BAODING, China, April 23, 2015 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading solar panel manufacturers, known as "Yingli Solar," today announced that Pakistan's Parliament House will be powered by 1 megawatt (MW) of high efficiency multicrystalline Yingli Solar panels. The project was fully funded by the Chinese government, and was inaugurated by the leaders of China and Pakistan on Tuesday, April 21, 2015.
The Yingli Solar system is expected to generate approximately 1.6 million kilowatt-hours of solar electricity annually, offsetting approximately 2,500 tons of carbon dioxide emissions. It is anticipated that the system will be completed by the end of June 2015, and that it will reduce the building's electricity costs by up to Rs28 million (USD27 thousand) per annum. China Railway 17th Bureau Group Co., Ltd. is in charge of the engineering, procurement and construction of the project and the Company will supply its YGE 60 Cell Series panels for the project.
"We are delighted to make this breakthrough in Pakistan's emerging solar market and help Pakistan's Parliament House to go green alongside our partners," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "It is an honor to contribute to these two countries' efforts to strengthen their relationship, and this project is sure to help Yingli solidify its reputation and intensify its development in the market."
With abundant solar radiation resources and a severe electricity shortage, there is huge potential for solar energy in Pakistan, where the energy mix is currently dominated by oil and gas. Pakistan's government introduced a feed-in-tariff (FiT) scheme at the beginning of 2014, which applied to solar power plants of between 1 MW and 100 MW capacity with varying rates in the north and south of the country. The government also approved a net energy metering system, which allows solar panel purchasers to sell the power they produce to the national grid, at the end of 2014.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar," is one of the world's leading solar panel manufacturers. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and solar panel assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 10 GW solar panels to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.
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
SOURCE Yingli Green Energy Holding Company Limited