BAODING, China, April 14, 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," today announced that its wholly-owned subsidiary, Yingli Energy (China) Company Limited ("Yingli China,") has entered into a framework agreement with United Photovoltaic Group Limited ("United PV" ) for the acquisition of China-based solar PV plants to be developed and constructed by Yingli Green Energy. United PV is a company listed on the Main Board of Hong Kong Stock Exchange.
According to the agreement, United PV will acquire at least 300 MW of large-scale solar energy systems, which is eligible for certain criterions, from Yingli China from 2014 to 2016. The plants are located mainly in Hebei, Guangxi, Shanxi, Shandong, and other provinces. Yingli China's wholly-owned project companies will have 100% equity in the power plants, and are responsible for their development, construction, and operation. United PV will acquire the project companies from Yingli China after the grid-connection and inspection to meet certain criterions addressed in the agreement.
"The collaboration with Yingli Green Energy will benefit both of our companies as we work to expand China's installed solar capacity through large-scale PV projects and create the leading operation platform for solar PV plants in China. Yingli Green Energy is one of the global PV industry leaders and the world's largest PV module manufacturer - they are experienced and capable in developing high quality solar plants.
Together, we look forward to further cooperative opportunities in PV across the globe," said Mr. Hong LI, Chief Financial Officer of United PV.
"United PV has attracted significant public attention and recognition because of its success in China's downstream solar industry. United PV's deep experience in the acquisition and operation of solar PV plants complements Yingli's leading position in PV module manufacturing, system design, and construction," said Mr. Yiyu Wang, Chief Financial Officer of Yingli Green Energy. "As evidenced by today's announcement, Yingli remains committed to accelerating the development of our downstream business globally. We are pursuing this strategy in order to further improve profitability and optimize the Company's financial structure."
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.
About United PV
United Photovoltaics Group Limited ("United PV" or "the Company," stock code: 00686.HK), is a leading photovoltaic power plant investor and operator in China. On 10 June 2013, the Company (formerly known as "Goldpoly New Energy Holdings Limited") completed the acquisition of China Merchants New Energy Holdings Limited, building China Merchants New Energy Group into the largest shareholder of the Company. Following the acquisition, the Company commenced a series of mergers and acquisitions by leveraging strong connections with SOEs and leading conglomerates to consolidate resources in the solar power industry. The Company aims to become China's most efficient and professional operational platform for photovoltaic power plants as well as to establish a healthy photovoltaic green ecosystem. The Company is listed on the Main board of the Hong Kong Stock Exchange with the stock code 00686.HK, and was officially renamed United Photovoltaics Group in early 2014. For more information. please visit www.unitedpvgroup.com.
SOURCE Yingli Green Energy Holding Company Limited