Close

Yingli Green Energy (YGE) Announces 1.1-MW Solar Panel Supply Agreement in Venezuela

June 9, 2015 6:33 AM EDT

Yingli Green Energy (NYSE: YGE) announced that it has supplied 1.1 megawatts (MW) of solar panels for Venezuela's largest solar project, a hybrid solar-diesel power plant located in Los Roques. The 1.1 MW solar farm was developed, engineered, and constructed by Consorcio Energias Limpias Alternativas Venezolanas (CELAV). Vico Export Solar Energy, a major regional solar product distributor, offered logistical and operational support for equipment procurement.

This power plant is Yingli's first large-scale project in Venezuela: until recently, the Venezuelan market was concentrated in off-grid systems of 25 kilowatts (kW) and smaller, typically located in isolated regions. As the country's inaugural PV power plant, it contains more than 4,400 multicrystalline YGE Series solar panels. They are expected to generate over 1,400 megawatt-hours (MWh) per year, which is enough energy to power over 400 typical Venezuelan homes. The system began operating in May 2015.

"We are pleased to partner with Yingli to bring green energy to the archipelago of Los Roques, a region that is known for its incredible natural beauty and biodiversity," commented Mr. Francisco Garcia, Project Developer of CELAV. "This new hybrid solar-diesel power plant is an ideal energy solution for Venezuela because it can reduce diesel-related logistics costs by at least 50%."

"We are honored to grow Yingli's presence in the Venezuelan solar market by supplying the country's largest project, and we look forward to expanding our footprint in the country," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli. "There is significant potential for the development of more hybrid solar-diesel power plants in Venezuela, as they are an effective strategy for both increasing renewable energy production and ensuring reliable access to electricity in remote areas of the country."

*Yingli Green Energy Holding Company is also known as "Yingli Green Energy" and markets its products under the brand name "Yingli Solar."



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Management Comments