BAODING, China, April 4, 2016 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Solar" or "Yingli"), one of the world's leading solar panel manufacturers, today announced that together with its U.S. subsidiary, Yingli Green Energy Americas, it has reached an agreement with the Solyndra Residual Trust ("Solyndra") to settle a previously disclosed anti-trust and unfair trade practice lawsuit filed in the U.S. District Court of the Northern District of California.
According to the agreement, Yingli will make an immediate payment of $7.5 million USD to Solyndra, and the lawsuit against Yingli will be dismissed with prejudice. Solyndra will also release Yingli and all of its affiliates from any similar claims or allegations in the future. If Yingli or any of its affiliates' total solar panel sales to the U.S. and Canada equals or exceeds 800 megawatts (MW) in a single calendar year between 2016 and 2018, the Company will make an additional one-time payment of $10 million USD to Solyndra.
"While we continue to reject Solyndra's claims as baseless, our team is satisfied with the settlement's terms and we are pleased to conclude litigation," commented Mr. Liansheng Miao, Chairman and CEO of Yingli. "Looking forward, we will remain focused on our mission to bring Yingli's high-performing PV technology to communities across the Americas that are eager to adopt affordable clean energy."
About Yingli Solar
Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar" or "Yingli", is one of the world's leading solar panel manufacturers. Yingli'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 has more than 30 regional subsidiaries and branch offices and has distributed more than 14 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's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli's filings with the U.S. Securities and Exchange Commission. Yingli 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:
Investor Relations Director
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
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SOURCE Yingli Green Energy Holding Company Limited