Yingli Green Energy Calls on the European Commission to Halt Protectionism
BAODING, China, Sept. 5, 2012 /PRNewswire-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" states that the anti-dumping complaint filed at the European Commission in July this year is unfounded. Today, the European Commission has announced the opening of an anti-dumping investigation into Chinese solar products.
"We will closely cooperate with the European Commission in order to prove that the conditions for the imposition of punitive tariffs are not fulfilled. Regardless of misleading claims, we remain focused on producing competitive, high-quality products based on our investments in research and development. As a NYSE-listed company with a worldwide presence, we constantly meet the highest standards of international trade practices. We are fully transparent with our funding sources and cost structure," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
"The solar industry is based on a global and complex value chain, and will be therefore substantially and negatively affected by trade protectionism. There would be no winners but rather immeasurable damage and regression from our fundamental goal of making solar a cost-effective energy source available to everyone. In addition, such actions would significantly delay the onset of a sustainable solar electricity market free of government support," said Darren Thompson, Managing Director, Yingli Green Energy Europe GmbH.
Open markets and increased competition have made solar energy in the EU affordable, contributing to a balanced European energy mix and the achievement of the ambitious EU 2020 climate change targets. Today, the price for solar energy is already competitive with more carbon-intensive energy sources in some areas in Europe. A misguided trade war could undermine years of solar industry progress, investment and innovation.
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, which 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 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.
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:
Director, Investor Relations
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
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