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:
Investor and Media Contacts:
China Ming Yang Wind Power Group Limited
Phone: + 86 760 2813 8898
Phone: + 1 212 453 2212
Phone: + 852 2530 0228
SOURCE China Ming Yang Wind Power Group Limited