BAODING, China and BANGKOK, Jan. 12,
2016 /PRNewswire/ -- Yingli Green Energy Holding Company
Ltd. ("Yingli" or "Yingli Solar") (NYSE:YGE), one of the world's
leading solar panel manufacturers, today announced that its holding
subsidiary, Hainan Yingli New Energy Resource Co, LTD. ("Hainan Yingli"), has entered into definitive agreements
to form a joint venture ("JV") to establish a new solar panel
factory in Thailand with Demeter
Corporation PLC's subsidiary, Demeter Power Company Limited
("Demeter Power"), a Thailand-based developer, EPC provider, and
operator of renewable energy projects.
According to the agreements, Hainan Yingli will hold a 40% stake
in the JV and the JV will fully implement the project with a
capital investment of approximately 689
million Thai Baht ($19 million
USD). The new factory will be located in Pruckdang district
in Rayong, Thailand and have an
annual capacity of 300 megawatts (MW) of multicrystalline PV
panels, which will be sold by Yingli under the Yingli Solar brand
name. The facility is expected to begin operating in the second
half of 2016.
"We are proud to establish our first overseas manufacturing
operations in partnership with Demeter Power, and we hope to expand
the new factory's production capacity across the PV value chain in
the future," commented Mr. Liansheng
Miao, Chairman and CEO of Yingli Green Energy.
"Manufacturing PV panels in Thailand will enable the company to operate
more competitively in overseas markets as well as in the emerging
markets of Southeast Asia."
"We would like to join with Yingli to establish our first solar
module manufacturing operation here in Thailand," commented
Mr. Apichet Bhusry, CEO of Demeter Corporation PLC.
"Thailand's favorable
business climate, coupled with it generous tax incentive scheme,
world class infrastructure, and continued government support for
the expanding solar power industry
make Thailand a perfect place for
our new joint venture with Yingli."
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.
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
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: ir@yingli.com
In the Americas:
Tori Clifford
Director
of Marketing
Yingli Green Energy Americas Inc.
Tel: +1 415 728 0472
Email: tori.clifford@yingliamericas.com
In Europe:
Carolin
Staehler
Marketing Communications Manager Europe
Yingli Green Energy Europe GmbH
Email: pr.eu@yingli.com
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SOURCE Yingli Green Energy Holding Company Limited