BAODING, China, Nov. 24, 2014 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE), the largest vertically integrated solar panel manufacturer in the world, known as "Yingli Solar", today announced that it has signed a landmark agreement to supply 120 MW of YGE 72 Cell solar panels for a 300 MW project in France. Upon completion this will be the largest solar power park in Europe.
According to the agreement, Yingli Solar will ship more than 393,000 multicrystalline panels between December 2014 and June 2015. The solar park located in Cestas in the South West of France, covering 250 hectares of land divided in 25 solar plants, is expected to be connected to the grid in October 2015.
The 360 million Euro project is being developed by Neoen, a leading independent French power producer. For the engineering and construction, Neoen and the project's other investors contracted with a consortium of local companies, including Eiffage-Clemessy and Schneider Electric.
"One important step for a project of such immense proportions is to gain the trust of investors and banks, which involves choosing the right partners. We are confident that our decision to work with Yingli, well recognized for their reliable services will help us to meet the challenging project program while ensuring the long term performance of the plants," said Mr. Patrick de Labrusse, Cestas Project Director, Eiffage-Clemessy.
Yingli Solar's high efficiency panels will comprise more than one third of the overall project. They will be mounted in an east-west orientation to boost the system's overall power density given their layout.
The developer has worked hard on multiple system optimizations and plant design in order to increase the project's profitability and competitiveness. As a result, the plant will provide electricity at 105 Euro per MWh, which is below the price of the United Kingdom's new nuclear electricity, for example. By driving down the cost of solar electricity, the project clearly demonstrates the increasing competitiveness of solar PV against traditional energy sources.
"We are honored to be part of this milestone project in the European PV market, and to be delivering a promising model that is driven by profitability and cost-competitiveness rather than dependence on public incentives," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer, Yingli Green Energy. "Reaching grid parity is a reality now and we are pleased to partner with innovative European companies such as Neoen and Eiffage-Clemessy – they set a high standard and work hard every day to build a low-carbon economy across Europe."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar," is the world's largest photovoltaic module manufacturer in terms of production capacity and shipments. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 10,000 MW of PV modules to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.
Eiffage Group is Europe's third largest construction and concession operator in France, ranked fourth in Europe, with activities organized around five business lines: construction, civil works, energy, metal and concessions with public-private partnerships.
Clemessy is part of the group's Energy Branch and offers all the skills required to design, integrate, install, maintain and improve systems and equipment in the fields of electrical engineering and mechanical engineering.
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 about Yingli Green Energy, please contact:
Qing Miao Vice President of Corporate Communications Yingli Green Energy Holding Company Limited Tel: +86 312 8929787 E-mail: email@example.com
In the Americas:
Helena Kimball Head of Marketing Yingli Green Energy Americas Inc. Tel: +1-603-591-5812 Email: firstname.lastname@example.org
Rebecca Jarschel Public Affairs & Public Relations Director Yingli Green Energy International AG Tel: +41 (0) 44 567 6143 Email: email@example.com
SOURCE Yingli Green Energy Holding Company Limited