Chinese wind turbine manufacturer Ming Yang signed a strategic agreement with China Guangdong Nuclear Power Holding (CGN) on Monday to develop offshore wind power and solar energy projects.
Ming Yang told Windpower Offshore its agreement with CGN was a major strategic move following from a deal it made in August with Huaneng, Longyuan Power, Datang and other regional wind power developers to jointly develop 6GW onshore wind power resources in southwest China’s Yunnan province. On 31 August, Ming Yang set up a joint venture with Huaneng Renewables to tap the Chinese market.
Zhang Chuanwei, Ming Yang chairman and CEO, said: "The cooperation is of strategic significance to develop Ming Yang into a leading developer of offshore wind power in China. Under this cooperation programme, we will jointly develop offshore wind farms in Guangdong and Fujian provinces."
Ming Yang was the sixth largest wind turbine manufacturer in China in 2011, and the only one to be listed on the New York Stock Exchange. The company is based in the city of Zhongshan, in Guangdong province, an area with 2,268km of coastline and an estimated 11GW of exploitable offshore wind power resources.
CGN, a leading clean energy developer in China, is going to work with Ming Yang to develope offshore wind power in the Guangdong province. The companies will also set up a renewable energy industry fund, according to Ming Yang, with the aim of developing renewable energy technologies and possibly acquiring non-Chinese wind turbine manufacturers.
Earlier this summer, Ming Yang denied speculation that it was in talks to buy Denmark's Vestas.
According to official plans for offshore wind in the Guangdong province, construction of 2-3GW of offshore wind will begin before 2015, and another 7-8GW between 2016 and 2020.
China plans to construct 5GW of offshore wind by 2015 and 30GW by 2020.