BAODING, China, Jan. 13 /PRNewswire-Asia/ -- 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 it has received through its US subsidiary, Yingli Green Energy Americas, Inc. ("Yingli Americas"), a tax credit of US$4.5 million from the United States Treasury Department, as part of its Recovery Act Advanced Manufacturing Tax Credit program ("MITC program"), for the Company's planned establishment of manufacturing operations in the United States. According to the U.S. Department of Energy, tax credits under the MITC program are focused on putting Americans back to work by building a robust domestic manufacturing capacity to supply clean and renewable energy projects with American-made parts and equipment.
Yingli Green Energy is currently evaluating several potential sites for its planned 100 MW module manufacturing facility, which will also serve as its North American headquarters for operations and research and development. The Company expects to select a location in the following weeks and begin production later this year. Much of the manufacturing equipment used for production and testing will be procured from US companies and assembled in the United States.
"We are pleased to have been selected as a recipient of tax credits under the MITC program," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Establishing a manufacturing presence in the United States will enable our company to better serve our local customers and build upon our existing commercial relationships. The tax credits we received will positively contribute towards making these domestic operations sustainable for our customers, employees and community."
"The tax credits we received will accelerate our momentum in the US market," added Mr. Robert Petrina, Managing Director of Yingli Americas. "Our North America Center of Excellence will serve to facilitate the collaboration we enjoy with our commercial partners and reduce time-to-market for newly developed innovative products designed to drive down the cost of solar power generation. We look forward to advancing our contribution to the growth of the domestic green economy."
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" 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:
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: cshike@brunswickgroup.com
In the United States:
Katie Cralle
Brunswick Group LLC
Tel: +1-212-333-3810
Email: kcralle@brunswickgroup.com