Yingli Green Energy Holding Company Limited (NYSE: YGE) (“Yingli”) (NYSE:YGE), one of the world’s leading solar panel manufacturers, known as “Yingli Solar,” today announced that it has connected its 50 MW PV power plant, located in Hebei Province, China, to the utility grid.
The 50 MW PV power plant is the first and largest power plant in Handan City, Hebei Province. It is expected to produce approximately 54 million kilowatt-hours of solar electricity each year, offsetting about 50,000 tons of carbon emissions annually. The project is also expected to generate annual revenue of RMB 54 million ($8.7 million USD) from national feed-in-tariffs for the next 20 years.
The project has obtained a 10-year, RMB 300 million (USD 48 million) financing facility from CGN International Finance Leasing, a wholly-owned subsidiary of China General Nuclear Power Group (CGN). Yingli is also negotiating with a third party for the transfer of the project, which is expected to be completed in the second half of 2015.
“With this 50 MW project, Yingli has now successfully connected approximately 180 MW of projects to the utility grid. We plan to accelerate our downstream activities moving forward to both expand and diversify our revenue sources,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
Yingli is one of the world’s leading solar panel manufacturers. Yingli’s manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and solar panel assembly. Headquartered in Baoding, China, Yingli has more than 30 regional subsidiaries and branch offices and has distributed more than 13 GW solar panels to customers worldwide.