BAODING, China, October 24, 2013 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), the world's largest vertically integrated photovoltaic ("PV") manufacturer, known as "Yingli Solar", today announced that its wholly-owned subsidiary, Yingli Energy (China) Company Limited ("Yingli China"), will supply 59 MW of multicrystalline YGE Series PV modules to China Three Gorges New Energy Co., Ltd. ("CTGNE"), a wholly-owned subsidiary of China Three Gorges Corporation ("CTG").
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The modules will be installed in three separate ground-mounted projects, which total 59 MW. All three utility-scale projects are being developed by CTGNE, and they will be located in Hebei Province, Gansu Province, and the Inner Mongolia Autonomous Region. Under the terms of the agreements, the Company will be the sole PV module supplier for these three projects, and delivery will be completed by the end of 2013.
"We are delighted to further enhance our partnership with CTGNE, to whom we have supplied over 100 MW of PV modules in the past. Our on-going collaboration with large scale project developers like CTGNE is indicative of our strong leadership position in China, which is based on our superior product quality, well-recognized brand, and convenient after-sales service," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "In addition, we have observed improved price and payment terms in recently signed agreements, which is evidence of China's domestic market growing more rational due to gradually balanced supply-demand."
"We selected Yingli Green Energy to supply this significant utility-scale project primarily because of their track record of success with projects of this scale, their high-quality products, and superior post-sale support. These factors are critical to the successful construction of large-scale projects, and working with established, powerful suppliers like Yingli minimizes risks in project development and operation," commented an anonymous project manager of CTGNE.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar," is the world's largest photovoltaic module manufacturer in terms of shipments. With 2,450 MW of vertically-integrated annual production capacity, Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20 regional subsidiaries and branch offices and has distributed more than 7,000 MW PV modules to customers worldwide. For more information please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.
About China Three Gorges New Energy Co., Ltd.
China Three Gorges New Energy Co., Ltd. (Three Gorges New Energy) is a wholly-owned subsidiary of China Three Gorges Corporation, which is one of the first state owned enterprises to enter the field of wind power. Three Gorges New Energy actively explores opportunities in renewable energy including wind, solar, and hydropower as well as other clean energy technologies. Three Gorges New Energy specializes in large-scaled renewable energy development and operations.
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," "target" 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.
For further information, please contact:
Qing Miao
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: ir@yinglisolar.com
