Nuying Huang, Taipei; Yvonne Yu, DIGITIMES [Tuesday 16 December 2008]
E-ton Solar Tech, a Taiwan-based maker of crystalline silicon solar cells, announced that the company has signed long-term silicon wafer supply contracts with two separate companies, according to a company filing with the Taiwan Stock Exchange (TSE).
According to the filing, E-ton will supply 6-inch polysilicon wafers totaling 309 MWp over six years to one company, while supplying a total of 326MWp worth of monocrystalline 6-inch wafers over seven years to another company.
E-ton did not revel the names of its customers.
Showing posts with label polysilicon wafer. Show all posts
Showing posts with label polysilicon wafer. Show all posts
Tuesday, December 16, 2008
Wednesday, February 20, 2008
Yingli Green Energy Reports Fourth Quarter and Full Year 2007 Financial Results
BAODING, China - Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2007.
Fourth Quarter 2007 Financial and Operating Highlights
Total net revenues were RMB 1,453.2 million (US$199.2 million), an increase of 13.8% from the third quarter of 2007 and an increase of 167.8% from the fourth quarter of 2006.
PV module shipments were 50.9 MW, an increase of 10.8% from 45.9 MW in the third quarter of 2007 and an increase of 215.8% from 16.1 MW in the fourth quarter of 2006.
Gross profit was RMB 359.6 million (US$49.3 million), an increase of 18.7% from the third quarter of 2007 and an increase of 187.9% from the fourth quarter of 2006.
Gross margin was 24.7% in the fourth quarter of 2007, an increase from 23.7% in the third quarter of 2007 and an increase from 23.0% in the fourth quarter of 2006.
Net income was RMB 138.4 million (US$19.0 million) and fully diluted earnings per ordinary share and per American depositary share ("ADS") were RMB 1.07 (US$0.15).
On an adjusted non-GAAP1 basis, net income was RMB 157.3 million (US$21.6 million) and fully diluted earnings per ordinary share and per ADS were RMB 1.21 (US$0.17).
Full Year 2007 Financial and Operating Highlights
Total net revenues for the full year 2007 were RMB 4,059.3 million (US$556.5 million), which exceeded the Company's guidance and represents a 147.7% increase from the combined2 year of 2006.
PV module shipments for the full year 2007 were 142.5 MW, which exceeded the Company's guidance and represents a 177.7% increase from 51.3 MW in the combined year of 2006.
Gross profit for the full year 2007 was RMB 956.8 million (US$131.2 million), representing a 111.6% increase from the combined year of 2006.
Net income for the full year 2007 was RMB 389.0 million (US$53.3 million) and fully diluted earnings per ordinary share and per ADS were RMB 2.89 (US$0.40) in 2007.
On an adjusted non-GAAP basis, net income for the full year 2007 was RMB 450.9 million (US$61.8 million) and fully diluted earnings per ordinary share and per ADS were RMB 3.42 (US$0.47).
"I am very pleased to announce our first full year results as a public company," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We had a great year in 2007. Our revenues continued to grow strongly in the fourth quarter and our overall results came in ahead of our expectations. I believe our impressive performance helps demonstrate our ability to successfully execute our strategies and sets a solid foundation for our future business development. Moreover, we successfully increased our total annual production capacity of each of polysilicon ingots and wafers, PV cells and PV modules to 200 MW in July 2007 and expect that we will reach our goal of 600 MW for each in 2009. In the fourth quarter of 2007, we successfully completed a convertible notes offering which we believe will financially support our capabilities to achieve our production expansion goal and to secure additional polysilicon supply. We were also selected by several leading global renewable energy companies to be one of their suppliers of choice. I believe our long-term commitment to superior product quality and our growing brand recognition have not only helped us expand our customer base, but have also been instrumental to our continued fast pace of growth."
