As part of an agreement, United Photovoltaic Group (United PV) will acquire PV plants with a combined capacity of at least 300 MW developed and constructed by Yingli Green Energy.
According to the deal, signed by United PV and Yingli subsidiary Yingli China, United PV will acquire at least 300 MW of large-scale solar systems from Yingli from 2014 to 2016. The plants are mainly located in Hebei, Guangxi, Shanxi, Shandong and other provinces.
Yingli China’s wholly-owned project companies will have 100 percent equity in the power plants and are responsible for their development, construction and operation. United PV will acquire the project companies from Yingli China after the grid-connection and inspection to meet certain criterions addressed in the agreement.
"The collaboration with Yingli Green Energy will benefit both of our companies as we work to expand China’s installed solar capacity through large-scale PV projects and create the leading operation platform for solar PV plants in China" said United PV Chief Financial Officer Hong Li.
"Yingli Green Energy is one of the global PV industry leaders and the world’s largest PV module manufacturer — they are experienced and capable in developing high quality solar plants. Together, we look forward to further cooperative opportunities in PV across the globe."
Yingli Chief Financial Officer Yiyu Wang added: "United PV has attracted significant public attention and recognition because of its success in China’s downstream solar industry. United PV’s deep experience in the acquisition and operation of solar PV plants complements Yingli’s leading position in PV module manufacturing, system design, and construction.
"As evidenced by today’s announcement, Yingli remains committed to accelerating the development of our downstream business globally. We are pursuing this strategy in order to further improve profitability and optimize the company’s financial structure," Wang said.