WUXI, Nov 07, 2008 (SinoCast via COMTEX) -- China's generation cost of solar power will reach CNY 1 per KWH in 2012, predicted Shi Zhengrong, board chairman and CEO of Suntech Power.
Peng Xiaofeng, board chairman and CEO of solar wafer manufacturer LDK Solar Co., Ltd. (NYSE: LDK), declares that the financial crisis will further lower the company's procurement and labor costs by 40% to 50%.
And China Guodian Corporation (CGDC) has announced the foundation of Guodian Ningxia Solar Energy Company, to build polycrystalline silicon and thin-film cell projects, with a designed production capacity of 10,000 tons per year.
Moreover, Huaneng New Energy Industrial Co., Ltd. (HNEIC) General Manager Zhao Shiming releases that the generation cost of wind power has dropped to CNY 0.5 to CNY 0.6 per KWH, and that of thermal power is CNY 0.2 to CNY 0.3 per KWH.
Shanghai Electric Group Co., Ltd. (SEHK: 2727) Board Chairman and CEO Xu Jianguo reveals that wind power equipment has contributed to 50% of the company's sales revenues, and 60% of its profit.
Friday, November 7, 2008
Yingli Green Energy Subsidiary Signs Supplemental Long Term Credit Facility Agreement with DEG, FMO and PROPARCO
BAODING, China, Nov 06, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that Baoding Tianwei Yingli New Energy Resources Co., Ltd ("Tianwei Yingli"), the Company's principal operating subsidiary, has entered into a Supplemental Long Term Credit Facility Agreement (the "Supplemental Agreement") with DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH ("DEG"), the Netherlands Development Finance Company ("FMO") and The Societe de Promotion et de Participation pour la Cooperation Economique ("PROPARCO"). The Supplemental Agreement to Tianwei Yingli's previously announced Five-Year US$50 million Credit Facility Agreement (the "Original Agreement") with DEG and FMO adds PROPARCO to the lending group with an additional US$25 million of credit available to the Company. The five-year duration of the loan, interest rate of LIBOR plus 3.0% and other significant terms have remained unchanged from the terms of the Original Agreement, under which the Company drew down US$50 million in September 2008.
"As a development institution, PROPARCO decided very early to substantially invest in the renewable energy sector," said Mr. Paul de la Gueriviere, PROPARCO's head for China. "From all the various companies we know, Yingli Green Energy is one among the few to have a recognized first class expertise and a famous worldwide brand name. We are very proud to contribute to the further development of the company and to be associated with its success."
"We are pleased to announce this agreement with DEG, FMO and PROPARCO," commented Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. "Despite a backdrop of a tight credit market and global financial turmoil, we were able to secure a significant expansion of our existing credit facility with DEG and FMO, which we believe demonstrates PROPARCO's confidence in our business and leadership position in the solar industry, as well as our status as a good corporate citizen. Securing additional long-term credit with this supplemental agreement, we have enhanced our debt structure by enabling us to shift to longer term indebtedness and further strengthened our ability to execute our business plan in these tough times."
About PROPACCO
PROPARCO is a Development Finance Institution jointly owned by the French Development Bank (AFD) and by private shareholders. Its mission is to promote private investment in emerging and developing countries in order to support sustainable development. Operating in more than 50 countries, its sector strategy is tailored to each country. Its activities in China are mainly focused on financing projects combating climate change. It provides a full range of financial instruments depending on the specific needs of its clients (loans, equity, guarantees and financial engineering). In 2007, PROPARCO allocated 600 MEUR for more than fifty projects in over thirty countries.
About Yingli Green Energy
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 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 as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Yingli Green Energy currently plans to 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 mid-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, South Korea, France, China and the United States. For more information, please visit www.yinglisolar.com.
"As a development institution, PROPARCO decided very early to substantially invest in the renewable energy sector," said Mr. Paul de la Gueriviere, PROPARCO's head for China. "From all the various companies we know, Yingli Green Energy is one among the few to have a recognized first class expertise and a famous worldwide brand name. We are very proud to contribute to the further development of the company and to be associated with its success."
"We are pleased to announce this agreement with DEG, FMO and PROPARCO," commented Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. "Despite a backdrop of a tight credit market and global financial turmoil, we were able to secure a significant expansion of our existing credit facility with DEG and FMO, which we believe demonstrates PROPARCO's confidence in our business and leadership position in the solar industry, as well as our status as a good corporate citizen. Securing additional long-term credit with this supplemental agreement, we have enhanced our debt structure by enabling us to shift to longer term indebtedness and further strengthened our ability to execute our business plan in these tough times."
About PROPACCO
PROPARCO is a Development Finance Institution jointly owned by the French Development Bank (AFD) and by private shareholders. Its mission is to promote private investment in emerging and developing countries in order to support sustainable development. Operating in more than 50 countries, its sector strategy is tailored to each country. Its activities in China are mainly focused on financing projects combating climate change. It provides a full range of financial instruments depending on the specific needs of its clients (loans, equity, guarantees and financial engineering). In 2007, PROPARCO allocated 600 MEUR for more than fifty projects in over thirty countries.
About Yingli Green Energy
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 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 as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Yingli Green Energy currently plans to 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 mid-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, South Korea, France, China and the United States. For more information, please visit www.yinglisolar.com.
