BAODING, China, Oct. 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").
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.