The modules are expected to be utilized for two ground-mounted solar projects constructed by Huanghe Hydropower.
BAODING, China, June 30, 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 (“PV”) manufacturers, which markets its products under the brand “Yingli Solar“, today announced that the Company has entered into supply agreements with Huanghe Hydropower Development Co., Ltd. (“Huanghe Hydropower”), a subsidiary of China Power Investment Corporation, for the supply of a total of 110 MW PV modules.
The modules are expected to be utilized for two ground-mounted solar projects constructed by Huanghe Hydropower. The Company is the largest supplier for these two projects. Under the terms of the agreement, the Company will supply 30 MW PV modules for a solar project located in Wulan, Qinghai province (“Wulan Project”), and 80 MW PV modules for a solar project located in Golmud, Qinghai province (“Golmud Project”). These modules are expected to be delivered from June through August of this year.
Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented, “We are pleased to establish a business relationship with Huanghe Hydropower and supply our PV modules for the development of these PV power projects, which currently are the largest in China. This new business relationship represents our continued commitment to the China solar PV market, which has experienced rapid growth over the recent two years. These two projects will provide tens of thousands of people in Qinghai province with clean and safe power, as well as create green jobs and promote sustainable economic development of Qinghai province.”
About Huanghe Hydropower
Established in October, 1999, Huanghe Hydropower Development Co., Ltd. (“Huanghe Hydropower”) is a large-scale integrated energy company owned by China Power Investment Corporation. Currently, the company engages mainly in the development and construction of power plants; the production and operation of the power plant; the production of silicon and solar power equipment and the production and selling of aluminum products. For more information, please visit http://www.hhsd.com.cn
About China Power Investment Corporation
China Power Investment Corporation is one of the five Gencos in China and a comprehensive energy group integrating industries of power, coal, aluminium, railway and port. Possessing assets in hydropower, thermal power, nuclear power and new energies, it is one of the three companies in China that can develop, build and operate nuclear power plants. CPI was founded in 2002. For more information, please visit http://eng.cpicorp.com.cn.
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 11,000 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.