Yingli Green Energy and Borrego Solar Enter into New PV Module Supply Agreement 20 MW Agreement Doubles Shipments of Yingli Solar PV Modules to Borrego Solar from 2010
BAODING, China, Feb. 9, 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," announced today that its U.S. subsidiary, Yingli Green Energy Americas, Inc. ("Yingli Americas"), has signed a new PV module supply agreement with San Diego-based Borrego Solar Systems Inc. ("Borrego Solar"). Under the terms of the agreement, Yingli Americas is expected to supply 20 megawatts (MW) of PV modules to Borrego Solar in 2011. These modules are designated for commercial solar projects across the U.S.
Borrego Solar purchased 10 MW of Yingli Solar PV modules in 2010, which were used in several high-profile projects, including the San Diego Community College District (San Diego, CA, 2.8 MW), City of Ridgecrest (Ridgecrest, CA, 500 kW), and San Diego County Water Authority (San Diego, CA, 1.8 MW). In total, these projects created approximately 400 green jobs, and are expected to deliver enough clean solar energy to power approximately 8,500 homes.
"We have been impressed by Yingli Americas' dedicated team, commitment to quality and dependable delivery since our very first order," said Aaron Hall, President of Borrego Solar. "Borrego Solar will always continue to work with multiple vendors, and as with the case with Yingli Americas, we have doubled our purchase volume in 2011. We made this decision based on our past positive experiences and the confidence that Yingli Americas can supply our customers with reliable products."
Robert Petrina, Managing Director of Yingli Americas, said, "We are pleased to announce our expanded relationship with Borrego Solar, a proven solar developer and committed long-term partner. With a significant pipeline of contracted sales secured and a highly-experienced team, we're continuing to work closely with customers like Borrego Solar to further the accessibility of solar energy, and to lower power costs for the end user."
Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented, "We have known Borrego Solar for several years and value the strength of our relationship, as well as our combined focus on solar energy adoption. Together, our companies are bringing green jobs and clean electricity to leading commercial businesses and institutions throughout the U.S."
About Borrego Solar
Established in 1980, Borrego Solar Systems, Inc. is a leading national financier, designer and installer of commercial and government grid-connected solar electric power systems. Borrego Solar's photovoltaic systems are efficient, reliable and cost-effective. With more than three decades of experience and over a 1,000 installations completed—totaling more than 35 MW—Borrego Solar offers a comprehensive line of design and installation services throughout California, New England, and the Mid Atlantic. For more information, visit www.borregosolar.com.
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.
For further information, please contact:
In the Americas:
Director, Investor Relations
Head of Marketing Communications
Yingli Green Energy Holding Co. Ltd.
Yingli Green Energy Americas
Yingli Green Energy Europe GmbH
Tel: +86 312 3100502
Phone: +1 603 591 5812
Telephone: +49 89 540303412
SOURCE Yingli Green Energy Holding Company Limited