Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy or the "Company), is one of the world's leading vertically integrated photovoltaic ("PV) product manufacturers, today announced that it has signed a new sales contract with Recurrent Energy, Inc., ("Recurrent Energy), a solar services provider based in San Francisco, U.S.A, specializing in the development and operation of large rooftop real estate solutions. Under the terms of the contract, Recurrent Energy will purchase a minimum quantity of PV modules from Yingli Green Energy in each of the second, third and fourth quarters of 2008 with an option to purchase additional PV modules during these periods.
"After successful achievements in Spanish and Germany markets, I am pleased to announce this new contract with Recurrent Energy, a U.S based solar project developer. commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "This sales contract not only demonstrates that our product quality and brand recognition have been leveraged into U.S market, but also strengthens our global strategic development. As the U.S is expected to play an increasingly important role in the development of the alternative energy industry, we believe that cooperating with major U.S based system installation companies will enhance our market penetration and establish our credibility in the U.S. market.
"We are delighted to enter into this new business relationship with Yingli Green Energy, commented Arno Harris, CEO of Recurrent Energy. "Yingli Green Energy is known for its outstanding product quality and brand credibility. After an in-depth evaluation and assessment, Yingli Green Energy has been chosen as one of three global suppliers for our projects.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated photovoltaic ("PV) product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States.
About Recurrent Energy
Recurrent Energy provides Solar as a Service to REITs and institutional property owners. The company builds, owns, and operates solar power systems on its customers' rooftops”supplying on-site solar electricity via a power purchase agreement. In addition to making solar power affordable and cost-effective, Recurrent Energy has a unique approach that provides benefits to both tenants and property owners. Tenants receive clean, renewable electricity at competitive rates. Owners receive a green improvement and income from roof rent with no investment, no operating burden, and no maintenance expense. For more information on Recurrent Energy and Solar as a Service, please visit: http://www.recurrentenergy.com
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will,"expects, "anticipates,"future, "intends,"plans, "believes,"estimates and similar statements. The forward-looking statements in this press release include, among other things, the Company's expectation of the anticipated time frame for the delivery of the PV modules under the contract and the Company's expectation of the contribution of its relationship with Recurrent Energy to Yingli Green Energy's future business developments in the United States. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.