Fourth Quarter 2007 Business Highlights
Entered into three polysilicon supply contracts with a leading polysilicon manufacturer in November 2007 that should allow the Company to produce over 40 MW of PV modules over the life of the contracts. The Company expects that the delivery of the polysilicon under the contracts will be completed by the end of the first quarter of 2008. Incorporated Yingli Energy (China) Company Ltd. ("Yingli China") in October 2007 to strengthen the Company's ability to effectively execute its strategies. Also incorporated Yingli Energy (Beijing) Co., Ltd. in November 2007 to advance the Company's strategic execution and development by taking advantage of Beijing's location and diversified professional talent and Yingli Green Energy Europe GmbH in Munich, Germany to further expand into the European PV market. Issued US$172.5 million zero coupon convertible senior notes due on December 15, 2012, in part to make an equity contribution of approximately US$100 million to Yingli China to fund part of its planned construction of 200 MW of production capacity for each of polysilicon ingots and wafers, PV cells and PV modules by the end of 2009. Ranked No. 9 in the "Deloitte Technology Fast 50 China 2007" published in October 2007. Recognized in the "Deloitte Technology Fast 500 Asia Pacific" published in December 2007, which names technology companies that have achieved the fastest rates of annual revenue growth in the Asia Pacific region during the past three years.
Yingli Green Energy Holding Company Limited
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 the world. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in the world 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 MW by the end of 2009. 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, Italy, China and the United States.
Fourth Quarter 2007 Financial and Operating Highlights
Total net revenues were RMB 1,453.2 million (US$199.2 million), an increase of 13.8% from the third quarter of 2007 and an increase of 167.8% from the fourth quarter of 2006.
PV module shipments were 50.9 MW, an increase of 10.8% from 45.9 MW in the third quarter of 2007 and an increase of 215.8% from 16.1 MW in the fourth quarter of 2006.
Gross profit was RMB 359.6 million (US$49.3 million), an increase of 18.7% from the third quarter of 2007 and an increase of 187.9% from the fourth quarter of 2006.
Gross margin was 24.7% in the fourth quarter of 2007, an increase from 23.7% in the third quarter of 2007 and an increase from 23.0% in the fourth quarter of 2006.
Net income was RMB 138.4 million (US$19.0 million) and fully diluted earnings per ordinary share and per American depositary share ("ADS") were RMB 1.07 (US$0.15).
On an adjusted non-GAAP1 basis, net income was RMB 157.3 million (US$21.6 million) and fully diluted earnings per ordinary share and per ADS were RMB 1.21 (US$0.17).
Full Year 2007 Financial and Operating Highlights
Total net revenues for the full year 2007 were RMB 4,059.3 million (US$556.5 million), which exceeded the Company's guidance and represents a 147.7% increase from the combined2 year of 2006.
PV module shipments for the full year 2007 were 142.5 MW, which exceeded the Company's guidance and represents a 177.7% increase from 51.3 MW in the combined year of 2006.
Gross profit for the full year 2007 was RMB 956.8 million (US$131.2 million), representing a 111.6% increase from the combined year of 2006.
Net income for the full year 2007 was RMB 389.0 million (US$53.3 million) and fully diluted earnings per ordinary share and per ADS were RMB 2.89 (US$0.40) in 2007.
On an adjusted non-GAAP basis, net income for the full year 2007 was RMB 450.9 million (US$61.8 million) and fully diluted earnings per ordinary share and per ADS were RMB 3.42 (US$0.47).
"I am very pleased to announce our first full year results as a public company," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We had a great year in 2007. Our revenues continued to grow strongly in the fourth quarter and our overall results came in ahead of our expectations. I believe our impressive performance helps demonstrate our ability to successfully execute our strategies and sets a solid foundation for our future business development. Moreover, we successfully increased our total annual production capacity of each of polysilicon ingots and wafers, PV cells and PV modules to 200 MW in July 2007 and expect that we will reach our goal of 600 MW for each in 2009. In the fourth quarter of 2007, we successfully completed a convertible notes offering which we believe will financially support our capabilities to achieve our production expansion goal and to secure additional polysilicon supply. We were also selected by several leading global renewable energy companies to be one of their suppliers of choice. I believe our long-term commitment to superior product quality and our growing brand recognition have not only helped us expand our customer base, but have also been instrumental to our continued fast pace of growth."
