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 its wholly owned subsidiary, Yingli Green Energy Spain, S.L.U. ("Yingli Spain") has signed a 31.6 MW supply agreement with Gestamp Solar, a leading Spanish developer and operator of utility-scale PV systems for a solar power plant in Daigo, Japan.
According to the agreement, the Company will deliver more than 125,000 multicyrstalline YGE 60 Cell Series modules to Gestamp Solar from October 2014 to February 2015. The 31.6 MW solar power plant will be situated on a former golf course in the town of Daigo, located in Japan's Ibaraki Prefecture. The system is expected to generate approximately 32.730 GWh\year of clean electricity, and utility grid interconnection is anticipated in the second quarter of 2015. This is the first solar project developed by Gestamp Solar in Japan, and is also one of the largest utility-scale projects to be developed by a foreign company in Japan. Gestamp Solar is the sole proprietor of the project.
"This is an important milestone for Gestamp Solar. It is the largest single solar project to secure non-recourse financing in Japan and we are confident to see more projects on a similar scale in the future," said Mr. Jorge Barredo, Chief Executive Officer of Gestamp Solar.
"This is not the first collaboration between Yingli Spain and Gestamp Solar. In 2012, a 20 MW plant was built in Moquegua, Peru and Yingli was the sole PV module supplier. Gestamp Solar is a long-term strategic partner for us, and we look forward to a continuous and fruitful cooperation in the future," said Mr. Fernando Calisalvo, the Managing Director of Yingli Spain.
"We are pleased to see this achievement build on the company's track record of success in Japan, which includes our 32 MW project in Okayama, Japan announced in July," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The Company's shipments to Japan increased by more than 50% in the first quarter of this year as compared to the fourth quarter 2013. Our success in this important emerging market is key to Yingli's corporate strategy, and we look forward to further supporting the growth of solar PV in Japan moving forward."
