China Ming Yang takes full control of RENergy businesses

Wind turbine maker China Ming Yang Wind Power Group Ltd (NYSE:MY) said on Tuesday it has bought the 1% interest it did not already have in China Smart Electric Group Ltd, owner of the RENergy businesses.

Following this transaction, Ming Yang has full control over China Smart Electric’s fully-owned unit Wise Renergy Holdings Ltd, which in turn owns all of the equity interests in mainland China-based subsidiaries, Tianjin RENergy Electrical Co Ltd and Tianjin Ruiyuan Electrical Co Ltd.

In May 2015, Ming Yang announced a CNY-925.4-million (USD 145.6m/EUR 132m) cash-and-stock deal to buy 99% of Wise Renergy in a drive to improve the quality of its products and reduce costs. The company has now paid an additional CNY 9.2 million to acquire the rest of the shares.

Wise Renergy and its subsidiaries, collectively referred to as RENergy, develop, produce and sell electrical system equipment, including main control systems, pitch control systems and converters for wind turbines. They are among Ming Yang’s major suppliers.

“The acquisition extends our range of services, and is a further step towards making Ming Yang a technology-driven, service-centric provider of comprehensive wind energy solutions," said Chuanwei Zhang, chairman and CEO of Ming Yang.

(CNY 1 = USD 0.157/EUR 0.143)

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