Reliance, China Ming Yang arrange USD-3bn green project funds with CDB

Nov 27, 2012 - China Ming Yang Wind Power Group (NYSE:MY) and Indian Reliance Power Ltd (BOM:532939) have signed a USD-3-billion (EUR 2.31bn) financing deal with China Development Bank Corp (CDB) for joint renewable energy projects in India, India's Planning Commission said yesterday.

Under the financing framework agreement, CDB will act as the coordinating bank and lead potential lender in arranging financing for 2,500 MW of renewable energy projects to be developed by the two companies in three years, wind turbine maker China Ming Yang said in a separate statement on Monday, without disclosing the amount of the potential financing.

The deal with CDB was one of the 11 agreements signed between Indian and Chinese companies and organisations for investments in the infrastructure, power, steel, clean energy and other sectors in the second India-China Strategic Economical Dialogue yesterday.

(USD 1 = EUR 0.771)

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