Fourth Quarter 2007 Business Highlights
Entered into three polysilicon supply contracts with a leading polysilicon manufacturer in November 2007 that should allow the Company to produce over 40 MW of PV modules over the life of the contracts. The Company expects that the delivery of the polysilicon under the contracts will be completed by the end of the first quarter of 2008. Incorporated Yingli Energy (China) Company Ltd. ("Yingli China") in October 2007 to strengthen the Company's ability to effectively execute its strategies. Also incorporated Yingli Energy (Beijing) Co., Ltd. in November 2007 to advance the Company's strategic execution and development by taking advantage of Beijing's location and diversified professional talent and Yingli Green Energy Europe GmbH in Munich, Germany to further expand into the European PV market. Issued US$172.5 million zero coupon convertible senior notes due on December 15, 2012, in part to make an equity contribution of approximately US$100 million to Yingli China to fund part of its planned construction of 200 MW of production capacity for each of polysilicon ingots and wafers, PV cells and PV modules by the end of 2009. Ranked No. 9 in the "Deloitte Technology Fast 50 China 2007" published in October 2007. Recognized in the "Deloitte Technology Fast 500 Asia Pacific" published in December 2007, which names technology companies that have achieved the fastest rates of annual revenue growth in the Asia Pacific region during the past three years.
Yingli Green Energy Holding Company Limited
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 the world. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in the world 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 MW by the end of 2009. 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, Italy, China and the United States.
Thursday, January 3, 2008
LDK 2008 Guidance: Higher Revenues, Lower Margins
The company expects revenue of between $960 million and $1 billion this year, with margins of between 26 and 31 percent.
by: Jennifer Kho
January 02, 2008
LDK Solar (NYSE: LDK) share prices closed up 5 percent Wednesday after the company said it expects to post revenue of between $960 million and $1 billion in 2008, with a gross margin of between 26 and 31 percent.
Though the company hasn't yet posted fourth-quarter earnings, the 2008 outlook is a big jump from the expected earnings of between $511.2 million and $516.2 million for the full year of 2007. But the prediction indicates the company's gross margin -- which shrank to 30.8 percent in the third quarter, down from 35.2 percent in the second quarter and 39.4 percent in the year-ago quarter -- could continue to fall.
According to the financial outlook, the company expects solar-wafer shipments of between 510 and 530 megawatts, with polysilicon production of between 100 and 350 metric tons this year.
LDK Solar also said it expects a gross margin of between 42 and 50 percent in 2009, with wafer shipments of between 1.05 and 1.15 gigawatts and polysilicon production of between 5,000 and 7,000 metric tons.
The stock closed at $49.37 per share Wednesday, which is off 35.7 percent from a 52-week peak of $76.75 per share in September.
The company faced allegations that it had misstated its polysilicon inventory, a major factor in determining profitability during the current worldwide shortage of solar-grade silicon.
In December, LDK announced that an independent audit found "no material errors" in its accounting, and the company posted a third-quarter profit that met analyst expectations and exceeded the company's guidance. Its profit jumped 40 percent from the second quarter and eightfold from the year-ago quarter.
But analysts and shareholders were unimpressed. Citing unanswered questions, Piper Jaffray downgraded the stock to "Sell," and Lazard Capital Markets and CIBC World Markets maintained "Sell" and "Sector Underperformer" ratings. And shares fell 34.2 percent to $45.04 per share by Dec. 19, the end of the week of the announcement.
In a research note published at the time, Piper Jaffray analyst Jesse Pichel called the company's polysilicon-manufacturing targets "overly aggressive" and said that "uncertainties still exist" with respect to shareholder lawsuits and the company's low silicon costs.
