Yingli Green Energy expands its footprint in the China market

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Yingli Green Energy Holding Company Ltd., has announced its recent business developments in the China market following a forum in Baoding, the first of its kind in China.

The company discussed the establishment of industry standards and project financing in connection with the construction of on-grid solar plants in China. Present at the event were senior managers and representatives from more than forty state-owned utilities companies, state grid corporations, project design and development companies and the local government.

Yingli also announced the establishment of a strategic alliance with a subsidiary of China Guangdong Nuclear Power Holding Co. Ltd., to explore the opportunities for development of on-grid solar projects both in China and overseas markets.

Hainan Provincial Development Holding Company Ltd., a state-owned enterprise, has also agreed to form a joint venture to be named, Hainan Yingli New Energy Resources Co., Ltd. This joint venture will build manufacturing facilities with annual production capacity of 100MW in each of polysilicon ingots and wafers, PV cells and PV modules in Haikou, Hainan Province. Under this agreement, Yingli Green Energy will hold an 80% equity interest in Hainan Yingli.

Yingli has also agreed with Hainan Development and Hainan Provincial Water Conservancy & Power Group Company Ltd., a state-owned enterprise in Hainan Province, to form another joint venture; Hainan Green Islands Power Company Ltd. This joint venture will develop and operate on-grid solar projects in Hainan Province. Under this agreement, Yingli will hold a 20% equity interest in Green Islands Power. It is expected that Green Islands Power will develop on-grid solar projects totaling up to 300MW from 2009-2011 in Hainan Province.

Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy said, “Following the launch of China’s PV incentive policies, including the Ministry of Finance’s announcement (22nd July) of the Golden Sun Demonstration Program, a subsidy program for the PV industry in China, and the kick-off of the construction of a 10MW on-grid solar plant in Dunhuang, we expect there will be many additional near-term opportunities in the China market.”

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