BAODING, China, Feb. 25, 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 it will supply 54 MW of solar modules to seven projects in the United Kingdom ("U.K.") that are developed by Grid Essence UK Ltd., a wholly-owned subsidiary of Grid Essence Holdings Ltd.
The Company's multicrystalline YGE Series modules will be installed in ground-mounted solar projects located in the south of England and Wales. Construction has already begun, and modules will be delivered between February and March 2014. Scheduled for grid connection by the end of Q1 2014, the seven solar power plants will generate an estimated total of 54,500 MWh of green electricity per year.
The fully permitted projects are also eligible to receive Renewable Obligation Certificates (ROCs) issued by the United Kingdom Department for Energy and Climate Change (DECC). ROCs, which can be traded or sold, can be used by U.K. electricity suppliers to meet regulatory requirements to generate electricity from renewable resources.
"We are honored to cooperate with Yingli Green Energy on these projects, which are critical for us to achieve our renewable energy target within the next five years. By leveraging our track record of success in solar project development and combined with Yingli Solar's great brand reputation, we are confident that this cooperation will bring us a sustainable growth." commented Mr. Steve Bourbonnais, the Co-Founder & Chief Executive Officer of Grid Essence."We are pleased to partner with Grid Essence on these projects while at the same time making a positive contribution to the burgeoning solar industry in the U.K. In doing so, we will continue maintaining our leading position in this important market," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. 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. About Grid Essence Grid Essence Holdings Ltd. ("Grid Essence") is a Cyprus company incorporated in 2012. Grid Essence was established to become an independent power producer producing energy from 100% renewable energy sources ("RES"). Grid Essence's mission is to own and operate at least one GW of renewable energy producing plants within the next 5 years, initially focusing on solar generation. Grid Essence wishes to build a solid platform as a RES power producer to take advantage of the upside offered by evolving renewable energy technologies such as energy storage. Grid Essence currently has 60 MW of PV projects under construction, 22.5 MW of operating PV and circa 20 MW of ready to build PV projects under contract. In turn, management has developed an impressive pipeline of solar projects in the UK, France, and Italy to support its ambitious growth plan, which also includes the acquisition of selected operating PV plants. For further information, please visit www.gridessence.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," "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.
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