BAODING, China, Oct. 15 /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 markets its products under the brand "Yingli Solar," today announced its new 700 MW capacity expansion projects to be located at Baoding headquarters and in Hainan province.
Yingli Green Energy plans to build 600 MW of PANDA mono-crystalline silicon-based manufacturing lines in each of mono-crystalline ingots and wafers, cells and modules at its Baoding headquarters, through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd. ("Yingli China"). In addition, the Company also plans to build 100 MW of multi-crystalline silicon- based manufacturing lines in Haikou, Hainan Province through Yingli China. With the completion of these two new expansion projects, the Company's capacity will increase to 1.7 GW. The Company expects these two new expansion projects will start initial production from the middle of 2011.
"The launching of these new expansion projects marks another key milestone in the rapid growth of Yingli Green Energy," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The demand for our 'Yingli Solar' modules continues to grow rapidly in the global market and we are pleased to further expand our capacity to meet the growing market demand and the increasing interest in our 'Yingli Solar' modules. Especially, we see robust demand momentum for the Yingli Solar Panda Module(TM) as a result of its high cell conversion efficiency targeting to reach 18.5% or above on commercial production lines by the end of this year, which is expected to help reduce the balance-of-system costs. We are confident in solidifying our leading position in the increasingly challenging industry and further increasing our market shares with our expanded capacity."
"With a cash balance of more than RMB 4 billion in bank accounts as of September 30, 2010, the recent registration of RMB 2.4 billion medium-term notes, which is a committed funding source to further optimize our overall capital structure and enhance our cash position, we currently maintain a healthy level of cash, which we believe is further supported by expected additional long term project financings from PRC domestic banks to support our capacity expansion projects," commented Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy. "Such a robust cash position significantly helps remove the pressure for us to raise funds on stock market to finance the capacity expansion projects."
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. 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 located in Baoding and Hainan, respectively, have both started initial production in early July 2010, and are expected to bring Yingli Green Energy's nameplate capacity to 1 GW by the end of the third quarter of 2010. With the completion of another two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, the Company expects to increase its nameplate capacity to 1.7 GW PV modules by the end of the third quarter of 2011. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 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 .
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 Tel: +86-312-310-0502 Email: email@example.com In the Americas: Judy Tzeng Lee Director of Corporate Development Yingli Green Energy Holding Company Limited Tel: +1-510-847-3920 Email: firstname.lastname@example.org In Europe: Rebecca Jarschel Brand Manager Yingli Green Energy Europe GmbH Tel: +49-89-540-303-412 Email: email@example.com
SOURCE Yingli Green Energy Holding Company Limited