Posted: August 30, 2023
Following the BRICS Business Forum held on the margins of the BRICS Summit last week, Sanya Group and Minyang Smart Energy have entered into a joint venture to set up manufacturing plants in South Africa.
Sinayo Group from South Africa announces that it has entered into a Memorandum of Understanding with Mingyang Smart Energy Group, a company from China, to form a Joint Venture (JV) that will, through a R1 billion investment, establish two manufacturing plants for photovoltaic products and wind turbines to supply South Africa and the rest of Southern Africa. Both plants will be located in Johannesburg.
Mingyang is a leading clean energy integrated solutions provider that is engaged in the wind energy and solar energy sectors, ranking top in offshore wind innovation. The project is expected to create over 1 000 jobs across both factories.
Sinayo Group is a black women-owned and led investment firm founded in 2016. Its growth strategy has entailed asset gathering through asset management, securities brokerage and short-term insurance acquisitions but recently expanded to direct fixed investment into the energy and manufacturing sectors of the South African economy.
Sinayo Infinity will be a strategic investor and majority shareholder in the JV company and Mingyang shall for at least five years, lead the strategy development for the manufacture of solar panels and wind turbines and, and provide technical support to factory operations including the training and development of South African staff members, who shall assume management control of operations within three years of the factories becoming operational.
“Today marks the beginning of a new chapter for the Sinayo team,” said Babalwa Ngonyama the Founder and Global CEO of Sinayo Group.
“Our Joint Venture will – by leveraging our understanding of the domestic market and Mingyang’s expertise, resources and network; ensure that we give impetus to much-needed local enterprise development and job creation while doing our part to accelerate Southern Africa’s participation in the global shift to clean energy,” added Ngonyama
The Pan Asian CEO of Sinayo Infinity, Gregg Abell, welcomed the competitive position the JV will carve out for the business.
“The Mingyang partnership will give us a beachhead position in the local and regional supply of clean energy products. It shall provide us access to innovative and leading world-class new energy products that will be locally manufactured through state-of-the-art facilities and technologies,” added Abell.
“We are pleased to partner Sinayo Infinity in our expansion into Southern Africa, which is emerging as a high growth region for our company,” said the Chairman of Mingyang, Chuawei Zhang.
“Our Sinayo Infinity partnership, with its unmatched combination of local market knowledge and skills, new energy product development capabilities and manufacturing experience; shall unlock opportunities that will expand our footprint across regional energy markets,” he added.
The Acting Deputy Director-General of Investment and Spatial Industrial Development at the South African Department of Trade, Industry and Competition, Mr Yunus Hoosen welcomed the joint venture partnership between Sinayo Group and Mingyang.
“This joint venture comes as part of our strategic engagements with China to deepen investment and industrial development in South Africa. During the State Visit of President Xi Jinping and the BRICS Business Forum last week, the South African Government signed MOUs on the green economy and industrial development as well as energy cooperation. We are encouraged by this joint venture to manufacture and deepen localisation in the energy sector and look forward to the setting up of these manufacturing facilities in South Africa,” said Hoosen.
Stavros Nicolaou, of the South African Chapter of the BRICS Business Council, added that the Council both welcomes and congratulates Sinayo, a South African female led, diversified company and its Chinese partner, Mingyang on successfully concluding this MOU, which is consistent with the ambition of China and South Africa to collaborate in key sectors of our economies, in this instance energy security a key driver of the South African economy.
“This deal provides a partnership opportunity to further bolster South Africa’s efforts towards green economy and just transitioning,” added Nicolaou.
Established in 2006, Mingyang Smart Energy is a world-class wind turbine manufacturer and clean energy integrated solutions provider. It is engaged in the wind energy and solar energy sectors, ranking 40th among the World’s Top 500 New Energy Enterprises and first in offshore wind innovation. It is a new energy group that has gained a worldwide reputation, while remaining China’s top-rated new energy business. Mingyang is targeting annual revenue of CYN 100 billion (USD 14 billion). For more information, please visit www.myse.com.cn
Bongani Lukhele – Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)
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