BAODING, China, Dec. 2, 2010 /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 it has been selected as a major PV module supplier to the Gold Sun Program, which is sponsored by the Ministry of Finance of China (the "Program"). In November 2010, a total amount of 272 MW PV projects were announced under the Program, to which the Company is expected to supply approximately 70% of the PV modules. Under the terms of the Company's secured sales agreements with system owners, the majority of the module shipments are scheduled in the second half of 2011. In addition, according to the guidelines of the Program, the Ministry of Finance will grant 70% of subsidy to the Company once the sales agreements are concluded and the relevant application procedures are fulfilled, which is expected to occur before product delivery.
"We are honored to become a major PV module supplier for the Golden Sun Program, which is a significant business milestone for our expansion in the Chinese solar market," Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy commented. "I am happy to witness that the Chinese government has demonstrated its strong commitment to boost renewable energy utilization in its recently announced Five-Year Plan. Meanwhile, the renewable energy industry, including solar energy, has been identified as one of China's strategic emerging industries by the central government of China. Earlier today, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Housing and Urban-Rural Development, and the National Energy Administration jointly hosted a meeting to further boost the utilization of renewable energy in China. In the meeting, the Chinese government declared its expectations to further expand its PV project portfolio in the next two years to reach a scale of at least 1,000 MW per year after 2012."
"As a solar pioneer based in China, Yingli Green Energy has demonstrated a firm commitment to the Golden Sun Program. The Company is responding to its mission and responsibility to meet the demand for affordable renewable energy in China by supplying high quality PV products from cutting-edge technologies. In addition, we expect this strategic move in emerging markets will further reduce the dependence on the German market, thus strengthening our long-term development dynamics," Mr. Miao concluded.
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 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, which are expected to start initial production since the middle of 2011 and will increase the Company's total capacity to 1.7 GW in late 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:
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 3100502
In the Americas:
Judy Tzeng Lee
Director of Corporate Development
Yingli Green Energy Holding Company Limited
Phone: +1 510 8473920
Yingli Green Energy Europe GmbH
Telephone: +49 89 540303412
SOURCE Yingli Green Energy Holding Company Limited