Hainan Yingli New Energy Resource Co. Ltd., a holding subsidiary of Yingli Green Energy Holding Co. Ltd., has entered into an agreement with Demeter Corp.'s subsidiary, Demeter Power Co. Ltd., to build a 300 MW solar panel manufacturing factory in Thailand.
According to the companies, this will be Yingli's first facility outside of China and Demeter Corp.'s first in Thailand.
Per the agreements, Hainan Yingli will hold a 40% stake in the venture and the project will be fully implemented with a capital investment of approximately 689 million Thai Baht, or $19 million.
The facility will be located in the Pruckdang district in Rayong and will produce multicrystalline PV panels with a capacity of 300 MW, which will be sold by Yingli. The factory is expected to begin operations in the second half of this year.
‘We would like to join with Yingli to establish our first solar module manufacturing operation here in Thailand,’ says Apichet Bhusry, CEO of Demeter Corp. ‘Thailand's favorable business climate, coupled with its 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.’