MY Signed EPC Contracts for 125 MW Wind Power Projects in Bulgaria, and Shipped First Batch of Wind Turbine Generators
ZHONGSHAN, China, Feb. 7, 2012/PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Ming Yang Wind Power (International) Co. Ltd ("Ming Yang International"), a subsidiary of Ming Yang, entered into certain Engineering, Procurement and Construction contracts ("EPC contracts") with W. Power EOOD and A1 Development EOOD (together the "W. Power"), respectively, for two wind power projects with a total capacity of 125MW in Bulgaria in December 2011. The first batch of wind turbine generators (the "WTGs") with three units of MY1.5MW WTGs for the 4.5MW pilot project in Somovit was shipped on February 6, 2012. W. Power is an international wind power developer engaged in investing in and developing wind power projects in Bulgaria, Romania and other Eastern European countries.
Under the EPC contracts, Ming Yang International will provide W. Power with a total EPC solution including design, engineering, procurement, construction, commissioning and all other services that are required to complete these wind power projects. With a strong position in Europe, W. Power is expected to help facilitate future business opportunities in addition to providing local market support for Ming Yang International.
The 4.5MW pilot project in Somovit is expected to be completed and commissioned by July 2012. The 120MW project in Milkovitsa is scheduled to commence in the second half of 2012. MY 1.5S MW WTGs have successfully obtained the CE verification, which was issued by Intertek Testing Services Shenzhen Ltd. Guangzhou Branch ("Intertek"). Intertek is a leading provider of quality and safety solutions serving a wide range of industries around the world.
"This represents a significant milestone of Ming Yang's overseas market development, marking an important step in extending our footprint in mainstream European markets," said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Our strategic partnership with W. Power is a strong endorsement of our capabilities and innovative business models for overseas markets, which are designed to provide total EPC solutions by combining equipment, technology, capital and financing support.
"With our robust advantages in cost, technology and total EPC solution capabilities, we believe that we are well-positioned to gain further traction in overseas markets, continue to build and strengthen our presence in other prospective overseas markets including East Europe, South Asia, South Africa and South America."
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 aerodynEnergiesysteme, 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 50% of China's newly installed capacity in 2010. For further information, please visit the Company's website: www.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" and similar statements. Such statements are based upon management's current expectations, results of 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.
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SOURCE China Ming Yang Wind Power Group Limited
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