Yingli Europe partners with Namene to form Yingli Namene West Africa Limited.
Yingli Solar, one of the leading solar energy panel manufacturers in the world, has announced that its European subsidy, Yingli Europe, has formed a joint venture (JV) with West Africa-focused leading renewable energy solution developer, Namene. The new JV, which is known as Yingli Namene West Africa Limited, marks the Chinese manufacturer’s first investment in renewable energy projects in West Africa.
Yingli Europe will be the joint venture’s preferred provider of solar panels.
The goal of the JV is to develop up to 50 MW (megawatts) of commercial rooftop solar energy projects in Ghana and other West African countries. In addition, there are also plans for a total of 100 MW of utility-scale solar projects. The aim is to make these projects happen in the coming years.
Both Yingli Europe and Namene hold 50% of the joint venture’s equity. Funding for all application procedures throughout the project development will come from the JV’s shareholders. Accra, Ghana has been selected as the headquarters for Yingli Namene West Africa Ltd.
Worldwide, Yingli has delivered over 13 GW (gigawatts) of solar energy panels to customers around the globe.
Commenting on the recent partnership, Namene CEO Patrick Lagrange said that “As one of the world’s leading solar panel manufacturers, Yingli has the right industry capabilities, brand and expertise to understand our local business requirements.” Lagrange added that “Yingli is an ideal partner for us to grow our business in this fast emerging market.”
Yingli Green Energy Chairman and CEO Liansheng Miao stated about the JV announcement that it marks “Yingli’s first investment in West African renewable energy projects” and the continued expansion of the company’s worldwide downstream business.
Head of Commercial of Yingli Europe, Ralph Schneider, said of the JV that Namene has a team of highly experienced and dedicated professionals with deep understanding and knowledge of the West African energy sector. He added that Yingli Europe’s joint venture with Namene is expected to bring notable value and synergies across the development and installation of large-scale solar power projects in the West African region.
Construction of the joint venture’s first utility-scale solar energy project, which is reportedly already under development, is expected to begin in 2017.