(SeeNews) - Aug 31, 2012 - Wind turbine maker China Ming Yang Wind Power Group Ltd's (NYSE:MY) unit Guangdong Ming Yang and wind farm developer Huaneng Renewables Corp (HKG:0958) have established a joint venture (JV) to develop wind and solar parks.
Huaneng Renewables will control 63% of the new entity and China Ming Yang will take the remaining 37%, the latter said in a statement today. The joint company will concentrate on the development and operation of solar and wind power facilities mainly in Southern China as well as abroad.
"This Joint Venture marks an important milestone in the development of Ming Yang's strategic alliances in the wind power sector",
Ming Yang's chairman and CEO Chuanwei Zhang.
Huaneng Renewables' executive director Gang Lin said, through the move, the company would expand its geographical reach in southern China thanks to Ming Yang's stable position in the region.