Yingli Green Energy Wins 11.56 MW Sales Contract From Iberdrola Ingenieria Y Construccion S.A.U.
Yingli Green Energy Holding Company Limited (NYSE: YGE) (“Yingli Green Energy” or the “Company”), a leading vertically integrated photovoltaic (PV) product manufacturer, today announced that it has won a new sales contract from Iberdrola IngenierÃa y Construcción S.A.U. (“IBERINCO”), a world leader in renewable energies. Under this contract, Yingli Green Energy will supply 11.56 MW of PV modules to IBERINCO in the first quarter of 2008. The PV modules to be supplied by Yingli Green Energy under this contract are expected to be used in a project in Caceres, Spain. The estimated delivery period starts in January 2008 and ends in March 2008.
“I am very pleased to announce this new contract with IBERINCO,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “This sales contract not only demonstrates that our product quality and brand name have been recognized by one of the world’s major renewable energy players, but also marks another step in our expansion in Spain. As Spain has always been one of our major markets, we will continue our efforts to promote our quality products and brand name to both existing and potential customers. I also believe our relationship with IBERINCO will enhance our future business developments in the region.”
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world’s leading vertically integrated photovoltaic (PV) product manufacturers. Through the Company’s principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 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” and similar statements. The forward-looking statements in this press release include, among other things, the Company’s expectation of the anticipated time frame for the delivery of the PV modules under the contract and the Company’s expectation of the contribution of its relationship with IBERINCO to Yingli Green Energy’s future business developments in Spain. 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, including its registration statement on Form F-1. 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.