BAODING, China, Sept. 24, 2015 /PRNewswire/ -- Yingli Green Energy Holding Company Limited ("Yingli" or "Yingli Solar") (NYSE: YGE), one of the world's leading solar panel manufacturers, today announced that it recently signed several agreements with Qingdao New Energy Solutions Inc. (NESI), a leading provider of agricultural and industrial building-integrated photovoltaic (BIPV) and utility-scale solar solutions, for the supply of 130 megawatts (MW) of high quality solar panels. Yingli has begun to deliver the first 30 MW and expects to complete the delivery by the end of September 2015.
According to the terms of the companies' supply agreements, Yingli will supply the remaining 100 MW of solar panels by the end of the second quarter of 2016. These panels will be used in utility-scale projects, industrial rooftop systems as well as BIPV agricultural solutions, in Zhejiang, Inner Mongolia, Shandong and other provinces in China.
In total, Yingli will provide NESI with more than 500,000 multicrystalline YGE 60 Cell Series solar panels that are expected to generate approximately 150,000 megawatt-hours (MWh) of clean energy per year once operational. The clean energy they produce will offset about 120,000 tons of carbon emissions annually.
"As a leading supplier of agricultural and BIPV solutions in China, we are excited to begin our partnership with Yingli and expect the company to become one of our preferred suppliers," commented Mr. Shen Jianfei, Chief Operations Officer of NESI. "In August, NESI announced our collaboration with several state-owned banks and other entities to establish China's first agricultural PV project fund. As such, we intend to gradually increase our exposure to solar PV assets and hope to continue partnering with Yingli as we do so."
"We are pleased to begin collaborating with NESI, a comprehensive solar developer, and believe that together our companies will drive the adoption of BIPV and agricultural solar applications in China," commented Mr. Gang Wang, Vice President of Sales of Yingli Green Energy. "Our new partnership with NESI exemplifies Yingli's strategic effort to expand relationships with China's leading private enterprises, which has resulted in 350 MW of supply agreements with cash before delivery in 2015. With demand expected to grow in China through the second half of 2015, Yingli is focused on expanding our domestic footprint by strengthening our customer relationships and continuing to supply our high-quality products to this key market."
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 14 GW solar panels to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.
Qingdao New Energy Solutions Inc. (NESI), headquartered in Qingdao, Shandong Province, is a leading provider of BIPV and agricultural integrated PV solutions in China. By the end of 2014, it completed 230 MW of distributed rooftop PV projects and began started the construction of approximately 400 MW agricultural PV greenhouse projects, throughout 18 provinces in China, including Shandong, Tianjin, Hebei, Shanxi, Inner Mongolia, Zhejiang, Yunnan, etc. In 2015, NESI plans to build 500 MW of agricultural PV greenhouse projects.
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
In the Americas:
Director of Marketing
Yingli Green Energy Americas Inc.
Tel: +1 415 728 0472
Marketing Communications Manager Europe
Yingli Green Energy Europe GmbH
SOURCE Yingli Green Energy Holding Company Limited