Yingli Green Energy subsidiary Yingli Green Energy Europe has agreed to form a joint venture with renewable energy solutions developer Namene Energy to develop utility-scale solar projects in West Africa.
Named Named as Yingli Namene West Africa, the 50-50 Joint venture (JV) will develop 100MW of utility-scale solar power projects and up to 50MW of commercial rooftop projects in Ghana and neighboring countries.
Based in Accra, Ghana, the JV will initially complete application procedures, which will be funded by its shareholders, following which financing will be sourced from banks and other financial institutions to support project construction.
Yingli Green Energy chairman and CEO Liansheng Miao said: "Today’s announcement marks Yingli’s first investment in West African renewable energy projects as well as the continued expansion of our global downstream business."
Yingli Europe will serves as the preferred solar panel supplier for the projects while the JV plans to commence construction of first utility-scale projects in 2017.
Yingli Europe commercial head Ralph Schneider said: "These transactions will provide clean, reliable and affordable energy to a country with strong demand for power generation capacity to support further economic growth.
"By joining forces we can consolidate our downstream pipeline well into 2017 and beyond."
Image: About 50MW of commercial rooftop projects are planned to be developed in Ghana and neighboring countries. Photo: courtesy of dan / FreeDigitalPhotos.net.