China Ming Yang Wind Power Group Limited, a leading wind energy solution provider in China, recently announced that it has completed the acquisition of the remaining 1% stake of China Smart Electric Group Limited, a Cayman Islands company on October 26, 2015. China Smart owns all of the equity interest in Wise Renergy Holdings Limited, a Hong Kong company, 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.. Ming Yang had announced the acquisition of its 99% stake in China Smart on May 18, 2015.
In exchange for the remaining 1% stake in RENergy, Ming Yang will pay a total purchase consideration of approximately RMB9.2 million (US$1.5 million at the exchange rate of RMB6.1169 to US$1.00). This consideration will be paid in cash.Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, commented, “The completion of the RENergy acquisition enhances our cost and business synergies and research and development capacities by fully integrating RENergy’s patented electrical control system technologies. 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.”