Yingli Green Energy Holding Company Limited (NYSE: YGE) announced that a three-party Consortium including its wholly-owned subsidiary, Yingli China, along with Sinohydro and Hydrochina, has won 233 megawatts of solar photovoltaic (PV) projects in Algeria.
The new renewable energy projects will be developed by Shariket el Kahraba wa el Taket el Moutadiadida (SKTM), a wholly-owned subsidiary of Sonelgaz, which is in charge of electricity and natural gas distribution in Algeria.
In October 2013, Yingli China formed the Consortium to participate in the bidding of SKTM's Algerian PV projects, which consist of four separate installations, totaling 318 MWs. The Consortium received the winning bid notice this month for 233 MW in total. The Consortium will take responsibility for the design and construction of the projects. Construction will begin in January 2014, and is expected to be completed within 8 months.
"Given its competitive strength and reliable solution among other competitors, the Consortium won the largest portion of our whole program. Those projects will help us to relieve the pressure of power supply in Algeria to some extent after being put into operation. We are looking forward to further strengthening the cooperation with Yingli in the future," commented by Mr. Chahar Boulakhras, Chairman of SKTM.
"We are very pleased to win these projects, and thank our Consortium partners for all their great efforts," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The cooperation with Sinohydro and Hydrochina marks a new approach to PV project development in China, and we're excited to be at the forefront of this initiative. We look forward to working together with even more partners to discover new business development methods."