China Ming Yang Wind Power Group Limited (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.
“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.”