China Ming Yang signs agreement with Chinese provincial govt to develop wind energy projects
Wind turbine manufacturer China Ming Yang (NYSE: MY) said Friday it has signed an agreement to work with the government of Hebei, a province in northern China, on a series of wind energy projects.
Under the terms of the cooperative agreement, Ming Yang will develop advanced supply chain capabilities in Hebei province, including 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.
Meanwhile, the Hebei government is expected to designate a minimum of 1GW of wind and solar power capacity in the city of Chengde in the province, as well as at least 2GW of offshore wind power capacity on Hebei's coast for Ming Yang to develop.
Hebei is located between the Inner Mongolian Plateau and the Bohai Sea, supplying onshore and offshore wind resources. The province also borders major industrial and population centres, including Beijing, providing ample opportunities for the wind power market.
"We believe this cooperation with the Hebei government will enhance our ability to grow our business and further expand our market share in China," said chairman and CEO of Ming Yang, Chuanwei Zhang.
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% of China's newly installed capacity in 2009. The company was up 0.74% on Friday, trading at $10.9 as of 10:30am EST.
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