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Back You are here: Home Renewables Wind Ming Yang and India’s Reliance Power sign financing deal for 2.5-GW wind effort

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Ming Yang and India’s Reliance Power sign financing deal for 2.5-GW wind effort

Guangdong Mingyang Wind Power Industry Group Limited and India’s Reliance Power Limited signed a financing agreement with China Development Bank as a follow-up to a deal started in July.

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Under the framework agreement China Development Bank will act as the coordinating bank and lead potential lender for planned renewable energy projects in India.

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Earlier in July, Ming Yang and Reliance Power signed a memorandum of understanding to develop up to 2,500-megawatts of wind power projects in India in a span of three years.

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Under the agreement, Ming Yang will provide the overall engineering, procurement and construction services for the projects, while Reliance Power will facilitate the development of projects and deliver local market support.

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Under the Framework Agreement, the state-owned bank will act as the lead arranger to coordinate the provision of financing facilities to Reliance Power to support future renewable energy projects.

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Reliance Power is said to be the largest private sector power company in India for the development of new renewable energy schemes.

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“This is a big step forward for all parties involved, aiming at facilitating the strategic cooperation in renewal energy development between China and India. India presents a strong growth potential for us, which is substantially reflected by Reliance Power's project pipeline,” said Chuanwei Zhang, chairman and chief executive at Ming Yang. – EcoSeed Staff

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