(Yicai) Oct. 13 -- Shares of Ming Yang Smart Energy Group climbed after the leading Chinese supplier of wind power equipment said it will invest GBP1.5 billion (USD2 billion) to build the United Kingdom’s first end-to-end wind turbine factory in Scotland.

Ming Yang [SHA: 601615] closed 7.3 percent higher at CNY18.04 (USD2.53) a share today, while the broader Shanghai market dipped on concerns over a possible re-escalation of the China-US trade war. Ming Yang’s stock has gained 43 percent so far this year.

The Scotland project will serve the UK, continental Europe and other non-Asian markets, strengthen Ming Yang’s position in the global offshore wind power industry, introduce its advanced technology to the North Sea region, and speed the commercial rollout of its floating wind solutions, the Zhongshan-based company announced yesterday.

The project will have three construction phases, the company said. Ming Yang will first build factories to make wind turbine blades and nacelles, with the first product batch expected by the end of 2028. 

After that it plans to expand production capacity and prepare to mass produce both conventional offshore and floating wind turbines. Lastly, it will localize the manufacture of control systems, electronic equipment, and other key components, the firm added.

Ming Yang noted that the project still requires approval from Chinese and British authorities, but said it has already held in-depth talks with the UK and Scottish governments and commercial discussions with Great British Energy, the National Wealth Fund, the Scottish National Investment Bank, the Crown Estate and UK Export Finance.

Ming Yang mainly makes wind turbines and develops wind farms. Its products include onshore and offshore wind turbines adapted to different climate conditions, which it has sold in Germany, the UK, Italy, and Serbia, according to its first-half financial report.

The company has pioneered typhoon-resistant and deep-water floating turbines and developed the world's largest floating wind power platform, the Mingyang Tiancheng.

Editor: Martin Kadiev