Reliance Capital funds major wind energy project

Partners with China’s Ming Yang Wind Power Group.

Indian financial services firm Reliance Capital is investing US$15 million in a wind energy joint venture with Ming Yang.

Ming Yang had also signed a memorandum of understanding with Reliance Power to co-develop a large portfolio of clean energy projects in India.

The Chinese firm produces advanced wind turbines with high energy output and provides customers with comprehensive post-sales services. It was one of the top 10 wind turbine manufacturers worldwide and the largest non-state owned wind turbine manufacturer in China in 2011.

The Chinese company entered into an agreement with Reliance Capital last year to establish a joint venture by subscribing to a significant stake in the share capital of Global Wind Power Ltd, a wind power solutions provider in India.

Reliance Capital Chairman Anil Ambani said the agreement would be closed soon.

Ming Yang announced this agreement with Reliance Capital and other entities of the Ambani-led Reliance Group last year but no financial details were provided at that time.