ZHONGSHAN, China, Dec. 3, 2010 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited (NYSE: MY) ("Ming Yang", or the "Company") today announced that the Company signed a memorandum of understanding to cooperate on a series of proposed wind energy projects with the provincial government of Hebei, a province in Northern China.
Under the terms of the memorandum of understanding, Ming Yang proposes to develop advanced supply chain capabilities in Hebei province focused on wind power equipment and wind/solar hybrid storage solutions, 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. 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, supplying rich onshore and offshore wind resources. In addition, Hebei borders major industrial and population centers, including Beijing, providing significant opportunities for the wind power market.
Mr. Chuanwei Zhang, Chairman and CEO of Ming Yang, commented, "We believe this cooperation with the Hebei government will enhance our ability to grow our business and further expand our market share in China."
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 50% of China's newly installed capacity in 2009. 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.
SOURCE China Ming Yang Wind Power Group Limited