Chinese vertically integrated solar company Yingli Solar has entered into a joint venture (JV) with Namene Energy a renewable energy developer focused on West Africa to develop up to 150 MW of solar PV capacity in Ghana and neighboring countries.
The new JV, titled Yingli Namene West Africa, will be split 50/50 between the two companies, and will seek to develop 100 MW of ground-mounted solar farms in the West Africa region. A further 50 MW of commercial-scale rooftop projects are also planned using solar panels provided by Yingli.
All application procedures lodged during the development of the solar projects will be funded by the shareholders of the JV, which will explore financing solutions from banks and other lending institutions. Headquartered in Accra, Ghana, the JV has already begun developing its first large-scale project, Yingli confirmed.
The companys chairman and CEO, Liansheng Miao, said that the JV marked Yinglis first investment in renewable energy projects and continued its downstream expansion into new and emerging markets.
The JV partner Namene was praised for its experience and knowledge of developing renewable energy projects in the region, added Yingli Europes head of commercial Ralph Schneider. "Our JV with Namene is expected to deliver significant synergies and value across the development and installation of large-scale solar projects in West Africa.
"These transactions will provide clean, reliable and affordable energy to a country with strong demand for power generation capacity to support further economic growth. By joining forces we can consolidate our downstream pipeline well into 2017 and beyond."