China Ming Yang Wind Power Group Ltd. has announced that its subsidiary Guangdong Mingyang Wind Power Industry Group Ltd. has entered into a financing framework agreement with Reliance Power Ltd., the largest private-sector power company in India, and China Development Bank Corp. (CDB), a government policy bank wholly owned by China's central government.
Under the agreement, CDB is expected to act as the coordinating bank and the lead potential lender for renewable energy projects in India to be jointly developed by Ming Yang and Reliance Power. 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.
In July, Ming Yang announced that it had signed a memorandum of understanding (MOU) with Reliance Power to co-develop up to 2.5 GW of renewable energy projects in India within three years.
Under the MOU, Ming Yang is expected to provide the engineering, procurement and construction services for the projects, and Reliance Power is expected to play a supporting role in facilitating the projects as well as provide local market support.
