Date Announced: 15 Oct 2010
Vertically integrated PV company with financial backing from the Chinese government expands crystalline-silicon cell capacity.
BAODING, China, Oct. 15 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE:YGE - News) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its new 700 MW capacity expansion projects to be located at Baoding headquarters and in Hainan province.
Yingli Green Energy plans to build 600 MW of PANDA mono-crystalline silicon-based manufacturing lines in each of mono-crystalline ingots and wafers, cells and modules at its Baoding headquarters, through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd. ("Yingli China"). In addition, the Company also plans to build 100 MW of multi-crystalline silicon- based manufacturing lines in Haikou, Hainan Province through Yingli China. With the completion of these two new expansion projects, the Company's capacity will increase to 1.7 GW. The Company expects these two new expansion projects will start initial production from the middle of 2011.
"The launching of these new expansion projects marks another key milestone in the rapid growth of Yingli Green Energy," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The demand for our 'Yingli Solar' modules continues to grow rapidly in the global market and we are pleased to further expand our capacity to meet the growing market demand and the increasing interest in our 'Yingli Solar' modules. Especially, we see robust demand momentum for the Yingli Solar Panda Module(TM) as a result of its high cell conversion efficiency targeting to reach 18.5% or above on commercial production lines by the end of this year, which is expected to help reduce the balance-of-system costs. We are confident in solidifying our leading position in the increasingly challenging industry and further increasing our market shares with our expanded capacity."
"With a cash balance of more than RMB 4 billion in bank accounts as of September 30, 2010, the recent registration of RMB 2.4 billion medium-term notes, which is a committed funding source to further optimize our overall capital structure and enhance our cash position, we currently maintain a healthy level of cash, which we believe is further supported by expected additional long term project financings from PRC domestic banks to support our capacity expansion projects," commented Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy. "Such a robust cash position significantly helps remove the pressure for us to raise funds on stock market to finance the capacity expansion projects."
Source: Yingli Green Energy
Web Site: www.yinglisolar.com