Yingli Green Energy Holding Company Limited (NYSE: YGE), a solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar," today announced that it has entered into a supply agreement (the "Agreement") with IBC SOLAR AG ("IBC"), one of the leading specialists in PV systems worldwide. Under the terms of the agreement, the Company has agreed to supply 180 MW of multi-crystalline and mono-crystalline (Panda) PV modules to IBC during the year of 2012. IBC has an option to purchase another 20 MW in 2012 under the Agreement. The modules are expected to be installed in Germany, other European countries, as well as globally.
"We are pleased to enhance our partnership with IBC," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Based on the strong faith that we have in each other, Yingli Green Energy and IBC have gone through the up-and-downs of the solar industry and achieved significant growth of our businesses during the past several years. We believe this Agreement demonstrates our partners' strong confidence in the continuous growth of the PV industry and indicates the robust demand of our products in 2012. We look forward to continuing our close cooperation with IBC and other partners to seize the enormous opportunities ahead."
Udo Moehrstedt, founder and CEO of IBC SOLAR, added, "We have been working very successfully with Yingli Solar for five years now. Foundation of the trustful cooperation between our two companies is the high quality of Yingli's modules, as well as the strategic strength of Yingli. IBC SOLAR will continue to drive the adoption of photovoltaics globally, and we consider Yingli as one of our partners in achieving this goal."
