Chinese photovoltaics (PV) maker Yingli Green Energy Holding (NYSE:YGE) said Tuesday it has joined hands with sector player Demeter Corporation PLC for a 300-MW photovoltaic (PV) panel production plant in Thailand.
“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,” Yingli Green chairman and CEO, Liansheng Miao, noted.
As part of the plan, Hainan Yingli New Energy Resource Co Ltd and Demeter Power Co Ltd have already signed definitive agreements to form a joint venture (JV). The latter will make a capital investment of some THB 689 million (USD 19m/EUR 17.5m) in order to fully implement the project, according to the press release.
The manufacturing facility, located in Rayong city’s district of Pruckdan, is due for completion in the second half of 2016. Yingli Green, which will hold a 40% equity stake in the new entity, will sell the multicrystalline PV panels produced at the site under its brand name both overseas and in emerging Southeast Asian markets.
Demeter Power serves as a developer, engineering, procurement and construction (EPC) service provider, as well as an operator of renewable energy plants.
(THB 10 = USD 0.275/EUR 0.254)