Yingli Green Energy to supply 190 MW of PV panels under Chinese solar programme

(ADPnews) - Dec 3, 2010 - Chinese solar energy company Yingli Green Energy (NYSE:YGE) yesterday said it would supply 70% of the photovoltaic (PV) panels for 272 MW of solar plant projects to be set up under China's solar programme.

The Golden Sun Programme is funded by Chinese Ministry of Finance.

The company said most of the shipments were slated for the second half of 2011 under sales contracts with project owners, without announcing financial details of the contracts.

Yingli added that under the programme it would receive 70% subsidy from the Ministry of Finance, after it closes the sales agreements and executes the required applications procedures.

Yingli Green chairman and CEO Liansheng Miao said the deal was a considerable milestone for the company's growth in the domestic solar market. He said also "we expect this strategic move in emerging markets will further reduce the dependence on the German market, thus strengthening our long-term development dynamics".

China expects to boost its PV projects pipeline in the next two years to 1,000 MW per year at least after 2012, Liansheng Miao added.

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