BAODING, China, Dec. 19 /PRNewswire-Asia-FirstCall/ -- 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 that it has entered into sales agreements with two leading German PV system integrators, City Solar Kraftwerke AG ("City Solar") and Wirsol Deutschland GmbH ("Wirsol").
20 MW PV Module Sales Agreement with City Solar
Under the sales agreement with City Solar, one of the leading German developers and turnkey providers of large-scale PV power plants, Yingli Green Energy is expected to supply 20 MW of PV modules to City Solar in 2009. In addition, City Solar has an option to purchase an additional 30 MW of PV modules from Yingli Green Energy in 2009.
"We are delighted to initiate our business relationship with Yingli Green Energy," commented Mr. Steffen Kammler, President and Chief Executive Officer of City Solar. "We believe we can provide more profitable solar power plants to our customers by using Yingli Green Energy's PV modules with their reliable quality and stable output performance, which are vital for the successful and profitable operation of solar power plants throughout their lifetime."
15 MW PV Module Sales Agreement with Wirsol
Under the sales agreement with Wirsol, one of the leading German PV system specialists delivering solar-based solutions to both residential and commercial customers, Yingli Green Energy is expected to supply 15 MW of PV modules to Wirsol from December 2008 through October 2009. In addition, Wirsol has an option to purchase an additional 20 MW of PV modules from Yingli Green Energy in 2009.
"We are please to sign this contract with Yingli Green Energy," commented Mr. Markus Wirth, managing director of Wirsol. "As a German solar specialist with the quality seal of RAL certification, we work under strictly controlled quality standards: All work processes are documented and transparent, from the first consultation to installation and beyond. We have gained sufficient confidence in Yingli Green Energy's capability to provide high-quality and reliable products through testing its products under real conditions in our own solar park and from our visits to its facilities which impressed us with its advanced automation level and rigorous quality program."
"We are pleased to announce our sales contract with City Solar and Wirsol," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We have established a solid position as a reliable PV module supplier for large-scale PV power plants and other solar power solutions worldwide, thanks to our successful track record and long history in cooperating with utilities and PV system installers in Europe. We expect to continue to capture market share in a more competitive environment with our high quality products, brand recognition and competitive PV module pricing. In addition, we believe the recent dramatic decrease in polysilicon prices and our excellent performance in maintaining low non-polysilicon costs will further help us along the way towards achieving grid parity."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., 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. With 400 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter of 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit http://www.yinglisolar.com .
About City Solar
Since its founding in 2003, City Solar has emerged as one of the leading European developers and turnkey providers of large-scale photovoltaic power plants. From the initiation of solar projects and the acquisition of suitable sites to maintenance and technical management, City Solar covers the whole process by focusing on superior technology. Reliable and cost-effective management turns the City Solar plants with a total performance of 81 MW into economic and ecologic investments throughout their lifetime. For more information, please visit http://www.citysolar.de .
About Wirsol
Wirsol is a Germany-based PV system integrator focusing on residential and commercial rooftop installations as well as on solar parks. The company is headquartered in Baden Württemberg, one of the wealthiest regions in Germany, and besides Germany operates internationally in Spain, Italy and the Czech Republic. For more information, please visit http://www.wirsol.de .
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
In the United States:
Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
In Hong Kong:
Chen Yuan Yuan
Christensen
Tel: +852-2232-3926
Email: ychen@ChristensenIR.com
