Yingli Green Energy Enters into a Supply Agreement With Wacker Chemie AG
Yingli Green Energy Holding Company Limited (NYSE: YGE), a leading vertically integrated photovoltaic (PV) product manufacturer in China, announces today that it has entered into another long term agreement with Wacker Chemie AG (“Wacker”) of Germany to supply polysilicon in the period from 2010 through 2018. The total amount supplied under this agreement will allow Yingli Green Energy to produce 400MW of PV modules over the life of the agreement.
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy, commented, “This new long-term supply agreement, together with the two existing long-term supply agreements with Wacker scheduled from 2009 through 2013 and 2017, will greatly support our Phase III expansion project, which will be coming on line incrementally through 2010.”
Mr. Reimund Huber, Director of Marketing & Sales of Wacker, commented, “We are pleased to be entering into a third long-term supply agreement with Yingli Green Energy, further solidifying the supply relationship between the two companies.”
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (“Yingli Green Energy”) is one of the leading vertically integrated photovoltaic (PV) product manufacturers in China. Through Baoding Tianwei Yingli New Energy Resources Co., Ltd., its principal operating subsidiary, 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 a current annual production capacity of 95 megawatts of polysilicon ingots and wafers, 90 megawatts of PV cells and 100 megawatts of PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China. Yingli Green Energy is one of the few large-scale PV companies in China to have adopted vertical integration as its business model, and the Company expects to gradually expand annual production capacity of each polysilicon ingots and wafers, PV cells and PV modules to 400 megawatts by the end of 2008 and to 600 megawatts by 2010. 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, 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. Among other things, Yingli Green Energy’s expectations with respect the PV market above contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks 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.