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Ambani’s Global Wind seeks India approval for China Ming Yang turbine

Billionaire of Global Wind Power seeking approval to sell new China-made turbine in India from Ming Yang group

Wind farm in India
The Ming Yang arrangement could allow Global Wind to tap Chinese lenders for export finance to construct wind farms in India

Global Wind Power backed by billionaire Anil Ambani, is seeking approval to sell a new turbine in India from the China Ming Yang Wind Power Group, according to reports. Global Wind, a venture between Ambani's Reliance Capital (RCAPT) and Ming Yang, will submit the 1.5MW turbine to the Centre for Wind Energy Technology next month with approval seen around a month later, Chief Executive Officer Hiren Shah said, Bloomberg reports. The centre vets wind turbine models for use in India.

Chinese producers such as Sinovel Wind Group, Dongfang Electric and the Shanghai Electric Group, have won Indian orders to diversify out of an oversupplied home market. Global Wind, which assembles turbines in India from Ming Yang parts, will seek approval for a second 1.5MW machine by May.

The news follows Ming Yang completing its 6.5MW wind turbine prototype in July this year. The company claims the turbine will take down offshore wind power costs in China to a "new level."

The latest arrangement with Ming Yang may allow "Global Wind to tap Chinese lenders for export finance to construct wind farms in India," where developers' borrowing costs can be as high as 15 per cent, Shah has said.

Wind turbines make up 80 per cent of building costs. Funding projects with foreign loans, even after currency hedging, may lower borrowing costs to as low as 7 per cent, he said.

Ming Yang and Ambani's Reliance Anil Dhirubhai Ambani Group announced an agreement last year to develop as much as 2,500MW of wind capacity in India by 2015. In November, the China Development Bank said it may lend as much as USD 3bn to the companies after assessing their plans.