BAODING, China, Jan. 30, 2014 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), the largest vertically integrated photovoltaic ("PV") module manufacturer in the world, known as "Yingli Solar," today announced that its joint venture ("JV"), Hainan Solar Power Co., Ltd. ("HNSP") has developed more than 100 MW of solar projects in Hainan Province, China since its establishment in 2009. Yingli Solar is the exclusive module supplier for all of HNSP's solar projects.
HNSP was formed by Yingli Energy ( China) Company Limited, a wholly-owned subsidiary of Yingli Green Energy, and two state-owned companies, Hainan Development Holdings Co., Ltd., and Hainan Provincial Water Conservancy & Hydropower Group Co., Ltd., to develop solar, wind, and hydropower projects in the island province of Hainan. Today, HNSP is the largest solar project developer in Hainan. After several rounds of capital increases, Yingli Solar now holds a 27.7% stake in HNSP.
HNSP owns all of these solar projects, which were developed with a total investment of approximately RMB 1.4 billion ( USD 231.5 million). The installations include utility-scale power plants, residential and commercial rooftop systems, agricultural PV applications, building-integrated PV projects, and off-grid applications. Two thirds of these solar projects are connected to the utility grid. In addition to serving as HNSP's exclusive module supplier, Yingli Solar also provided EPC services for some of the projects.Hainan province is in a unique position to develop solar power in light of its long hours of sunshine and strong solar radiation. Through these completed projects, it turns out that Yingli Solar has greatly improved the utilization of solar energy resources in Hainan province by superior products, making a positive contribution for Hainan province to developing a low-carbon economy, approaching a green growth, and building an international tourist island. Mr. Xu Xiangcheng, General Manager of HNSP, said, "HNSP has been committed to becoming an excellent clean energy supplier to undertake social responsibility and provide green power for the society. We are deeply grateful to all parties involved for helping us make remarkable accomplishment in developing solar power projects, and especially to Yingli Solar, whose high quality modules and rich downstream experience were critical factors to our success. With the joint efforts of all parties, we believe HNSP will develop more aggressively and faster in solar project business." "First of all, I would like to congratulate HNSP on its outstanding achievements in the development of solar projects in Hainan," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. " China is looking to PV as a key strategy for tackling its great energy demand, strengthening environmental protection and deepening ecological civilization, which means that China's solar market is brimming with great potential. Over the years, the Yingli Solar accumulated experiences through joining with state-owned enterprises to develop PV projects and found a new approach to promote downstream business across China. We believe that this diversified cooperation with state-owned enterprises will assure long-term development of our downstream business across China." About Yingli Green Energy Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar," is the world's largest photovoltaic module manufacturer in terms of production capacity and shipments. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20 regional subsidiaries and branch offices and has distributed more than 7,000 MW PV modules to customers worldwide. For more information please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo. 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," "target" 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.