LDK still faces a U.S. Securities and Exchange Commission investigation and a class-action lawsuit but says it is confident of the independent audit's findings.
by: Jennifer Kho
January 02, 2008
LDK Solar (NYSE: LDK) share prices closed up 5 percent Wednesday after the company said it expects to post revenue of between $960 million and $1 billion in 2008, with a gross margin of between 26 and 31 percent.
Though the company hasn't yet posted fourth-quarter earnings, the 2008 outlook is a big jump from the expected earnings of between $511.2 million and $516.2 million for the full year of 2007. But the prediction indicates the company's gross margin -- which shrank to 30.8 percent in the third quarter, down from 35.2 percent in the second quarter and 39.4 percent in the year-ago quarter -- could continue to fall.
According to the financial outlook, the company expects solar-wafer shipments of between 510 and 530 megawatts, with polysilicon production of between 100 and 350 metric tons this year.
LDK Solar also said it expects a gross margin of between 42 and 50 percent in 2009, with wafer shipments of between 1.05 and 1.15 gigawatts and polysilicon production of between 5,000 and 7,000 metric tons.
The stock closed at $49.37 per share Wednesday, which is off 35.7 percent from a 52-week peak of $76.75 per share in September.
The company faced allegations that it had misstated its polysilicon inventory, a major factor in determining profitability during the current worldwide shortage of solar-grade silicon.
In December, LDK announced that an independent audit found "no material errors" in its accounting, and the company posted a third-quarter profit that met analyst expectations and exceeded the company's guidance. Its profit jumped 40 percent from the second quarter and eightfold from the year-ago quarter.
But analysts and shareholders were unimpressed. Citing unanswered questions, Piper Jaffray downgraded the stock to "Sell," and Lazard Capital Markets and CIBC World Markets maintained "Sell" and "Sector Underperformer" ratings. And shares fell 34.2 percent to $45.04 per share by Dec. 19, the end of the week of the announcement.
In a research note published at the time, Piper Jaffray analyst Jesse Pichel called the company's polysilicon-manufacturing targets "overly aggressive" and said that "uncertainties still exist" with respect to shareholder lawsuits and the company's low silicon costs.
LDK still faces a U.S. Securities and Exchange Commission investigation and a class-action lawsuit but says it is confident of the independent audit's findings.
Thursday, November 29, 2007
Yingli Green Energy Announces Three Polysilicon Purchase Contracts
BAODING, China--(BUSINESS WIRE)--Yingli Green Energy Holding Company Limited (NYSE:YGE) ("Yingli Green Energy" or the "Company"), one of the leading vertically integrated photovoltaic (PV) product manufacturers in China, today announced it has signed three polysilicon contracts with a leading polysilicon manufacturer. The total amount of polysilicon to be supplied under the contracts will allow Yingli Green Energy to produce over 40 MW of PV modules over the life of the contracts. The delivery schedule for the polysilicon under the contracts has not been finalized. Based on the discussions of the parties with respect to the contracts, the Company currently expects the delivery of the polysilicon under the contracts to be completed by the end of the first quarter of 2008.
"We are delighted to have entered into these contracts which we expect will further strengthen our polysilicon supply for the near future," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Actively seeking to further establish and strengthen our strategic relationships with our suppliers has been one of our key strategic initiatives and we will continue to aggressively pursue this strategic initiative at a time global polysilicon supply remains tight."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited 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 numbers 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 MW by the end of 2009. 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, Italy, China and the United States.
"We are delighted to have entered into these contracts which we expect will further strengthen our polysilicon supply for the near future," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Actively seeking to further establish and strengthen our strategic relationships with our suppliers has been one of our key strategic initiatives and we will continue to aggressively pursue this strategic initiative at a time global polysilicon supply remains tight."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited 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 numbers 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 MW by the end of 2009. 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, Italy, China and the United States.
