China Ming Yang, Reliance Power sign green financing deal with CDB
Nov 26, 2012 - China Development Bank Corp (CDB) has inked a financing framework agreement with China Ming Yang Wind Power Group (NYSE:MY) and its Indian partner Reliance Power Ltd (BOM:532939) for their joint renewable energy projects in India.
Under the agreement, CDB will be the coordinating bank and lead potential lender in arranging financing to Reliance Power for projects it will develop jointly with China Ming Yang, the latter said in a statement today.
Ming Yang and Reliance Power in July lauded a memorandum of understanding (MOU) to jointly develop 2,500 MW of renewable energy projects in India in three years. Under the MOU, Ming Yang will provide engineering, procurement and construction for the projects and Reliance Power will facilitate the projects and provide market support.