|By PR Newswire||
|April 16, 2014 05:30 AM EDT||
BAODING, China, April 16, 2014 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), the largest vertically integrated photovoltaic ("PV") module manufacturer in the world, also known as "Yingli Solar", today announced that its wholly-owned subsidiary, Yingli Energy (China) Company Limited ("Yingli China") has signed a cooperation agreement (the "Agreement") with Shanghai Sailing Capital Management Co., Ltd., the manager of Shanghai Sailing Capital Investment Fund, to jointly form a renewable energy fund (the "Fund") in Shanghai with an aim to invest in downstream solar energy projects in China. Shanghai Sailing Capital Investment Fund is an affiliated entity of Sailing Capital International Fund ("Sailing Capital").
According to the Agreement, the Fund will have an initial size of approximately RMB1 billion, of which Yingli China commits to contribute approximately 51% of the total capital through its wholly owned affiliate in China. The capital contribution will, however, be made in several installments. The Fund is expected to invest primarily in Yingli Green Energy's solar PV projects through various portfolios, and both parties will take an active role in the management of the Fund. The parties will enter into further definitive agreements to formally define their partnership and specific investment opportunities.
"Renewable energy is emerging as a strategic industry in China and around the world, and the PV segment in particular has great prospects for future development," commented Mr. James Xiaodong Liu, Chief Executive Officer of Sailing Capital's fund manager. "As China's first large, cross-border RMB private equity fund, Sailing Capital is pleased to join a PV industry leader, Yingli Green Energy. The Fund, which will initially focus on ground-mounted solar power plant and distributed solar power generation system investments, marks the beginning of the two companies' comprehensive cooperation through capital and industrial resource sharing. This partnership will not only enhance Yingli Green Energy's strategic efficiency, but will also drive the rapid development of the industry and create value for the investors."
"We are delighted to partner with Sailing Capital, a leading RMB private equity fund with robust funding resources, to accelerate our footprint in the downstream solar energy market," commented Mr. Bryan Li, Executive Director and Chief Strategy Officer of Yingli Green Energy. "As a long-term strategic repositioning, this cooperation is a solid step towards our transition from a PV manufacturer to a renewable energy solutions provider. By securing a priority right in investing in Yingli Green Energy's downstream solar projects, we should also be able to seek more sources of investment in solar PV projects, while at the same time minimizing potential risks."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar," is the world's largest photovoltaic module manufacturer in terms of production capacity and shipments. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 9,000 MW PV modules to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter, and Weibo.
About Sailing Capital
Sailing Capital International Fund ("Sailing Capital") is the first large cross-border RMB private equity fund launched in China. Sailing Capital was established by Shanghai International Group, with initial capital raised from limited partners, themselves all successful and influential domestic enterprises. Sailing Capital's first round of funding successfully raised RMB 12 billion (approximately US$1.9 billion). Sailing Capital engages in direct private equity investments or investment through sub-funds, and can participate throughout the capital structure -- equity, structured finance, mezzanine and/or debt -- for buy-out, control, or significant minority positions. Sailing Capital has a multinational and experienced international team, comprising professionals formerly at bulge bracket investment banks, law firms, private equity shops, and the Big Four accounting firms.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For further information about Yingli Green Energy, please contact:
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: [email protected]
In the Americas:
Head of Marketing
Yingli Green Energy Americas Inc.
Email: [email protected]
Public Affairs & Public Relations Director
Yingli Green Energy International AG
Tel: +41 (0) 44 567 6143
Email: [email protected]
SOURCE Yingli Green Energy Holding Company Limited