BAODING, China, Dec. 2, 2010 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) today announced it has been selected as a major PV module supplier to the Gold Sun Program, which is sponsored by the Ministry of Finance of China (the "Program").
In November 2010, a total amount of 272 MW PV projects were announced under the Program, to which the Company is expected to supply approximately 70% of the PV modules.
Under the terms of the Company's secured sales agreements with system owners, the majority of the module shipments are scheduled in the second half of 2011. In addition, according to the guidelines of the Program, the Ministry of Finance will grant 70% of subsidy to the Company once the sales agreements are concluded and the relevant application procedures are fulfilled, which is expected to occur before product delivery.
"We are honored to become a major PV module supplier for the Golden Sun Program, which is a significant business milestone for our expansion in the Chinese solar market," Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy commented. "I am happy to witness that the Chinese government has demonstrated its strong commitment to boost renewable energy utilization in its recently announced Five-Year Plan.
Meanwhile, the renewable energy industry, including solar energy, has been identified as one of China's strategic emerging industries by the central government of China.
Earlier today, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Housing and Urban-Rural Development, and the National Energy Administration jointly hosted a meeting to further boost the utilization of renewable energy in China. In the meeting, the Chinese government declared its expectations to further expand its PV project portfolio in the next two years to reach a scale of at least 1,000 MW per year after 2012."
"As a solar pioneer based in China, Yingli Green Energy has demonstrated a firm commitment to the Golden Sun Program. The Company is responding to its mission and responsibility to meet the demand for affordable renewable energy in China by supplying high quality PV products from cutting-edge technologies. In addition, we expect this strategic move in emerging markets will further reduce the dependence on the German market, thus strengthening our long-term development dynamics," Mr. Miao concluded.
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