Tuesday, October 30, 2007
LDK Solar Announces Independent Audit Committee Investigation Into Alleged Inventory Discrepancies
From http://money.cnn.com
October 30, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced that its Audit Committee has commenced an independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company has incorrectly reported its inventories of polysilicon. The two outside directors on the Company's Audit Committee, Louis T. Hsieh and Bing Xiang, are overseeing the ongoing investigation.
The Audit Committee has retained Simpson Thacher & Bartlett LLP to serve as its independent counsel for the investigation. Simpson Thacher, in turn, has retained a Big Four independent accounting and consulting firm, separate from the Company's external auditors, for purposes of the review. Commenting on the investigation, Mr. Hsieh stated: "The Audit Committee intends to analyze Mr. Situ's allegations as thoroughly and in as much detail as necessary. We have retained some of the premier professionals in the world to assist us in this endeavor."
In a prior press release on October 4, 2007, the Company's management stated that it had conducted an internal review of Mr. Situ's allegations and concluded that the Company had correctly reported its inventories of polysilicon and that Mr. Situ's allegations had no merit. Management stands by its prior statements and believes that the Audit Committee's ongoing independent investigation will confirm its conclusions. Due to the independent nature of the Audit Committee's ongoing investigation, LDK Solar cannot provide a specific timeframe for its completion. However, this is an important matter, and the Audit Committee intends to fully and thoroughly address it in a timely manner. The October 4 press release also correctly stated that LDK had not been contacted by any regulatory authority. Since then, however, LDK has been contacted by the U.S. Securities and Exchange Commission ("SEC") regarding this matter. LDK will cooperate fully with the SEC's inquiry.
In addition, the Company announced that it has retained outside counsel, Latham & Watkins LLP, to defend the Company and certain of its directors and officers who have been named in certain class action complaints in the United States. The Company's management believes that these claims lack merit and intends to vigorously defend the cases.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
October 30, 2007: 03:15 AM EST
XINYU CITY, China and SUNNYVALE, Calif., Oct. 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , a leading manufacturer of multicrystalline solar wafers, announced that its Audit Committee has commenced an independent investigation into the recent allegations made by LDK's former employee, Mr. Charley Situ, that the Company has incorrectly reported its inventories of polysilicon. The two outside directors on the Company's Audit Committee, Louis T. Hsieh and Bing Xiang, are overseeing the ongoing investigation.
The Audit Committee has retained Simpson Thacher & Bartlett LLP to serve as its independent counsel for the investigation. Simpson Thacher, in turn, has retained a Big Four independent accounting and consulting firm, separate from the Company's external auditors, for purposes of the review. Commenting on the investigation, Mr. Hsieh stated: "The Audit Committee intends to analyze Mr. Situ's allegations as thoroughly and in as much detail as necessary. We have retained some of the premier professionals in the world to assist us in this endeavor."
In a prior press release on October 4, 2007, the Company's management stated that it had conducted an internal review of Mr. Situ's allegations and concluded that the Company had correctly reported its inventories of polysilicon and that Mr. Situ's allegations had no merit. Management stands by its prior statements and believes that the Audit Committee's ongoing independent investigation will confirm its conclusions. Due to the independent nature of the Audit Committee's ongoing investigation, LDK Solar cannot provide a specific timeframe for its completion. However, this is an important matter, and the Audit Committee intends to fully and thoroughly address it in a timely manner. The October 4 press release also correctly stated that LDK had not been contacted by any regulatory authority. Since then, however, LDK has been contacted by the U.S. Securities and Exchange Commission ("SEC") regarding this matter. LDK will cooperate fully with the SEC's inquiry.
In addition, the Company announced that it has retained outside counsel, Latham & Watkins LLP, to defend the Company and certain of its directors and officers who have been named in certain class action complaints in the United States. The Company's management believes that these claims lack merit and intends to vigorously defend the cases.
About LDK Solar
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.
