SAN FRANCISCO, BAODING, China and PHILADELPHIA, June 9 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, and Recurrent Energy, a distributed power company and a leading provider of solar energy, today announced that they have entered into a strategic sales agreement at the PV America conference in Philadelphia, PA.
Under this agreement, Yingli Green Energy has agreed to supply Recurrent Energy with crystalline PV modules through 2012 for expected use in Recurrent Energy's distributed solar projects, typically ranging from 2 to 20 MW, in the U.S., Canada, Europe and other emerging markets.
"Today's agreement further signifies our commitment to meeting the industry's demand for reliable, scalable and cost-competitive modules," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We are particularly excited to work with Recurrent Energy as they are pursuing an aggressive market development strategy with a strong pipeline of projects across North America and Europe."
"The combination of Yingli Green Energy's high quality modules, manufacturing scale and competitive pricing fits well with our development goals, especially within the rapidly-growing utility market," said Arno Harris, Chief Executive Officer of Recurrent Energy. "With this strategic partnership, we're confident in our ability to provide industry-leading distributed solar power to customers worldwide."
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 .
About Recurrent Energy
Recurrent Energy is a distributed power company and a leading provider of solar energy. The company solves rising global demand for clean energy by developing and owning solar power plants located in areas of high demand where power is needed most. Recurrent Energy sells clean electricity to commercial, government, and utility customers at competitive rates via Power Purchase Agreements or Feed-in Tariffs. Notable projects include a 5 megawatt planned installation with The City and County of San Francisco, which will be the largest municipal solar installation in the United States upon completion. For more information on Recurrent Energy and distributed solar power, please visit http://www.recurrentenergy.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" 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:
For Yingli Green Energy
In China:
Qing Miao
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86-312-3100-502
Email: ir@yinglisolar.com
Courtney Shike
Brunswick Group LLC
Tel: +86-10-6566-2256
Email: yingli@brunswickgroup.com
In the United States:
Katie Cralle
Brunswick Group LLC
Tel: +1-212-333-3810
Email: kcralle@brunswickgroup.com
For Recurrent Energy
Helena Kimball
Director, Marketing Communications
Recurrent Energy
Tel: +1-415-675-1513
Email: helena@recurrentenergy.com