BAODING, China, April 16, 2014
/PRNewswire/ -- Yingli Green Energy Holding Company Limited
(NYSE: YGE) ("Yingli Green Energy" or the "Company"), the largest
vertically integrated photovoltaic ("PV") module manufacturer in
the world, also known as "Yingli
Solar", today announced that its wholly-owned subsidiary,
Yingli Energy (China) Company Limited ("Yingli China") has signed a cooperation
agreement (the "Agreement") with Shanghai Sailing Capital
Management Co., Ltd., the manager of Shanghai Sailing Capital
Investment Fund, to jointly form a renewable energy fund (the
"Fund") in Shanghai with an aim to
invest in downstream solar energy projects in China. Shanghai Sailing Capital Investment
Fund is an affiliated entity of Sailing Capital International Fund
("Sailing Capital").
(Logo:
http://www.prnasia.com/sa/2012/04/01/20120401160439160364.jpg )
According to the Agreement, the Fund will have an initial size
of approximately RMB1 billion, of
which Yingli China commits to
contribute approximately 51% of the total capital through its
wholly owned affiliate in China.
The capital contribution will, however, be made in several
installments. The Fund is expected to invest primarily in Yingli
Green Energy's solar PV projects through various portfolios, and
both parties will take an active role in the management of the
Fund. The parties will enter into further definitive agreements to
formally define their partnership and specific investment
opportunities.
"Renewable energy is emerging as a strategic industry in
China and around the world, and
the PV segment in particular has great prospects for future
development," commented Mr. James Xiaodong
Liu, Chief Executive Officer of Sailing Capital's fund
manager. "As China's first large, cross-border RMB private
equity fund, Sailing Capital is pleased to join a PV industry
leader, Yingli Green Energy. The Fund, which will initially focus
on ground-mounted solar power plant and distributed solar power
generation system investments, marks the beginning of the two
companies' comprehensive cooperation through capital and industrial
resource sharing. This partnership will not only enhance Yingli
Green Energy's strategic efficiency, but will also drive the rapid
development of the industry and create value for the
investors."
"We are delighted to partner with Sailing Capital, a leading RMB
private equity fund with robust funding resources, to accelerate
our footprint in the downstream solar energy market," commented Mr.
Bryan Li, Executive Director and
Chief Strategy Officer of Yingli Green Energy. "As a long-term
strategic repositioning, this cooperation is a solid step towards
our transition from a PV manufacturer to a renewable energy
solutions provider. By securing a priority right in investing in
Yingli Green Energy's downstream solar projects, we should also be
able to seek more sources of investment in solar PV projects, while
at the same time minimizing potential risks."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar," is the world's
largest photovoltaic module manufacturer in terms of production
capacity and shipments. Yingli Green Energy's manufacturing covers
the photovoltaic value chain from ingot casting and wafering
through solar cell production and module assembly. Headquartered in
Baoding, China, Yingli Green Energy has more than 30 regional
subsidiaries and branch offices and has distributed more than 9,000
MW PV modules to customers worldwide. For more information, please
visit www.yinglisolar.com and join the conversation on
Facebook, Twitter, and Weibo.
About Sailing Capital
Sailing Capital International Fund ("Sailing Capital") is the
first large cross-border RMB private equity fund launched in
China. Sailing Capital was
established by Shanghai International Group, with initial capital
raised from limited partners, themselves all successful and
influential domestic enterprises. Sailing Capital's first round of
funding successfully raised RMB 12
billion (approximately US$1.9
billion). Sailing Capital engages in direct private equity
investments or investment through sub-funds, and can participate
throughout the capital structure -- equity, structured finance,
mezzanine and/or debt -- for buy-out, control, or significant
minority positions. Sailing Capital has a multinational and
experienced international team, comprising professionals formerly
at bulge bracket investment banks, law firms, private equity shops,
and the Big Four accounting firms.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of 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," "target" and
similar statements. 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.
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.
For further information about Yingli Green Energy,
please contact:
In China
Qing Miao
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: ir@yinglisolar.com
In the Americas:
Helena Kimball
Head of
Marketing
Yingli Green Energy Americas Inc.
Tel: +1-603-591-5812
Email: helena.kimball@yingliamericas.com
In Europe:
Rebecca Jarschel
Public
Affairs & Public Relations Director
Yingli Green Energy International AG
Tel: +41 (0) 44 567 6143
Email: rebecca.jarschel@yinglisolar.ch
SOURCE Yingli Green Energy Holding Company Limited