China’s third-largest wind-turbine manufacturer China Ming Yang Wind Power Group’s Singapore has entered into a strategic deal with Anil Ambani’s Reliance Group to enter the India market. China which has been investing significantly on green energy, is looking at expanding to neighboring countries, India being a big market both solar and wind power companies are exploring opportunities.
Ming Yang Holdings plans to gain a foothold into the Indian market by establishing a joint venture with Reliance group firm Reliance Capital by subscribing to a significant stake in the share capital of Global Wind Power Ltd (GWPL). GWPL is a leading wind power solutions provider in India, in which Reliance Capital and related entities are currently the largest shareholders. The JV will form the basis of all future cooperation between the two companies which plans on developing up to 2,500 MW clean energy projects in India as well as other South Asian countries.
Several Chinese companies enter India in a similar route. Easiest to piggy back on a large Indian entity, for ground support as well as to help them maneuver through dense bureaucracy, Reliance Group, through its several subsidiaries has trumped in aiding power and telecom companies to penetrate the Indian market.
“We are pleased to welcome Ming Yang to India, through their investment in GWPL. Development of clean power is a key priority for India and we at Reliance Power look forward to working with Ming Yang to further develop and enhance our portfolio in both wind and solar energy,” Reliance Power CEO J P Chalasani told Business Standard.
“We are delighted to form this strategic partnership with Reliance; this is a milestone of Ming Yang’s development in the Asian region, and in particular, India, which we believe is going to be one of the fastest growing renewable markets in the next few years”, Ming Yang Chairman and CEO Chuanwei Zhang added.
As per the MoU, Zhongshan based Ming Yang Wind Power is expected to provide total engineering, procurement and construction solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects for Reliance and third parties.
India, with an installed wind power generation capacity of more than 17,000 megawatt, aims to add another 15,000 megawatts over the five years through March 2017. New Delhi is offering tax incentives to those who promote clean and green energies as it looks to reduce its dependence on coal and cut its carbon footprint as well.