Yingli Green Energy Holding Company Ltd. (“Yingli” or “Yingli Solar”) (NYSE:YGE), one of the world’s leading solar panel manufacturers, today announced that its wholly owned subsidiary, Yingli Green Energy Europe GmbH (“Yingli Europe”) and R.Power Sp. z o.o. (“R.Power”), a leading Polish renewable energy project developer formerly known as AMB ENERGIA, have agreed to expand their joint project development pipeline in Poland from 30 to 60 megawatts (“MW”).
As an extension of the two companies existing partnership, Yingli Europe and R. Power aim to develop a total of 60 MW of ground-mounted projects in Poland to be ready for inclusion into the auction systems in 2016 and 2017. According to the companies’ agreements, each party will hold 50% of the projects with the intention of selling them to investors once operational. Development of the projects is well underway with the first bundle of projects already at advanced stages.
“The extension of this strategic partnership exemplifies Yingli Europe’s successful global downstream project development business and strategy, which centers on identifying strong local partners to collaborate with in key regions of the world for project opportunities,” said Mr. Manuel Seiffe, Poland Project Director of Yingli Europe.
“We are very pleased to extend our partnership with Yingli, one of the world’s PV industry leaders. This joint venture is an ideal set-up to co-develop, implement and commission projects across Poland. Yingli understands the complex development process and local business requirements as well as global energy trends and is an ideal partner for us to grow our business and to promote the benefits of solar energy in Poland,” commented Mr. Przemyslaw Pieta, Chief Executive Officer of R.Power.
“R.Power is already a leader in developing PV and wind projects in Poland and has one of the largest portfolios of PV projects in the country. It has built up a team of highly experienced professionals with in-depth knowledge of the Polish energy sector,” commented Mr. Liansheng Miao, Chairman and CEO of Yingli. “Together, we can expedite the deployment of solar, support Poland reaching its EU targets, and expand our footprint in the country.”
Poland’s renewable energy capacity is expected to grow in light of the European Union emissions rules, in which Poland aims to have renewable sources account for 15% of its energy by 2020. According to the plans by the Polish Ministry of Economy, a total of 11GW of RES installations shall be added by 2020. Whereas wind will most likely play the dominant role in next year’s auction, solar PV will capture a significant portion of the awarded renewable energy projects.