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Yingli Green Energy Expands Its Footprint in the China Market

Posted on: Wednesday, 22 July 2009, 07:10 CDT

BAODING, China, July 22 /PRNewswire-Asia-FirstCall/ -- 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 its recent business developments in the China market.

China Market Business Updates

Yingli Green Energy hosted a forum in Baoding, the first of its kind in China, to discuss the establishment of industry standards and project financing in connection with the construction of on-grid solar plants in China. In attendance at the event were senior managers and representatives from more than forty state-owned utilities companies, state grid corporations, project design and development companies and the local government. The Company also announced the establishment of a strategic alliance with a subsidiary of China Guangdong Nuclear Power Holding Co., Ltd. ("CGNPC") to explore the opportunities for development of on-grid solar projects both in China and overseas markets.

Expansion Activities in Hainan Province

Yingli Green Energy has agreed with Hainan Provincial Development Holding Company Limited ("Hainan Development"), a state-owned enterprise, to form a joint venture, Hainan Yingli New Energy Resources Co., Ltd. ("Hainan Yingli"), to build manufacturing facilities with annual production capacity of 100 MW in each of polysilicon ingots and wafers, PV cells and PV modules in Haikou, Hainan Province. Under the agreement, Yingli Green Energy will hold an 80% equity interest in Hainan Yingli. The establishment of Hainan Yingli will be subject to the approval of Yingli Green Energy's board of directors.

In addition, Yingli Green Energy has agreed with Hainan Development and Hainan Provincial Water Conservancy & Power Group Company Limited, a state-owned enterprise in Hainan Province, to form another joint venture, Hainan Green Islands Power Company Limited ("Green Islands Power") to develop and operate on-grid solar projects in Hainan Province. Under the agreement, Yingli Green Energy will hold a 20% equity interest in Green Islands Power. It is expected that Green Islands Power will develop on-grid solar projects totaling up to 300 megawatts from 2009 to 2011 in Hainan Province.

"We are very excited to be participating in the development of China's PV industry," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Following the launch of China's PV incentive policies, including the Ministry of Finance's announcement yesterday of the Golden Sun Demonstration Program, a subsidy program for the PV industry in China, and the kick-off of the construction of a 10 MW on-grid solar plant in Dunhuang, we expect there will be many additional near-term opportunities in the China market. As one of the world's leading PV players and a pioneer in China's domestic PV industry, we are actively seeking opportunities to expand our market footprint through cooperation with provincial and municipal governments as well as leading utilities companies."

Mr. Miao continued, "As such, we are particularly excited about our expansion into Hainan Province, an area rich in solar resources and benefiting from strong local government support. Our newly proposed joint ventures, Hainan Yingli and Green Islands Power, will be the province's first PV manufacturer and PV project integrator, respectively. As a renewable energy company, we are dedicated to driving the viability of PV applications and supporting sustainable development worldwide and we see these recent moves in the China market as natural extensions of our growth strategy and corporate mission."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE) is one of the world's leading vertically integrated PV product manufacturers. 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. Based in Baoding, China, Yingli Green Energy sells its PV modules to 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 http://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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "is/are likely to" and similar statements, in particular, those relating to the anticipated shipments for the second quarter of 2009 and the expected gross margin target for the same quarter. Such statements are based upon management's current expectations and projections about future events and financial trends, as well as 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.

SOURCE Yingli Green Energy Holding Company Limited

Source: PR Newswire

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