Yingli Green expects Panda module sales to reach 1GW in 2011

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One of the key low-cost PV module manufacturers, Yingli Green is also fast becoming one of the largest suppliers of high-efficiency modules. According to Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, its Panda cell technology is in such strong demand that the company has already entered into supply agreements totalling 721MW for 2011 and expects that figure to rise to 1GW by the end of next year.

At 18.5% cell efficiencies in volume production, Yingli Green expects cell efficiencies to reach 20% in 2012. Verified by the Fraunhofer Institute for Solar Energy Systems ISE in Germany, Yingli Green has already produced Panda cells on its pilot lines of 19.5%.

The company is currently adding 700MW of new capacity, which is expected to come on stream in the middle of 2011, which would take Yingli’s nameplate capacity to 1.7GW in late 2011. This suggests that its Panda cell technology would equate to well over half its production capacity by year-end.

“The demand for our ‘Yingli Solar’ modules continues to grow rapidly in the global market. Especially, we see robust demand momentum for the Yingli Solar Panda Module as a result of its higher performance compared with traditional modules with P-type cells,” noted Liansheng Miao. “As of today, we have entered into sales contracts under which a total of 721 MW of PV modules are expected to be delivered in 2011, and this figure is expected to increase to 1,000 MW by the end of this year. ”

Miao also noted that due to continued strong demand Yingli Green has raised its PV module shipment target to the estimated range of 1,020MW to 1,040MW. Previously, the company had guided shipments of between 950MW and 1GW for fiscal year 2010.

This means that shipments are expected to have increased 94.2% to 98.0% compared to 2009. The company guided net revenue for 2010 to be in the range of US$1.78 billion to US$1.81 billion, having reached sales of US$490.9 million in the third quarter, a 25.2% quarter over quarter increase.

Gross profit in the third quarter was US$163.6 million, an increase of 20.9% from the second quarter. Gross margin was reported at 33.3%, compared to 33.5% in the second quarter.

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