Saturday, September 29, 2007
Yingli Green Energy Contributes Additional Capital to Its Joint Venture
BAODING, China--(BUSINESS WIRE)--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 further amended the joint venture contract (the "Amendment") with Baoding Tianwei Baobian Electric Co., Ltd. ("Tianwei Baobian") under which Yingli Green Energy will contribute additional capital of RMB1,750,840,000 billion (equivalent of US$236.6 million at the exchange rate of RMB7.40 to US$1.00, as previously agreed upon by the Company and Tianwei Baobian) to its principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei Yingli").
As a result of the Amendment and Ying Green Energy's additional capital contribution upon approval of the relevant PRC governmental authorities:
1. The registered capital of Tianwei Yingli will increase from RMB1,624,380,000 to RMB3,375,220,000;
2. Yingli Green Energy's equity interest in Tianwei Yingli will increase from 70.11% to 74.01%; and
3. The equity interest of Tianwei Baobian in Tianwei Yingli will correspondingly decrease from 29.89% to 25.99%.
As an intermediary step in anticipation of this additional capital contribution, the Company had advanced part of the proceeds it received from its initial public offering completed in June 2007, in an aggregate amount of US$230.0 million, into Tianwei Yingli in the form of shareholder loans, which will be converted into part of the additional capital contribution contemplated under the Amendment as described above. The balance of the additional capital contribution will be made by the Company within 60 days of approval by the relevant PRC governmental authorities.
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.
As a result of the Amendment and Ying Green Energy's additional capital contribution upon approval of the relevant PRC governmental authorities:
1. The registered capital of Tianwei Yingli will increase from RMB1,624,380,000 to RMB3,375,220,000;
2. Yingli Green Energy's equity interest in Tianwei Yingli will increase from 70.11% to 74.01%; and
3. The equity interest of Tianwei Baobian in Tianwei Yingli will correspondingly decrease from 29.89% to 25.99%.
As an intermediary step in anticipation of this additional capital contribution, the Company had advanced part of the proceeds it received from its initial public offering completed in June 2007, in an aggregate amount of US$230.0 million, into Tianwei Yingli in the form of shareholder loans, which will be converted into part of the additional capital contribution contemplated under the Amendment as described above. The balance of the additional capital contribution will be made by the Company within 60 days of approval by the relevant PRC governmental authorities.
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.
Tuesday, September 25, 2007
Yingli Green Energy Added to NASDAQ Clean Edge U.S. Indexes
BAODING, China--(BUSINESS WIRE)--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 will be added to the NASDAQ Clean Edge U.S. Index (Nasdaq: CLEN) and the NASDAQ Clean Edge U.S. Liquid Series Index (Nasdaq: CELS) (the "Indexes"), effective with the market open on Monday, September 24, 2007.
Mr. Bryan Li, Chief Financial Officer of Yingli Green Energy, commented, "As a leading vertically integrated PV manufacturer in China, we have always been dedicated to the promotion of clean and sustainable energy and we are very honored to be added to the NASDAQ Clean Edge U.S. Index and the NASDAQ Clean Edge U.S. Liquid Series Index. We hope the Indexes will help further strengthen the development of the whole alternative energy industry."
According to NASDAQ's press release on semi-annual changes to the NASDAQ Clean Edge U.S. Indexes dated September 17, 2007, the Indexes are designed to track the performance of clean-energy companies that are publicly traded in the U.S. The Indexes include companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the Indexes cover are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials.
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.
Mr. Bryan Li, Chief Financial Officer of Yingli Green Energy, commented, "As a leading vertically integrated PV manufacturer in China, we have always been dedicated to the promotion of clean and sustainable energy and we are very honored to be added to the NASDAQ Clean Edge U.S. Index and the NASDAQ Clean Edge U.S. Liquid Series Index. We hope the Indexes will help further strengthen the development of the whole alternative energy industry."
According to NASDAQ's press release on semi-annual changes to the NASDAQ Clean Edge U.S. Indexes dated September 17, 2007, the Indexes are designed to track the performance of clean-energy companies that are publicly traded in the U.S. The Indexes include companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the Indexes cover are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials.
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.
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