Solar modules Provided by Yingli for Large Photovoltaic Project in Malaysia
China’s Yingli Green Energy Holding Company Limited is continuing to expand its business interests in the Asian region with the announcement that it will supply 10.269 megawatts of solar modules for projects in Malaysia.
“We are delighted to make this breakthrough in Southeast Asia. Southeast Asia is a very promising photovoltaic market given its rich solar radiation, serious lack of electricity and governments’ strong interest in renewable energy applications,” said Mr. Liansheng Miao, chairman and chief executive officer of Yingli Green Energy.
Through its subsidiary, Yingli Green Energy Company Pte. Limited, Yingli will supply the modules to Amcorp Power Sdn. Bhd., a subsidiary of Malaysian investment holding company Amcorp Group Berhad.
The modules will be used on a project owned and managed by Amcorp Power in Gemas, Negri Sembilan. The 10.269 MW P.V. project is the largest single site P.V. power plant in Malaysia and will have an estimated generation capacity of 13.6 million kilowatt hours of clean energy annually.
Yingli has set a goal of 2.2 gigawatts in module shipments for 2012 and its activities in the Asian regions are considered key to achieving this due to difficult circumstances in the U.S. and Europe.
The company is also focusing its activities at homeland, seeking to take advantage of the Chinese governments push for renewables and their support for the P.V. industry. China has set a domestic solar energy goal of 21 GW by 2015 in a bid to support local solar manufacturers.
At the start of May, Yingli also announced that another subsidiary, Yingli Energy (China) Company Limited has successfully won a bid to supply 220 MW modules for China Power Investment Corporation.
The modules, to be delivered before the end of 2013, are to be used for five P.V. plants that C.P.I. is developing in Hebei and Qinghai provinces in China.
Yingli China has also signed two loan agreements with China Development Bank. The agreements, signed in April, have an aggregate of $165 million. The one-year loan of $110 million and a three-year loan of $55 million will compliment the company’s working capital need and support the procurement of raw material.