Yingli announces contract for 10% of its production

Yingli Green Energy (NYSE: YGE) this morning announced a contract to supply 9.55 megawatts of PV modules to a Spanish integrator, or about 10% of its current annual production.

The customer, Control y Montajes Industriales, builds power plants, including solar and wind installations.

Delivery of the modules is to take place this calendar year. 

"We are very pleased to announce this significant transaction in Spain, which further solidifies our market position and grows our market share in Spain, one of our most important markets, and demonstrates our capability in expanding our reach into the southern European markets as a result of increasing recognition of our brand and product quality," said Liansheng Miao, chairman and CEO of Yingli Green Energy.

"Due to the country’s favorable feed-in tariffs and significant exposure to sunshine throughout the year, the PV market in Spain has grown rapidly in recent years. We believe that this will likely continue to provide us with opportunities."

Yingli Green Energy is one of the leading vertically integrated photovoltaic, or PV, product manufacturers in China. It produces silicon, builds solar cells and manufactures modules based on those cells.

Yingli currently has an annual production capacity of 95 megawatts of polysilicon ingots and wafers, 90 megawatts of PV cells and 100 megawatts of PV modules. Like most solar manufacturers, it has announced plans for expansion of production, hoping to produce 600 megawatts by 2010.

The company went public last month at $11 a share and declined on its first day of trading, but was trading at $15 a share this morning—up 3.45% over its previous close of $14.50.

Cleantech developments making news in the past 24 hours

• Nine clean technology predictions for 2009
• Ag tech, fuel cells thrive in busy week for deals

View the last week of cleantech developments here | Subscribe to full feed