9/17/2007 3:22:39 PM China Technology Development Group Corporation (CTDC), a provider of information technology and network security services, said Monday it agreed to acquire all the solar energy assets and business of Shenzhen Soyin Electrical Appliance Industrial Co., Ltd. through a joint venture between the companies.
The Hong Kong-based CTDC expects to contribute US$5.8 million or RMB43.80 million in cash consideration to the new joint venture company, Shenzhen Shengguang New Energy Technology Co., Ltd. CTDC will hold the majority stake with 49% of ownership of the joint venture company.
Under the agreement, all of Soyin's existing solar energy business will be solely operated by the JV Company upon completion of its establishment. In addition, the board of directors of the JV Company will consist of five directors and three of them will be appointed by CTDC.
Soyin is a leading Photovoltaic application product provider in China.
"This acquisition of the solar energy business presents a significant opportunity to accelerate the expansion and growth of the Company's business portfolio in the solar energy market. We are committed to growing our business both through organic growth and strategic acquisitions," said Alan Li, Chairman and Chief Executive Officer of CTDC.
CTDC is trading at $6.30, up $0.30 or 5.00% on a volume of 2.57 million shares.
Tuesday, September 18, 2007
Yingli Green Energy Signs New Supply Agreement with Wacker Chemie AG
Business Wire, September 17, 2007 Monday 10:00 AM GMT
Yingli Green Energy Holding Company Limited (NYSE:YGE) ("Yingli Green Energy" or the "Company"), a leading vertically integrated photovoltaic ("PV") product manufacturer in China, today announced that it has entered into a new mid to long term agreement with Wacker Chemie AG ("Wacker") of Germany. Under the terms of the agreement, Wacker will supply Yingli Green Energy with polysilicon from 2009 to 2011. The total amount of polysilicon supplied will allow Yingli Green Energy to produce over 80MW of PV modules over the life of the agreement.
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy, commented, "This fourth supply agreement, together with our three existing long-term supply agreements with Wacker, further exemplifies the solid partnership that we have had with Wacker AG since 2003. We believe this additional agreement will further enable our ability to complete the next 200MW capacity expansion plan on schedule"
Mr. Reimund Huber, Director of Marketing & Sales of Wacker, commented, "As a market leader in an area facing rapidly growing demand, we are glad to strengthen and diversify our relationship with Yingli Green Energy. We believe this agreement will benefit both partners and it coincides with our previously announced strategy of reaching a total capacity of 21,500 metric tons by the end of 2010."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated photovoltaic ("PV") product manufacturers in China. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in China to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 megawatts by 2010. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States.
Yingli Green Energy Holding Company Limited (NYSE:YGE) ("Yingli Green Energy" or the "Company"), a leading vertically integrated photovoltaic ("PV") product manufacturer in China, today announced that it has entered into a new mid to long term agreement with Wacker Chemie AG ("Wacker") of Germany. Under the terms of the agreement, Wacker will supply Yingli Green Energy with polysilicon from 2009 to 2011. The total amount of polysilicon supplied will allow Yingli Green Energy to produce over 80MW of PV modules over the life of the agreement.
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy, commented, "This fourth supply agreement, together with our three existing long-term supply agreements with Wacker, further exemplifies the solid partnership that we have had with Wacker AG since 2003. We believe this additional agreement will further enable our ability to complete the next 200MW capacity expansion plan on schedule"
Mr. Reimund Huber, Director of Marketing & Sales of Wacker, commented, "As a market leader in an area facing rapidly growing demand, we are glad to strengthen and diversify our relationship with Yingli Green Energy. We believe this agreement will benefit both partners and it coincides with our previously announced strategy of reaching a total capacity of 21,500 metric tons by the end of 2010."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated photovoltaic ("PV") product manufacturers in China. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in China to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 megawatts by 2010. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States.
China Sunergy Signs Wafer Supply Agreement
September 17, 2007: 07:46 AM EST
NANJING, China, Sept. 17 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has entered into a supply agreement (the "Agreement") with a leading Taiwan based wafer provider, for a high quality supply of approximately 68 megawatts of monocrystalline 156-millimeter wafers for 2007, 2008 and 2009.
The scheduled shipments are expected to begin in November 2007 and expire in December 2009. The Agreement provides for 8% of the wafer supplies to be shipped in 2007, and 46% to be shipped in 2008 and 2009, respectively. The pricing terms are generally subject to negotiation on a quarterly basis.
Commenting on the Agreement, Allen Wang, CEO of China Sunergy said, "Since I joined China Sunergy, one of my priorities has been to secure a reliable, long-term supply of poly-silicon and high-quality wafers to further enhance our product conversion efficiency and competitiveness. By partnering with our new supplier, we are reducing our reliance on the spot market, and I believe that the cost savings involved will ease the current pressure we are seeing on our margins."
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .
NANJING, China, Sept. 17 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has entered into a supply agreement (the "Agreement") with a leading Taiwan based wafer provider, for a high quality supply of approximately 68 megawatts of monocrystalline 156-millimeter wafers for 2007, 2008 and 2009.
The scheduled shipments are expected to begin in November 2007 and expire in December 2009. The Agreement provides for 8% of the wafer supplies to be shipped in 2007, and 46% to be shipped in 2008 and 2009, respectively. The pricing terms are generally subject to negotiation on a quarterly basis.
Commenting on the Agreement, Allen Wang, CEO of China Sunergy said, "Since I joined China Sunergy, one of my priorities has been to secure a reliable, long-term supply of poly-silicon and high-quality wafers to further enhance our product conversion efficiency and competitiveness. By partnering with our new supplier, we are reducing our reliance on the spot market, and I believe that the cost savings involved will ease the current pressure we are seeing on our margins."
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .
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