Yingli Green Energy is joining forces with China National Nuclear Corporation (CNNC) to develop distributed generation solar projects across China.
The Yingli China division and CNNC subsidiary China Rich Energy have agreed to establish a joint venture that will construct the distributed generation systems in close proximity to end-users of the electricity to be generated by the projects.
Yingli China and China Rich Energy signed a framework agreement several months ago outlining the long-term strategic cooperative relationship. As part of the deal, the joint venture will develop 500 MW distributed generation solar projects across the country, 200 MW of which will be installed on sites to be provided by CNNC or its subsidiaries.
Yingli said the agreement with China Rich Energy had now entered the implementation stage.
"While CNNC remains committed to nuclear power development, we are increasing our activities in the renewable energy space, in order to expand our development space, said Hongchao Xu, China Rich Energys deputy general manager and chairman of the joint venture.
"The cooperation with Yingli Solar reflects our strategy and is in line with the strategic targets of the Chinese government to promote ecological civilization and sustainable development. We believe we will make a powerful combination and mutually beneficial cooperation by leveraging advantages of both companies," Xu added.
Yingli Chairman and CEO Liansheng Miao said, "In light of policies recently adopted by the Chinese government, we expect distributed generation solar projects will embrace rapid growth in China in the near term. Yingli Solar not only has made remarkable achievements in the development of large-scale PV power plants, but will also actively engage in the development of distributed generation PV applications in line with the Chinese government’s policies."