Aug 24 2008
Yingli Green Energy Holding Company Limited, one of the world’s leading vertically integrated photovoltaic product manufacturers, today announced that it has entered into a framework agreement with the local government of a county in Beijing regarding the proposed construction of a 10 MW solar power plant.
Under the framework agreement, a wholly-owned subsidiary of Yingli Green Energy and an entity controlled by the county government would establish a new company to construct the plant. Subject to further negotiations, the construction of the project would be expected to begin in the second half of 2009. In addition to further negotiations, governmental approvals relating to, among other things, project planning, connection to the electricity transmission grid and the feed-in tariff are expected to be required and therefore no assurance can be given that the project will proceed as currently contemplated or at all.
“We are excited about this opportunity to construct an on-grid solar power plant in Beijing, which would be the first solar power plant we construct and operate,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “We believe our participation in this project is in line with our strategy of expanding into downstream applications of PV technology and will further strengthen our vertical integration business model.”