Highlights From First Day of Yingli Green Energy 2008 Global Customer Conference
Yingli Green Energy Holding Company Limited (NYSE: YGE) (“Yingli Green Energy” or the “Company”), one of the world’s leading vertically integrated photovoltaic (“PV”) product manufacturers, today announced key highlights from the first day of the Yingli Green Energy 2008 Global Customer Conference (the “Conference”) hosted in Baoding October 29-30, 2008 as well as a framework agreement with the China Energy Conservation Investment Corporation.
Opening Speeches Address Global Energy Concerns
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy, delivered the opening address highlighting the PV industry’s challenges and opportunities. “The world continues to be affected by the shortage of energy, while the environment in which we all live needs to be protected and improved. Recent financial turmoil has led to disruptions in the global economy and market volatility which raise challenges for the entire renewable energy industry,” Mr. Miao commented. “The world’s major central banks banded together to support troubled markets and the ‘Presidents’ Announcement’ at the Seventh Asia-Europe Meeting showed us the strength of worldwide cooperation. The PV industry also needs this kind of cooperation to overcome these challenges.”
Mr. Qun Yu, Mayor of Baoding City provided an overview of the city’s clean energy industry development. “Facilitated by a policy favorable to national new and high-tech development, we have targeted six selected value chains to bring together in one new energy zone. This includes plans to aggressively develop photovoltaics, wind power, energy conservation, electricity storage, electricity transmission and electric power automation to forge a “China Power Valley” in Baoding such that it becomes a world renowned new energy base.”
In his address, Dr. Murray Cameron, Chief Operating Officer of Phoenix Solar AG and Vice-President of the European Photovoltaic Industry Association, described the tremendous growth and technological breakthroughs achieved in the PV industry as well as the challenges that lay ahead, stating “Maybe the dark cloud of the global financial crisis offers a silver lining for the solar electricity industry.” Dr. Cameron went on to describe the attractive opportunity represented by long-term investment in PV plants, particularly in countries with well-developed feed-in tariffs, adding, “We have to sell this message to the financial world.”
Remarks from Conference Participants
Attending the conference, Mr. Kai Lee, Chief Executive Officer of Sinosol AG, stated, “We identify with Yingli’s principle ‘Grow together and benefit both sides.’ We hope all companies in the PV industry work together to accelerate the proportion of PV utilization and appeal to the public to support the application of solar power.”
“We are truly impressed at the speed with which Yingli has built its high-quality and large-scale integrated PV production facility,” stated Mr. Thomas C. Sauer, Chief Executive Officer of IBC Solar AG. “We are confident that Yingli will meet its ambitious plans and that we will build a long-term and mutually beneficial partnership in the future.”
Mr. Steve Gyoerffy, Chief Executive Officer of GeckoLogic GmbH, stated, “I have visited Yingli many times and each time I am surprised by the constant improvements and advances. Yingli always exceeds my expectations and this first Customer Conference is no exception. There is a great sense of togetherness.”
“Generally, I am impressed about Yingli’s production standard, automation and fast growth,” stated Mr. Kurt Krannich, Chief Executive Officer of Krannich Solar GmbH. “I believe Yingli will be one of the key PV manufactures in China and the world.”
On-grid PV Project Strategic Partnership with CECIC
Yingli Green Energy signed a framework agreement with China Energy Conservation Investment Corporation (“CECIC”) today to form a strategic partnership. Under the proposed strategic partnership, Yingli Green Energy and CECIC plan to jointly develop on-grid PV projects in China. CECIC will be responsible for project planning, organization and operation while Yingli will provide high-quality PV modules, system installation service and grid-connection technical support. Both parties agreed to set up a joint project team to kick off preliminary preparation on concrete projects.
CECIC, one of the top ranked professional energy conservation and environmental protection agencies in China, was founded by China’s central government to promote and lead the advancement of the energy conservation and environmental protection industries in the country. CECIC has completed more than 3,000 large and important energy conservation projects in 13 different sectors since its establishment.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world’s leading vertically integrated 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW by mid-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, South Korea, Belgium, France, China and the United States. For more information, please visit 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 “may,”"will,”"expect,”"anticipate,”"future,”"intend,”"plan,”"believe,”"estimate,”"targets”, “projects,”"potential,”"outlook,”"continue,”"is/are likely to” 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.