Yingli Green Energy’s (Yingli Solar’s) 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.

According to the agreements, Hainan Yingli will hold a 40% stake in the JV and the JV will fully implement the project with a capital investment of approximately 689 million Thai Baht ($19 million USD). The new factory will be located in Pruckdang district in Rayong, Thailand and have an annual capacity of 300 megawatts (MW) of multicrystalline PV panels, which will be sold by Yingli under the Yingli Solar brand name. The facility is expected to begin operating in the second half of 2016.

"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."