Ming Yang Agrees to Buy 55% Stake in Ambani’s Global Wind Power

July 4, 2012 by  
Filed under Green Energy News

China Ming Yang Wind Power Group
Ltd. (MY)
, China’s third-largest wind-turbine maker, will buy into
Indian billionaire Anil Ambani’s wind energy interests as a
weakening market at home pushes manufacturers abroad.

Ming Yang’s Singapore unit will own 55 percent of Global
Wind Power Ltd., owned by Ambani’s Reliance Anil Dhirubhai
Ambani Group Ltd., after buying new shares, Investor Relations
Director Beatrice Li said today by e-mail. She declined to
disclose the value of the transaction.

Chinese wind-turbine makers, led by Sinovel Wind Group Co.
and Xinjiang Goldwind Science Technology Co., sell more than
95 percent of their machines to a shrinking, oversupplied home
market and are looking to expand. India, benefiting from slowing
demand in China and policy uncertainty in the U.S., has become
the third-largest market in annual turbine sales.

Ming Yang is building on its collaboration with Ambani’s
companies, having agreed this week to develop as much as 2,500
megawatts of capacity in India in the next three years with
Reliance Power Ltd. (RPWR) It follows Sinovel, Dongfang Electric Corp.
and Shanghai Electric Group Co. in winning turbine orders in the
South Asian nation.

To contact the reporter on this story:
Natalie Obiko Pearson in Mumbai at
npearson7@bloomberg.net

To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net

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