Thursday, November 6, 2008
China is drafting solar power subsidy policies
China is the biggest solar cell producer in the world in 2007 with production output of 1,088MW. And over 98% solar cells are exported to international market, only 20MW solar cells are installed in China.
The reason that the solar cells are not widely installed in China is that the solar power cost is too high at present, almost 10 times higher than the coal power, and lack of government incentive subsidies.
The power grid companies have not accepted any solar power grid connection request since they have some concerns about the solar power cost and the stability of the solar power. The commercial investment in the solar power generation is not practical at all.
At present The National Development and Reform Commission is organizing some experts to draft the solar power incentive subsidies policies. The National Development and Reform Commission is planning to request the power companies to buy the solar power generated by some desert demonstration solar power projects at the price of 4.00 RMB per KWH.
The reason that the solar cells are not widely installed in China is that the solar power cost is too high at present, almost 10 times higher than the coal power, and lack of government incentive subsidies.
The power grid companies have not accepted any solar power grid connection request since they have some concerns about the solar power cost and the stability of the solar power. The commercial investment in the solar power generation is not practical at all.
At present The National Development and Reform Commission is organizing some experts to draft the solar power incentive subsidies policies. The National Development and Reform Commission is planning to request the power companies to buy the solar power generated by some desert demonstration solar power projects at the price of 4.00 RMB per KWH.
BP quits wind farm project with China's Goldwind
SHANGHAI, Nov 6 (Reuters) - BP Alternative Energy, a unit of oil group BP Plc (BP.L: Quote, Profile, Research, Stock Buzz), has pulled out of a partnership in a wind farm project with a subsidiary of Goldwind Science & Technology Co 002202.SZ, Goldwind said on Thursday.
Goldwind, China's largest maker of wind turbines, said BP had decided to suspend its wind power business in Asia, according to a statement posted on the Shenzhen Stock Exchange.
BP Alternative Energy and Beijing Tianrun New Energy Investment Co, a subsidiary of Goldwind, signed a framework agreement in January to develop wind farms with planned total capacity of 148.5 megawatts (MW) in Inner Mongolia, China's top base for wind power.
A Goldwind statement from January said BP would buy a 49 percent stake in the joint venture.
China ranked as the world's fifth-largest for installed wind capacity in 2007, accounting for about 6 percent of the total 94 gigawatts (GW), according to the Global Wind Energy Council.
Goldwind said the construction of the wind farm was expected to be completed in February 2009, and it was seeking new partners.
BP Alternative Energy combines BP's interests in low and zero-carbon power generation, including wind, solar and hydrogen power.
Goldwind, China's largest maker of wind turbines, said BP had decided to suspend its wind power business in Asia, according to a statement posted on the Shenzhen Stock Exchange.
BP Alternative Energy and Beijing Tianrun New Energy Investment Co, a subsidiary of Goldwind, signed a framework agreement in January to develop wind farms with planned total capacity of 148.5 megawatts (MW) in Inner Mongolia, China's top base for wind power.
A Goldwind statement from January said BP would buy a 49 percent stake in the joint venture.
China ranked as the world's fifth-largest for installed wind capacity in 2007, accounting for about 6 percent of the total 94 gigawatts (GW), according to the Global Wind Energy Council.
Goldwind said the construction of the wind farm was expected to be completed in February 2009, and it was seeking new partners.
BP Alternative Energy combines BP's interests in low and zero-carbon power generation, including wind, solar and hydrogen power.
IFC channels USD136 mln into ENN Solar Energy in N.China
BEIJING, Nov 05, 2008 (Xinhua via COMTEX) -- International Finance Corporation (IFC) recently announced that it would arrange for 136 million U.S. dollars to finance China's first thin-film solar module production plant of ENN Solar Energy Co., Ltd.
This financing package includes 45 million U.S. dollars loan from IFC, 76 million U.S. dollars from syndicated loans and 15 million U.S. dollars as IFC's equity investment.
Situated in Langfang of North China's Hebei Province, this thin-film solar module program has planned overall investment of 14 billion yuan to build nine production lines in three phases.
The first production line is expected to come into commercial production in the second quarter of 2009 with annual production capacity at 600 MW.
IFC investment is aimed to help reduce the production cost of solar power generation and stimulate the development of Chinese photovoltaic market, according to IFC.
Earlier this year, ENN Group, parent of ENN Solar Energy, announced a plan to introduce automatic production line of Applied Materials Inc. (AMAT.Nasdaq).
Founded in 1989, ENN Group is one of China's major private town gas operators with total assets exceeding 20 billion yuan as of yearend 2007.
This financing package includes 45 million U.S. dollars loan from IFC, 76 million U.S. dollars from syndicated loans and 15 million U.S. dollars as IFC's equity investment.
Situated in Langfang of North China's Hebei Province, this thin-film solar module program has planned overall investment of 14 billion yuan to build nine production lines in three phases.
The first production line is expected to come into commercial production in the second quarter of 2009 with annual production capacity at 600 MW.
IFC investment is aimed to help reduce the production cost of solar power generation and stimulate the development of Chinese photovoltaic market, according to IFC.
Earlier this year, ENN Group, parent of ENN Solar Energy, announced a plan to introduce automatic production line of Applied Materials Inc. (AMAT.Nasdaq).
Founded in 1989, ENN Group is one of China's major private town gas operators with total assets exceeding 20 billion yuan as of yearend 2007.
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