[Cancelled] CDB provides $136 million loan for 120MW Milkovitsa Wind Farm Project.

In October 2011, Ming Yang Wind Power Group secured a $5 billion line of credit from China Development Bank to finance overseas wind power project. Then, in 2012, the Guangdong Branch of China Development Bank issued a $136 million loan to W.Power EOOD (“W.Power”) — a special purpose vehicle — for the 120MW Milkovitsa Wind Farm Project. The proceeds of the loan were to be used by the borrower to partially finance an EUR 150 million commercial (EPC) contract between Ming Yang Wind Power (International) and W.Power EOOD (“W.Power”). The purpose of the project was to construct a 120MW wind farm in Milkovitsa, Pleven, Bulgaria. A first batch of wind turbine generators for a 4.5MW pilot project in Somovit, Bulgaria was shipped in February 2012. The 120MW wind farm project in Milkovitsa was originally scheduled to commence during the second half of 2012. However, it appears that the project and the CDB loan were cancelled in 2012 after the Government of Bulgaria announced its intention to reduce its wind subsidy by about 22 percent to 148.71 lev ($95) a megawatt-hour.

Additional details

1. Mingyang Holdings (Singapore) Pte. Ltd holds 66% equity interest in M.W. Wind Power OOD, a Bulgarian company, which currently has two wholly owned subsidiaries, namely W.Power EOOD (“W.Power”) and W.Power-2 EOOD. 2. Mingyang Wind Power (International) Co., Limited held 66.7% equity interest in MW EP Renewables International LTD. (CYPRUS) (“MW EP Group”), a Cyprus company, which currently has two wholly owned subsidiaries, namely A1 Development EOOD and 99% equity interest in MW Renewable International SRL (Romania).

Number of official sources

3

Number of total sources

11