China Ming Yang Wind Power (MY) Gets 125MW Wind Farm Deal, Looking More Bullish

Wind energy stocks have had the breeze at their back recently and China Ming Yang Wind Power (MY) has benefited from a resurgence in the sector.  The company also announced some good news yesterday in the form of an EPC contract for two wind farms with a total capacity of 125MW in Bulgaria.  The deal was actually inked back in December but the announcement wasn’t made until yesterday.  The first batch of wind turbines were shipped out on Feb 6th.  The deal is expected to provide further opportunities for the company in E. Europe.

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The first pilot project of 4.5MW is expected to be completed and commissioned in Somovit by mid summer while the larger 120MW portion is expected to commence in the 2nd half of the year.

“This represents a significant milestone of Ming Yang’s overseas market development, marking an important step in extending our footprint in mainstream European markets,” said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. “Our strategic partnership with W. Power is a strong endorsement of our capabilities and innovative business models for overseas markets, which are designed to provide total EPC solutions by combining equipment, technology, capital and financing support.

As mentioned above Ming Yang is looking much better technically in recent months with a high volume surge above resistance of the 50 day moving average in mid January followed by an orderly digestion of gains in recent weeks.  Look for a breakout from this recent consolidation as another entry point for a trade.

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