China Ming Yang Wind Power: Market Consolidation in China in 2013
ZHONGSHAN - China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, reiterated recent statements by its Chairman and Chief Executive Officer, Chuanwei Zhang, that market prices of 1.5 megawatt ("MW") and 2.0MW domestic wind turbine generators ("WTG") are expected to increase up to as much as RMB4,000 per kilowatt ("KW") this year, and that Ming Yang currently expects to deliver 2.5 gigawatts ("GW") of WTGs in 2013, including domestic and overseas markets.
The Company stated that it is working with Reliance Power Limited of India with the aim to install 2.5GW of generation capacity over three years with financing support from China Development Bank Corp. Ming Yang expects to deliver 400MW of combined capacity in overseas markets in 2013 by providing engineering, procurement and construction ("EPC") services as well as WTGs to customers in India and eastern Europe, out of which 300MW is expected to be with Reliance Power Limited.
Ming Yang also plans to deliver WTGs to two off-shore wind power projects in Guangdong Province in China in 2013, each expected to have 200MW of capacity.
"The market has been consolidating after a number of turbine manufacturers closed down or suspended production due to uncompetitive products," said Mr. Zhang. "Developers are choosing products with higher power-generation capability and lower cost per kilowatt-hour rather than those with the cheapest prices. We aim to continue to expand our market share in both domestic and international markets by offering Ming Yang's quality products and innovative total solutions such as EPC services."
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 provides customers with comprehensive post-sales services. 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 2011.
For further information, please visit the Company's website: ir.mywind.com.cn.
For investor and media inquiries, please contact:
China Ming Yang Wind Power Group Limited
SOURCE: China Ming Yang Wind Power Group Limited