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LONDON - Chinese renewable energy company Ming Yang Smart Energy Group Limited (GDR:MYSE) announced Monday plans to build the UK’s first integrated wind turbine manufacturing base in Scotland with a total investment of £1.5 billion (approximately RMB 14.21 billion).
The project will be implemented in three phases, according to a company press release. The first phase will establish manufacturing facilities for wind turbine nacelles and blades, with initial production expected by late 2028. Subsequent phases will expand production lines for floating wind technology and further develop manufacturing of control systems and electronic components.
Ming Yang stated it has engaged in discussions with UK and Scottish governments and conducted negotiations with Great British Energy, the National Wealth Fund, Scottish National Investment Bank, The Crown Estate, and UK Export Finance.
The company plans to fund the project through its own resources and external financing, including potential use of proceeds from its 2022 global depositary receipts issuance and future bank financing.
The investment remains subject to approvals from multiple regulatory bodies including the UK government and Chinese authorities. Ming Yang cautioned that the project faces various risks including potential regulatory hurdles, construction delays, operational challenges in overseas markets, and currency exchange fluctuations.
If completed, the manufacturing base would serve markets in the UK, Europe, and other non-Asian regions as part of the company’s internationalization strategy.
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