China Ming Yang Wind Power Group Limited (Ming Yang) has announced that Guangdong Mingyang Wind Power Industry Group Limited (Guangdong Mingyang), a subsidiary of Ming Yang, has entered into a financing framework agreement with Reliance Power Limited and China Development Bank Corporation (CDB).
Under the Framework Agreement, being the coordinating bank and lead potential lender, CDB will act as the lead arranger to coordinate the provision of financing facilities to Reliance Power to support future renewable energy projects. The amount, terms and conditions of the financing facilities will be subject to the potential lenders' respective internal approval procedures and further assessment of the projects. On July 2, 2012, Ming Yang announced that it has signed a Memorandum of Understanding with Reliance Power to co-develop up to 2,500MW renewable energy projects in India within three years. Under the MOU, Ming Yang is expected to provide engineering, procurement and construction solutions for the projects and Reliance Power is expected to play a supporting role in facilitating the projects in addition to providing local market support.
Under the Framework Agreement, being the coordinating bank and lead potential lender, CDB will act as the lead arranger to coordinate the provision of financing facilities to Reliance Power to support future renewable energy projects. The amount, terms and conditions of the financing facilities will be subject to the potential lenders' respective internal approval procedures and further assessment of the projects. On July 2, 2012, Ming Yang announced that it has signed a Memorandum of Understanding with Reliance Power to co-develop up to 2,500MW renewable energy projects in India within three years. Under the MOU, Ming Yang is expected to provide engineering, procurement and construction solutions for the projects and Reliance Power is expected to play a supporting role in facilitating the projects in addition to providing local market support.