Yingli Green Energy and Munich Re Announce Performance Warranty Insurance Agreement
MUNICH, Germany and BAODING, China, Dec. 11, 2012 /PRNewswire/ -- 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 a module performance warranty insurance agreement (the "Agreement") with one of Munich Re's specialty primary insurers. According to the Agreement, Yingli Green Energy and Munich Re will provide additional economic security for large-scale commercial and utility project developers, investors and debt providers. The Agreement will cover Yingli Green Energy's multicrystalline modules sold from October 1, 2012 to September 30, 2013.
In the event of an unexpectedly large performance loss below guaranteed performance specification, Munich Re indemnifies Yingli Green Energy for its performance warranty obligations. The Agreement covers the 10-year and the 25-year warranty on all multicrystalline Yingli Solar modules. It guarantees that within ten years multicrystalline Yingli Solar modules exhibit a power output of no less than 91.2% of the nominal power output specified on the module's original product label. Furthermore it covers multicrystalline modules within 25 years exhibiting a power output of no less than 80.7% of the nominal power output as specified on its original product label.
As an additional feature, Munich Re offers the complementary Option Cover insurance available to customers of Yingli Green Energy unlocking investment and financing capital.
"Our state-of-the-art manufacturing lines and choice of suppliers have conveyed trust and reliability to banks, investors and rating agencies. Our partnership with Munich Re serves as another powerful edge for differentiation in a highly-competitive market environment," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
"This strategic alliance with one of the world's leading insurers represents an important milestone in the technical and performance de-risking of photovoltaic projects, thereby lowering the financing barriers that our customers experience during a business cycle where banks are more conservative," said Darren Thompson, Managing Director of Yingli Green Energy International AG.
"As utility scale project sizes continue to grow across the region, we have secured a module performance warranty insurance policy to support the reduction in cost of capital that will particularly benefit commercial and utility scale projects. This exemplifies once more our dedication to customer support at every stage of project development," said Robert Petrina, Managing Director of Yingli Americas.
"We are delighted to have concluded this contract to support Yingli in their forward-looking global growth plan. With our expertise, we can assume very special renewable energy risks and help provide greater investment security. We see considerable growth potential in risk transfer solutions for renewable energy," said Thomas Blunck, member of Munich Re's Board of Management.
In order to obtain further information on both the Corporate Policy and the Option Policy, please go to: www.munichre.com/gts.
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. In August 2012, Yingli Green Energy reached a balanced vertically integrated production capacity of 2,450 MW per year at its production facilities located in Baoding, Haikou, Tianjin and Hengshui, respectively. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China, Japan and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 20 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit www.yinglisolar.com.
About Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. Munich Re creates value for clients, shareholders and staff alike. In the financial year 2011, the Group - which pursues an integrated business model consisting of insurance and reinsurance - achieved a profit of €0.71bn on premium income of around €50bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. For more information, please visit www.munichre.com/gts.
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
Vice President of Corporate Communications.
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
In the Americas:
Head of Marketing
Yingli Green Energy Americas
Tel: +1 603 5915812
Marketing Communications Manager Europe
Yingli Green Energy Europe GmbH
SOURCE Yingli Green Energy Holding Company Limited