MingYang Smart Energy (MingYang) and UK Department for International Trade (DIT) announced that they have entered into a Memorandum of Understanding (MoU) to cooperate to realize an investment by MingYang into the UK’s offshore wind sector.
Qiying Zhang, President and CTO of MingYang, and John Edwards, Her Majesty’s Trade Commissioner to China of DIT, jointly signed the MoU online today.
Offshore wind demonstration projects
The agreement will focus on MingYang investing in a blade manufacturing factory, a service center and conceivably a turbine assembly factory in the UK. Following this MoU, both parties will work together to complete a final investment agreement of the above-mentioned factories once all pre-conditions are fulfilled.
MingYang engages with local partners to develop floating wind solutions in Europe's deep-sea regions
Furthermore, MingYang and DIT will collaborate to explore other market entry options in the UK, including wind turbine testing, offshore wind demonstration projects and pre-commercial wind farms.
MingYang continues to grow its market footprints in the European offshore wind sector, most recently with a 30MW offshore installation in Taranto, Italy, the first for the Mediterranean Sea and for any Chinese wind turbine OEM. Meanwhile, MingYang engages with local partners to develop floating wind solutions in Europe's deep-sea regions. In support of these market efforts, MingYang has established a business and engineering center in Hamburg, Germany.
Offshore wind strategy
With this MoU, MingYang places the UK at the core of its global offshore wind strategy. It showcases MingYang’s ambition to support the UK in fulfilling its renewable energy goals and to serve the growing offshore wind market competitively with regional partners. MingYang will also be interested in the opportunity to use engineering, manufactured-components and other services from the UK in developing its local supply chain.
Zhang Chuanwei, Chairman of MingYang Smart Energy, said, "Both the UK and China have seen unprecedented development in the offshore wind sector over the past five years, and will foresee more market opportunities in terms of business model and technology innovations."
Zhang Chuanwei adds, "The agreement we are signing today marks a significant milestone in the two nations' deep cooperation in the industry, and also a solid step forward for MingYang to leverage its domestic offshore wind experience on these opportunities to create win-win results in the UK."
Most exciting industries
John Edwards, Her Majesty’s Trade Commissioner to China of DIT, said, "MingYang’s intention to make the UK their European base could be a game-changer, both for MingYang and for the UK’s energy industry. If successful, this investment will create the UK’s first wind turbine assembly factory."
The UK government has set an ambitious target of producing 40GW of offshore wind
John Edwards adds, "That means that more of the offshore wind energy we use in the UK would be made in the UK, creating more green jobs in one of our most exciting industries. We look forward to welcoming MingYang into the UK’s offshore wind industry."
The UK has been a global pioneer in offshore wind, with large installed capacity and mature, competitive market mechanisms for further growth. As part of the Ten Point Plan for a Green Industrial Revolution, the UK government has set an ambitious target of producing 40GW of offshore wind, including 1GW of innovative floating offshore wind by 2030.
Competitive market mechanisms
By committing to the targets and investments, the UK is well positioned to serve the broader efforts to develop offshore wind, with the aim of accelerating progress towards net zero carbon emissions by 2050.
MingYang Smart Energy is dedicated to becoming a global pioneer in providing digitalized and affordable clean energy solutions that benefit all people, as well as driving energy transitions and carbon neutrality globally in partnerships with its customers, suppliers and other stakeholders.
