Yingli signs solar module supply deal with China

BANGALORE, INDIA: Yingli Green Energy Holding said it would supply a total of 110 megawatts (MW) of photovoltaic modules to a unit of China Power Investment Corp , as it looks to tap into the rapid growth in the Asian market amid a slowdown in the major hubs of Europe.

China's solar power demand will likely rise to 3-4 gigawatts (GW) in 2012, from at least 1 GW this year, as the country aims to become one of the world's major markets for solar, the head of China's LDK Solar Co had told Reuters in May.

The modules, expected to be delivered from June-August, will be used for ground-mounted solar projects constructed by China Power unit Huanghe Hydropower, Yingli said in a statement.

Yingli shares have lost 13 percent of their value this year, and had closed at $8.58 on Wednesday on the New York Stock Exchange.