Reliance Group enters into partnership with China Ming Yang
New Delhi: Anil Ambani's Reliance Group has entered into a strategic partnership with Chinese wind turbine maker China Ming Yang Wind Power Group for developing up to 2,500 MW clean energy projects in India as well as other South Asian countries.
Ming Yang Wind Power has inked definitive agreements with Reliance Capital Ltd and related entities forming part of the Reliance Group.
In a statement Monday, Reliance Group said the strategic partnership would look at developing up to 2,500 MW clean energy projects in India and expansion into South Asia region.
The Chinese firm's Singapore subsidiary Ming Yang Holdings (Singapore) Pte Ltd entered into the definitive pacts.
Ming Yang has also inked a Memorandum of Understanding (MoU) with Reliance Power to co-develop a large portfolio of clean energy projects in India.
Further, Ming Yang Holdings plans to establish a joint venture with Reliance group firm Reliance Capital by subscribing to a significant stake in the share capital of Global Wind Power Ltd (GWPL).
GWPL is a leading wind power solutions provider in India, in which Reliance Capital and related entities are currently the largest shareholders.
"We are pleased to welcome Ming Yang to India, through their investment in GWPL. 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 Power CEO J P Chalasani said.
As per the MoU, Ming Yang Wind Power is expected to provide total engineering, procurement and construction solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects for Reliance and third parties.
"Reliance is expected to play a supporting role in facilitating these proposed projects in addition to providing local market support," the statement said.
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".
"We are delighted to form this strategic partnership with Reliance; this is a milestone of Ming Yang's development in the Asian region, and in particular, India, which we believe is going to be one of the fastest growing renewable markets in the next few years".