Yingli to build solar power plant in Beijing

Baoding, China-based Yingli Green Energy Holding (NYSE: YGE), a solar photovoltaic product manufacturer, announced today that it signed a framework agreement with a county government in Beijing for the construction of a solar power plant.

Yingli said it plans to start work on the 10 megawatt plant in the second half of 2009.

"We are excited about this opportunity to construct an on-grid solar power plant in Beijing, which would be the first solar power plant we construct and operate," said Liansheng Miao, chairman and CEO of Yingli.

Under the framework agreement, a new company will be established by Yingli and the county government to construct the plant.

"We believe our participation in this project is in line with our strategy of expanding into downstream applications of PV technology and will further strengthen our vertical integration business model," said Miao.

Yingli said the project is subject to further negotiations, as well as governmental approvals relating to project planning, connection to the electricity transmission grid and the feed-in tariff.

Last month, the company announced that it initiated small-scale production of photovoltaic components from its latest 200 MW expansion (see Yingli begins production of 200 MW expansion). The expansion was originally announced in 2007 as part of a three phase 500 MW project.

Yingli said it plans to have the 200 MW expansion gradually come on line with the installation expected to be complete by the fourth quarter of this year and running at capacity by year-end.

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