Mingyang Smart Energy Group, a leading Chinese wind power company, has announced its largest overseas investment since going public. Following market close on October 12, the company revealed plans to establish the UK’s first fully integrated wind turbine manufacturing base in Scotland. The project is expected to involve a total investment of £1.5 billion.
The investment will be implemented in three phases. The first phase focuses on establishing advanced manufacturing facilities for wind turbine nacelles and blades, with initial production slated for late 2028. The second phase will expand production lines to accelerate large-scale manufacturing of UK floating wind turbine technology. The third phase aims to further extend operations to encompass the production of control systems, electronic equipment, and other critical components. This phased approach underscores Mingyang Smart Energy Group’s strategy to build a fully integrated offshore wind turbine manufacturing hub in the UK.
The company has engaged in in-depth discussions with both the UK and Scottish governments and conducted detailed commercial negotiations with key stakeholders, including the Great Britain Energy, National Wealth Fund, Scottish National Investment Bank, Crown Estate, and UK Export Finance, signaling its intention to secure both governmental and capital support for the project.
This £1.5 billion investment represents the company’s largest overseas venture to date and poses a significant challenge to its future cash flow. As of the first half of 2025, Mingyang Smart Energy Group’s total assets stood at £9.71 billion, with a debt-to-asset ratio of 69.93%, a three-year high. Nevertheless, the company maintains ample liquidity, holding approximately £1.16 billion in cash and cash equivalents. Key factors influencing future cash flow include the progress of ongoing projects and the sustainability of performance growth. As of mid-2025, construction-in-progress projects totaled £445 million, including the Mingyang Yangjiang Qingzhou IV Offshore Wind Farm Project, the Mingyang Yangjiang 16.6MW Floating Offshore Wind Demonstration Project, the Mingyang Smart Energy Group Southern Region Corporate Headquarters, the Zhanjiang Xuwen Dongsan Offshore Wind Demonstration Project, the Xinjiang Mingyang New Energy Industrial Cluster Base, the Mingyang Hainan Marine Energy R&D and International Business Headquarters, and the Mingyang (Lingao) Large Offshore Wind Turbine Testing Base Project.
Despite strong revenue growth, profitability has lagged. In the first half of 2025, revenue surged to RMB 17.143 billion, while net profit attributable to shareholders declined to RMB 610 million. During its September earnings briefing, the company addressed investor concerns regarding debt levels and profitability, emphasizing plans to optimize asset structure, improve accounts receivable management, and strategically evaluate its approach to capital markets.
Mingyang Smart Energy Group’s technological capabilities and market position in offshore wind remain strong. According to Wood Mackenzie, the company ranked second globally in offshore wind turbine market share in 2024, trailing only Siemens Gamesa. In the first half of 2025, it secured 1.68 GW of new overseas orders, primarily for floating and offshore wind turbines. The MySE18.X-20MW turbine, which connected to the grid in September 2024, is the world’s largest by single-unit capacity and rotor diameter, showcasing the company’s technical leadership in offshore wind.
The UK has been a key focus for Mingyang as its next growth frontier. In July 2025, Chairman Zhang Chuanwei visited the UK to meet Greg Jackson, CEO of Octopus Energy, to discuss collaborations on building smart clean energy systems in the UK and Europe, establishing a high-end manufacturing base and full-lifecycle smart center for offshore wind turbines, developing a “home port” network across the offshore wind supply chain, and supporting the global energy transition while stabilizing electricity markets. The UK government’s commitment to offshore wind is significant, with plans to expand capacity to 43–50 GW by 2030, up from 15.9 GW in 2024, while onshore wind and solar capacities are also expected to double and triple, respectively.
However, the UK offshore wind market faces challenges, including policy instability, lengthy project approvals, and the gradual phasing out of subsidies, which extend project payback periods and test investor patience. Mingyang’s entry is expected to strengthen the local supply chain and provide technical support to the growing industry. The company has acknowledged the inherent risks of its billion-dollar investment, noting that the complex international context, lengthy construction cycle, and substantial capital outlays make it difficult to predict the exact impact on profits, with potential risks including increased construction costs and project delays.
Nevertheless, with its strong technological foundation, global strategic vision, and engagement with government and financial stakeholders, Mingyang Smart Energy Group’s UK venture represents a bold step toward establishing itself as a leading player in the rapidly expanding offshore wind sector.
Source: riviera, the hill, mingyang, offshore wind, octopus energy
