BAODING, China, and ROHNERT PARK, Calif., June 22 /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 holds the brand "Yingli Solar," today announced that its U.S. subsidiary, Yingli Green Energy Americas, Inc. ("Yingli Green Energy Americas") has signed a strategic PV module supply agreement with DC Power Systems ("DC Power") through the end of 2010. This is one of the largest U.S. agreements for Yingli Green Energy Americas this year, and is also the largest contract between the companies to date.
Yingli Green Energy Americas' solar panels have been sold to the residential market through DC Power and other solar distributors. According to the Solar Energy Industries Association, residential grid-tied PV installations are showing particularly strong growth, increasing by 100% in 2009 in the U.S.
"We are pleased to widen our distribution capabilities across the U.S. by aligning with an experienced, reputable partner such as DC Power," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "By expanding our reach into fast-growing segments of the North American market we are delivering economically viable solutions for renewable power generation where they are needed the most."
Daniel Marino, Executive Vice President of DC Power Systems, remarked, "We have been particularly impressed with Yingli Green Energy's motivated organization and their ability to consistently deliver high-quality, reliable modules that ultimately provide great value to our customers. When we look for long-term partners, we seek companies such as Yingli Green Energy that not only have a track record of success and a superior brand, but also have the strong product warranty commitments and proven trustworthiness to meet our end users' discerning needs."
"DC Power is one of the largest PV distributors in the nation and is a key component to our U.S. growth strategy," added Robert Petrina, Managing Director of Yingli Green Energy Americas. "With this partnership, our customers receive extensive value-added services, ranging from financing options to installation training, while we remain focused on our core competencies as a module supplier. We believe this value-added collaboration will enhance Yingli Green Energy's distribution channel well into the future."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which holds 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 production capacity of over 600 MW per year. Two capacity expansion projects of 300 MW and 100 MW are under construction in Baoding and Hainan, respectively, and are expected to bring Yingli Green Energy's total capacity to 1 GW by the end of 2010. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, is at the final stage of the segment trial process, and is expected to start fully integrated production from mid-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 7,000 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 .
About DC Power
DC Power Systems is one of the largest distributors of renewable energy products in the Western hemisphere. Supported by coast to coast warehousing, best in class engineering support, customer service and product selections, DC Power services and trains more installers than any other American distributor. For more information, please contact Chris Phipps at [email protected], 707-992-3130, or visit the DC Power Systems website at http://www.dcpower-systems.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 China: Qing Miao Director, Investor Relations Yingli Green Energy Holding Company Limited Phone: +86-312-3100502 Email: [email protected] In the Americas: Judy Tzeng Lee Director of Corporate Development Yingli Green Energy Holding Company Limited Phone: +1-510-847-3920 Email: [email protected] In Europe: Rebecca Jarschel Brand Manager Yingli Green Energy Europe GmbH Phone: +49-89-540303412 Email: [email protected]
SOURCE Yingli Green Energy Holding Company Limited