Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading solar panel manufacturers, known as "Yingli Solar," today announced that it completed grid connection for a 10 megawatt (MW) solar power plant in China's Hebei Province in late December 2014.
The solar power plant is located in Fuping, a mountainous region in western Hebei Province. It will produce more than 12,000 megawatt-hours (MWh) of electricity per year, which will meet nearly one fifth of Fuping County's residential power demand. Over the project's lifetime, the clean solar power it generates will offset the consumption of approximately 4,000 tons of coal and the emission of about 11,000 tons of carbon into the atmosphere.
The project qualifies for a national feed-in tariff of 1.0 RMB (0.16 USD) per kilowatt-hour (kWh) for 20 years, as well as additional incentives from the local government during its first three years of operation. Yingli is currently in negotiations with potential buyers of the project.
"This project is a powerful example of Yingli's successful downstream strategy in China, where we have approximately 400 MW of PV projects under construction totally 2014, over 200 MW of which is expected to be completed by the first half of 2015. With the solid incentive policies now in the Chinese solar market, we were able to accelerate construction timelines for many of these projects," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Yingli's transformation into a full-service provider of solar energy solutions is arriving at a time when public support and demand for solar power in China is at an all-time high."
