Reliance Group on Tuesday said it has signed strategic deals with China Ming Yang Wind Power Group to develop up to 2,500 MW clean energy projects in India as well as other South Asian countries, the news reports said.
Ming Yang Wind Power has also entered into definitive deals with Reliance Capital Ltd and other related entities that form part of the Reliance Group.
The group said the strategic partnership will look at developing up to 2,500 MW clean energy projects in India and expansion in South Asia region.
The Chinese company’s Singapore subsidiary Ming Yang Holdings (Singapore) Pte Ltd has also entered into definitive agreements.
Besides, Ming Yang has also signed MoU with Reliance Power to co-develop a large portfolio of clean energy projects in India. Ming Yang Holdings also plans to set up a joint venture with Reliance Group Company Reliance Capital by subscribing to a significant stake in the share capital of Global Wind Power Ltd.
As per the partnership, Ming Yang Wind Power is also expected to provide total engineering, procurement and construction solutions. This also includes micro-siting, wind resource management studies, project financing, and other services for the projects for third parties and Reliance.
JP Chalasani, CEO of Reliance Power said, “We are pleased to welcome Ming Yang to India, through their investment in GWPL.” Mr. Chalasani also said, “Development of clean power is a key priority for India and we at Reliance Power look forward to working with Ming Yang to further develop and enhance our portfolio in both wind and solar energy.” “Reliance is expected to play a supporting role in facilitating these projects in addition to providing local market support.”
Ming Yang Chairman and CEO Chuanwei Zhang said. “The platform between Reliance and Ming Yang is expected to enable us to quickly capture and grow India and South Asia markets.”
Mr. Chuanwei Zhang also said, “We are delighted to form this strategic partnership with Reliance; this is a milestone of Ming Yang’s development in the Asia region, and in particular, India, which we believe is going to be one of the fastest growing renewable markets in the next few years.”
Reliance Group is India’s top three private sector business houses on all major financial parameters with assets in excess of Rs 180,000 crore.
The business interests of the group include communications, financial services, transmission and distribution of power, infrastructure and entertainment. China Ming Yang Wind Power Group is the fastest growing wind turbine manufacturer in China. It focuses on designing, manufacturing, selling and servicing megawatt-class wind turbines.
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