Yingli announced plan to build PANDA mono-crystalline silicon-based manufacturing lines with annual production capacity of 300 MW.
Yingli Green Energy Holding Company Limited announced a 300 MW PANDA mono-crystalline silicon-based manufacturing capacity expansion project at its Baoding headquarters. Yingli is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers.
To finance the project in question, the Company contracted a RMB 1.5 billion loan and RMB 250 million working capital credit facility from the Bank of Communications Co., Ltd., Hebei Branch.
The new PANDA mono-crystalline silicon-based manufacturing lines will produce 300 MW a year, in each of mono-crystalline ingots and wafers, cells and modules at Yingli’s headquarters in Baoding. The technology used by the new production lines was 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. The facility will produce next-generation high efficiency PV cells based on this technology.
According to Yingli Green Energy, its China branch, Yingli China got a loan of RMB 1.5 billion and a working capital credit facility of RMB 250 million from BOCOM. The Bank committed to 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.
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy stated: "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. 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% or higher. Looking ahead, we expect to increase the average efficiency rate to at least 18.5% 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."
