In order to strengthen its business practices in Southeast Asia, Yingli Green Energy has set up a wholly-owned subsidiary.
BAODING, China and SINGAPORE, April 27, 2011 /PRNewswire via COMTEX/ —
Yingli Green Energy Holding Company Limited (NYSE: YGE) (“Yingli Green Energy” or the “Company”), a leading solar energy company and one of the world’s largest vertically integrated photovoltaic manufacturers, which markets its products under the brand “Yingli Solar,” today announced the establishment of its regional headquarters in Singapore.
In order to strengthen its business practices in Southeast Asia, Yingli Green Energy has set up a wholly-owned subsidiary, Yingli Green Energy Singapore Company Pte. Limited (“Yingli Singapore”). Located on Battery Road, Singapore, this new office will drive sales and further business development for the Company in Southeast Asia.
“We are pleased to announce the opening of our regional headquarters in Singapore,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “Singapore is a talent hub for clean technology and a favorable environment to expand the adoption of solar energy. Given our track record of global successes and the strong support from the Singapore Economic Development Board, we expect to penetrate deeper into this region with our new location. In addition, we plan on building a research and development center in Singapore, which will focus on the development of PV products that are best suitable for island climates.”
“We warmly welcome Yingli Green Energy’s decision to establish its regional headquarters and R&D centre in Singapore. This investment will add to the vibrancy of our solar ecosystem and strengthen the development of Singapore as a global clean energy hub. It also affirms how Singapore is viewed increasingly as the internationalization platform for clean energy companies,” said Mr Yeoh Keat Chuan, Assistant Managing Director, Singapore Economic Development Board.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand “Yingli Solar,” is a leading solar energy company and one of the world’s largest vertically integrated photovoltaic manufacturers. Yingli Green Energy’s manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced vertically integrated production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, which are expected to start initial production in the middle of 2011 and will increase the Company’s total nameplate capacity to 1.7 GW in late 2011. In addition, Yingli Green Energy’s in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 9,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit http://www.yinglisolar.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy’s control, which may cause Yingli Green Energy’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy’s filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.