Companies sign Memorandum of Understanding for strategic cooperation
Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), the world's largest vertically integrated solar panel manufacturer, known as "Yingli Solar," today announced that its wholly-owned subsidiary, Yingli Green Energy Singapore Company Pte. Limited ("Yingli Singapore"), intends to collaborate with Kasikornbank Public Plc. ("KBank"), Huawei Technologies Co., Ltd ("Huawei") and Solventia Solar Energy Co., Ltd. ("Solventia Solar Energy") to deploy solar power in Thailand, a promising renewable energy market. According to their recently signed Memorandum of Understanding, the companies plan to jointly provide turnkey solar power solutions for both power plants and distributed generation projects throughout the country.
"Yingli's collaboration with KBank, Huawei and Solventia Solar Energy is designed to accelerate solar power's expansion in Thailand by simplifying PV deployment for power suppliers and consumers. As industry leaders, our companies' cooperation will help establish Thailand as an innovative regional leader in the transition to a clean, low-carbon future," said Ms. Angie Koh, Managing Director of Yingli Singapore.
"Through collaboration our companies will be able to execute each critical aspect of PV deployment, from manufacturing to construction," commented Mr. Jesus Vazquez, Chief Executive Officer of Solventia Solar. "Our aim is to provide the best quality of service in solar PV to our clients and to local communities, transforming Thailand into a self-sufficient and more sustainable society."
Due to Thailand's strong year-round solar irradiation and rising demand for electricity, the Thai government has established a 3 GW target for total solar power capacity by 2021. The country plans to meet at least 20% of its energy demand with renewable resources by 2022.
