Partnership to Boost Sales of PV Modules in Japanese Residential Rooftop Market
BAODING, China, April 19, 2011 /PRNewswire-Asia-FirstCall/ — 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 that it has entered into an exclusive agent agreement, and a 10 MW PV module distribution contract, with YHS Co., Ltd. (“YHS”), a joint venture of West Holdings Co., Ltd. (“WHD”), one of the largest construction companies for residential rooftop solar power systems in Japan; and with Super Tool Co., Ltd. (“Super Tool”), a Japan-based specialist of wrench components and hardware tools.
Under the terms of the relevant agreements, YHS is expected to purchase 10 MW of PV modules from the Company in the second half of 2011, and will be appointed as the Company’s exclusive agency in Japan for sales of PV modules within the Japanese residential market, effective from March through December 2011.
“We are pleased to announce this meaningful step that we took in expanding our sales within the Japanese solar market,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “We believe by cooperating with YHS, which enjoys strong support from WHD in the areas of distributing, marketing and selling imported PV modules in Japan, we will be better positioned in assessing and responding to the needs of our Japanese customers.”
Mr. Miao continued, “In light of the recent events in Japan, more countries and regions are expected to switch towards safer, cleaner and lower carbon energy generation sources which increases the need for renewables. As a leading solar energy company, we are committed to meeting these increasing demand worldwide.”
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.
About West Holdings
West Holdings is one of the largest construction companies for residential rooftop solar power systems in Japan. The company is involved in the planning, design, construction, sale, and remodeling of PV systems. At the end of February 2011, the company had sold and installed systems in nearly 22,000 homes in Japan. West Holdings was founded in 2006 and is publicly listed on the JASDAQ stock exchange (1407:JP).
About Super Tool
Super Tool, specializing in wrench components and hardware tools, such as piping tools, lifting clamps and cranes, has been researching ways to expand their business in the environmental sector through partnership with overseas companies. The company was founded in 1960 and is publicly listed on the JASDAQ stock exchange (5990:JP).
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.