Yingli Partners With Demeter Power In 300 MW Manufacturing Facility In Thailand
Yingli Solar has announced that its holding subsidiary, Hainan Yingli New Energy Resource Co, LTD. ("Hainan Yingli"), has entered into definitive agreements to form a joint venture ("JV") to establish a new solar panel factory in Thailand with Demeter Corporation PLC's subsidiary, Demeter Power Company Limited ("Demeter Power"), a Thailand-based developer, EPC provider, and operator of renewable energy projects.
"We are proud to establish our first overseas manufacturing operations in partnership with Demeter Power, and we hope to expand the new factory's production capacity across the PV value chain in the future," commented Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "Manufacturing PV panels in Thailand will enable the company to operate more competitively in overseas markets as well as in the emerging markets of Southeast Asia."
"We would like to join with Yingli to establish our first solar module manufacturing operation here in Thailand," commented Mr. Apichet Bhusry, CEO of Demeter Corporation PLC. "Thailand's favorable business climate, coupled with it generous tax incentive scheme, world class infrastructure, and continued government support for the expanding solar power industry make Thailand a perfect place for our new joint venture with Yingli."