Yingli Green Energy (Yingli Solar), through its wholly-owned subsidiary, Yingli Singapore, has signed a memorandum of understanding (MOU) with Huawei, Solventina Solar Energy and Kasikornbank for entering into Thailand’s solar market.
The Thai government has established a target to install 3GW of solar power by 2021 and to increase its renewable energy share up to at least 20% by 2022. The acts represent Thailand’s position as one of the fastest emerging solar markets in the Aisa-Pacific region.Clean Technia reports that Thailand has had several polices in place to support investments in renewables, including tax incentives and benefits. Certain fixed purchase price for solar power has also added by Provisional Electricity Authority of Thailand.
The MOU suggests signers to provide turnkey solar solutions for Thai’s power plants and distributed generation project. With Yingli’s strong presence in the Thai market, the collaboration would help to accelerate the solar power expansion in the nation. In May 2014, Yingli announced to provide EPC service to the Electricity Generating Authority of Thailand for a 5MW solar power plant in Thailand.
Thailand has year-round high solar radiation and supportive policies for renewable industry, making it an attractive market for investors. The development will also create jobs as well as reduce dependence on fossil fuels.