BAODING, China and SANTIAGO, Chile, July 22, 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", has expanded its footprint in the Americas by opening the Company's third Latin American office in Santiago, Chile.
To facilitate the opening of the new office and Yingli's growth in the Chilean solar market, Yingli has brought on Mr. Robert Muhn to serve as Managing Director of Yingli Green Energy Chile. Under his leadership, the Santiago office will initially focus on the country's burgeoning utility-scale solar market segment, where Mr. Muhn will build on the Company's track record of success in supplying large-scale solar plants in Latin America. Thanks to its strong partnerships with leading global project developers and EPCs operating in Latin America, Yingli has already deployed more than 25 megawatts (MW) of solar modules in Chile. " Chile is a high-potential solar market and home to some of the strongest solar irradiation in the world, particularly in the Atacama Desert," noted Mr. Robert Muhn, Managing Director of Yingli Green Energy Chile, "While we see tremendous growth potential in Chile's utility-scale market, we also anticipate that the country's relatively high electricity prices and strong solar resources will provide a foundation for a thriving and sustainable distributed generation market in the future." As demonstrated by the Company's long-standing presence in the region, the South and Central American solar energy markets are a major strategic priority in Yingli's long-term global development plans. In addition to Yingli's permanent offices in Mexico City, São Paolo, and Santiago, the Company also maintains warehouses and inventory in both Mexico and Brazil, which expedite and streamline regional module deliveries. "Our continued investments in Latin America are a reflection of our confidence in this key emerging market's long-term growth potential," said Mr. Jeffrey Barnett, Vice President of International Sales at Yingli Green Energy Americas. "Thanks to our strong team of professionals across the region, we are establishing lasting partnerships with pioneering companies to help drive the expansion of solar PV across Latin America." Led by Brazil, Chile, and Mexico, the Latin American region is expected to install over 700MW of solar panels in 2014, according to GTM Research. Industry analysts also predict that solar demand in the region will exceed one gigawatt in 2015 and achieve a 50% annual growth rate for the next several years. 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 30 regional subsidiaries and branch offices and has distributed more than 9,000 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.