Yingli Green Energy Holding Co.'s (YGE) plans to sell more solar panels to Chinese customers this year than to Europeans, making its home country the company's top customer, Chairman and Chief Executive Miao Liansheng said Friday.
Yingli Green Energy Holding Co.'s (YGE) plans to sell more solar panels
to Chinese customers this year than to Europeans, making its home country the
company's top customer, Chairman and Chief Executive Miao Liansheng said
Friday.
Around 35% of Yingli's solar panels will stay in
China
compared with 22% last year, while European customers will take 30% of the
company's output, down from 57% in 2011.
Although the
U.S.
only
receives about 10% of Yingli's solar panels, the Chinese manufacturer recently
signed contracts to buy materials from
U.S.
companies valued around $2 billion during a recent
U.S.
visit
by Xi Jinping, who is widely considered next in line to be
China
's
president.
Yingli made deals with four
U.S.
companies, including a $100-million deal with Dupont to buy photovoltaic
materials and a $1.6 billion seven-year contract to buy silicon materials from
Hemlock Semiconductor Group, Miao said.
The deals exceed the value of Yingli's exports to the U.S., he said, hinting
that it is ironic that the U.S. Commerce Department is considering whether to
impose antidumping tariffs on imports of Chinese solar products when trade is already
balanced in the U.S.'s favor.
The pending ruling "is causing chain effects in
Europe
and
India
,
making it difficult for us to sell products to them," he said, adding that
Yingli and its upstream as well as downstream partners are strongly opposed to
any punitive duties.
In 2011, Yingli swung to a loss of $509.8 million due to a global oversupply of
solar panels, tighter credit conditions due to the European financial crisis
and cuts to renewable energy subsidies in key client countries, according to
Matthew Li, associate director of investor relations at Yingli. Despite a
difficult market, Yingli still boosted shipments of solar panels by 50% to
1,603.8 megawatts, he said.
The company is anticipating stronger demand in 2012, and expects to boost
shipments this year to between 2,400 and 2,500 MW, up more than 50% from 2011.
Yingli is targeting regions in emerging markets including the
Middle
East
and
Africa
, Miao said. The company also
recently established offices in
Mexico
,
Brazil
and
Chile
--adding
to eight other offices around the world.
To meet higher demand, Yingli plans boost its total manufacturing capacity by
750 megawatts to at least 2,450 megawatts in 2012, company executives said.
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