanding, the company will be cooperating on a series of proposed wind energy projects in the province.
Ming Yang proposes to develop advanced alternative energy supply chain capabilities in Hebei province. The company’s plans involve manufacturing wind power equipment and wind/solar hybrid storage solutions. The company also proposes to develop a carbon fiber manufacturing facility for the manufacture of 3-6MW large-scale wind turbine blades and battery systems for wind/solar hybrid energy storage.
In the press release, China’s one of the major wind turbine manufacturers said that the Hebei government is expected to designate a minimum of 1GW of wind and solar power capacity in Chengde as well as at least 2GW of offshore wind power capacity on Hebei's coast for Ming Yang and certain utility operators to develop.
Hebei is located in the North China region between the Inner Mongolian Plateau and the Bohai Sea. The region is a rich source of onshore and offshore wind resources. Being in the hub of the country’s major industrial and population centers, is also expected to provide significant opportunities for the wind power market.
China Ming Yang focuses on designing, manufacturing, selling and servicing megawatt-class wind turbines. According to the company, its wind turbines are Ming Yang advanced, highly adaptable and designed for high energy output and low energy production costs. The company boasts of its comprehensive post-sales services to the customers. Ming Yang shares intellectual property rights with aerodyn Energiesysteme, one of the world's leading wind turbine design firms based in Germany to develop wind turbines. Ming Yang's key customers include the five largest state-owned power producers in China, with an aggregate installed capacity accounting for more than 50 percent of China's newly installed capacity in 2009.
Mr. Chuanwei Zhang, Chairman and CEO of Ming Yang, commented in a statement that “We believe this cooperation with the Hebei government will enhance our ability to grow our business and further expand our market share in China.”
Back in September this year, China Ming Yang filed plans to hold an initial public offering of up to about $400 million American depositary shares. China Ming Yang said it plans to use the proceeds to build manufacturing facilities, purchase equipment and for potential acquisitions of, or investments in, component suppliers.Madhubanti Rudra is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.
Edited by Chris DiMarco