China Ming Yang Wind Power Group Limited announced that its subsidiary Guangdong Ming Yang Wind Power Industry Group Co. has entered into a development financing cooperation agreement and a planning cooperation agreement with China Development Bank Corp. in Beijing, China.

According to a release, China Development Bank is a government policy bank owned by China's central government. Under the agreements, China Development Bank is expected to support Ming Yang in its strategic and financial planning by granting Ming Yang up to US$5 billion (or equivalent in other currencies) in potential financings, including loans and credit facilities between 2011 and 2015, and by actively participating in the company's medium-to-long term development planning. The potential financings may be used for a range of potential domestic and overseas business activities, including the company's on-shore and off-shore wind power businesses, supply chain integration and working capital management.

"We are very pleased with CDB's support and confidence in Ming Yang," said Zhang Chuanwei, chairman and chief executive officer of Ming Yang. "Against the current macroeconomic background, we believe Ming Yang's arrangements for US$5 billion of potential financings from CDB demonstrate strong financial support for our wind power projects, business expansion and working capital funding needs, and help us to drive business model innovation and to pursue opportunities as a world-class wind power total solution provider."

Source:insurancenewsnet