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Shares of Ming Yang Smart Energy Group increased after the leading Chinese wind power equipment manufacturer announced plans to invest GBP1.5 billion (approximately USD2 billion) to establish the UK’s first comprehensive wind turbine manufacturing facility in Scotland.
The company’s stock rose 4% to CNY17.50 (around USD2.46) per share as of 10:30 a.m. today. Meanwhile, Chinese stock indices declined amid concerns over a potential escalation in trade tensions between China and the United States, with the Shanghai Composite Index falling 0.9%.
The company revealed that its Scottish project will be developed in three stages. Initially, it will build factories to produce wind turbine blades and nacelles, with the first products expected to be ready by the end of 2028. The second stage will focus on increasing production capacity to support large-scale manufacturing of both traditional offshore wind turbines and floating turbines. The third phase aims to produce control systems, electronic components, and other critical parts.
Approval from relevant authorities in both China and the UK is still pending. However, the firm has engaged in extensive discussions with the UK and Scottish governments regarding the investment and has held detailed commercial negotiations with organizations including Great British Energy, the National Wealth Fund, the Scottish National Investment Bank, the Crown Estate, and UK Export Finance.
The new facility will position the company as a key offshore wind equipment provider for the UK, Europe, and other markets outside Asia. It will also help establish the firm as a major player in the global offshore wind industry, facilitate the introduction of advanced offshore wind technology to the North Sea region, and accelerate the commercialization of its floating wind power innovations.
Specializing in wind turbine manufacturing and wind farm development, the company’s products include both onshore and offshore turbines designed for various climate conditions. These products are already in use in markets such as Germany, the UK, Italy, and Serbia, according to its financial report for the first half of the year.
Innovative offerings include typhoon-resistant floating offshore turbines, deep-sea floating wind turbines, and the world’s largest floating wind platform, the Mingyang Tiancheng.
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