Yingli Green Energy Holding Company Limited, the vertically integrated photovoltaic ("PV") module manufacturer in the world, known as "Yingli Solar," announced on April 14th that its wholly-owned subsidiary, Yingli Energy (China) Company Limited 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 operation platform for solar PV plants in China. 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 the 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."