Ming Yang Smart Energy Group Limited plans to build the UK's first full industry chain integrated wind turbine manufacturing base in Scotland. The total investment for this project is expected to be GBP 1.5 billion, equivalent to approximately RMB 14.21 billion (based on the RMB central parity rate on October 10, 2025), which will be used to construct manufacturing facilities for offshore and floating wind turbines. The plan is expected to be carried out in three phases: Phase 1: Establish an advanced manufacturing facility for wind turbine nacelles and blades, with the first batch expected to be put into production by the end of 2028; Phase 2: Expand production lines to accelerate the large-scale production of floating wind technology in the UK; Phase 3: Further expand to the production of control systems, electronic devices, and other key components.
The funding for this project will come from the Company's own funds and self-raised funds (including but not limited to the funds raised from the global depositary receipts issued by the Company in 2022 and future bank financing). As of now, the Company has engaged in in-depth discussions with the UK government and the Scottish government regarding this plan, and has conducted detailed commercial negotiations with Great British Energy, the National Wealth Fund, the Scottish National Investment Bank, The Crown Estate, and UK Export Finance. II.
Impact on the Company 1. The overseas market has enormous potential, and seeking new business growth points abroad is an important step for the Company in actively promoting its internationalization strategy. The Company has always been committed to deeply cultivating both offshore and overseas markets. Establishing this overseas production base will help the Company create an offshore wind power center serving the UK, Europe, and other non-Asian markets, promoting the Company to become an important participant in the global offshore wind power industry.
2. This project will introduce the Company's advanced offshore wind power technology to the North Sea region, conducive to accelerating the commercialization process of floating wind power technology. By establishing a complete production and service system locally, the Company will promote the key links of the renewable energy industry chain to be established in the UK, enhancing its leading position in the global offshore wind power technology standard-setting and industrial upgrading. The project will create more job opportunities locally, assisting the Company in localizing its overseas business and talents.
The Company's floating wind power technology will also provide strong support for the UK in achieving its goal of clean energy transition, aligning with the global trend towards carbon neutrality and the green energy development policy orientation of various countries.
