BAODING, CHINA: Yingli Green Energy Holding Co. Ltd has announced a 300 MW PANDA mono-crystalline silicon-based manufacturing capacity expansion project at its Baoding headquarters.
The Company also announced a project loan of RMB 1.5 billion for the financing of this expansion project and a working capital credit facility of RMB 250 million, both granted by the Bank of Communications Co. Ltd, Hebei Branch (BOCOM).
Yingli Green Energy announced its plan to build PANDA mono-crystalline silicon-based manufacturing lines with annual production capacity of 300 MW in each of mono-crystalline ingots and wafers, cells and modules at its Baoding headquarters, through its wholly owned subsidiary, Yingli Energy (China) Co. Ltd.
The new production lines will be designed to produce next-generation high efficiency PV cells based on the technology developed through Project PANDA, a collaboration among Yingli Green Energy, the Energy Research Centre of the Netherlands, a leading solar research center in Europe, and Amtech Systems Inc. ( ASYS), a global supplier of production and automation systems and related supplies for the manufacture of PV cells.
Yingli Green Energy also announced Yingli China has secured a project loan of RMB 1.5 billion and a working capital credit facility of RMB 250 million from BOCOM. Under the loan agreement, BOCOM has agreed to provide to Yingli China, subject to certain conditions, a five-year project loan of RMB 1.5 billion to support Yingli China's 300 MW expansion project in Baoding. In addition, BOCOM also granted a working capital credit facility of RMB 250 million to Yingli China.
"Shared anticipation of global PV industry growth, the robust flow of orders and inquiries that we have already received in 2010 and our global growth strategy are the main motivations for this strategic capacity expansion plan," said Liansheng Miao, Chairman and CEO of Yingli Green Energy.
"We believe this expansion will allow us to meet the increasing demand for our bankable, cost-effective products and further drive down costs through increased cell conversion efficiency and the larger scale of manufacturing. On the Project PANDA pilot line, we have already successfully produced next-generation cells with an average efficiency rate of 18 percent or higher. Looking ahead, we expect to increase the average efficiency rate to at least 18.5 percent on the commercial production lines by the end of this year.
"Combined with the existing 600 MW production capacity in Baoding and the 100 MW capacity under construction in Hainan Province, this new expansion project is expected to bring our total production capacity to 1 GW by the end of 2010. With this expansion in place, we will be better positioned than ever to solidify our leadership in the global PV market."