ZHONGSHAN, China, July 30, 2015 /PRNewswire/ -- China Ming Yang Wind Power Group Limited (NYSE : MY ) ("Ming Yang" or the "Company"), a leading wind energy solution provider in China, has been ranked 3rd in China's newly installed wind power capacity in a recent update released by the China Wind Energy Association ("CWEA") detailing the wind power generation in China from January to June 2015.
In a news release published on July 28, 2015, CWEA detailed that China's newly installed wind power capacity during the first half of 2015 was 10.1GW, a significant increase of 40.8% on a year-on-year basis with growing demand for wind turbines from domestic wind farm operators. CWEA also noted that the installed capacity ranking of the top five manufacturers remained the same as 2014. Among others, Ming Yang's installed wind capacity increased by more than 90% as compared with the same period of last year.
The news release also highlighted that in terms of overall market environment, 2MW products have eventually become the main model, the installed capacity of which had accounted for over 50% of total installed capacity in the first half of 2015. According to the news release, Ming Yang had the largest market share of 16.5% of 2MW wind turbines in China. Riding on this market momentum, the Company recently launched a new 2.0MW model with 118-meter blades, which is able to increase overall power generation by approximately 15 to 20%, and the Company is also developing additional manufacturing capacity for its next generation of 3MW SCD products.
Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, commented: "The rapid growth of the wind power sector in the first half of 2015 met our expectation, as the ongoing policy supports for renewable energy within China has led to significant opportunities for the wind power sector. We believe Ming Yang is well positioned to take advantage of this mainstream trend, by leveraging our current largest market share of 2MW products in China in the first half of 2015, and our expanding manufacturing capacity for the next generation of 3MW SCD products will further solidify our position in the wind power sector. We believe that given the supportive environment in China, wind power has substantial growth potentials, and Ming Yang will continue to capitalize on new market opportunities to create value for shareholders."
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE : MY ) is a leading wind energy solution provider in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines, including cutting-edge SCD (Super Compact Drive) solutions, and providing post-sales value-added maintenance and technology upgrade services to wind farm owners. Ming Yang cooperates with aerodyne Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2014.
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," "to be," "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. Actual results or events may differ from those anticipated or predicted in this press release, and the differences may be material. 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