Chinese Solar Company Yingli Grows North American Market Shares As Profits Surge

Yingli Green Energy, the high profile Chinese photovoltaic solar panel manufacture, is anchoring itself as a dominant player in the North American solar market despite its decision a few month ago not to go ahead and open a U.S. manufacturing line.

announcing its second quarter results the Chinese solar power company said it was selling an ever growing amount of solar panels in California and New Jersey, the two largest solar markets in the U.S.  “In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have become the leading supplier of PV modules in New Jersey and California,” Yingli CEO  Liansheng Miao said. He added: “We have also been making progress in the rooftop and ground mounted segments and were recently selected for a number of high profile projects on both the West and the East Coasts.”

Last spring, following months of speculations as to where it would house a U.S. plant, (Texas and Arizona were in the running), Yingli finally opted not to open a North American manufacturing facility because of the ongoing global financial turmoil, which it said hurt solar panel pricing.

Also, In its second quarter statement Yingli says it is confident it will meet its shipment target for the whole of 2010 to at between 950 megawatts and 1 gigawatts, an 80.8 percent-to-90.4 percent surge compared to 2009.

Yingli announced second quarter profits of $$32.1 million on revenues of $398.1 million. In the same period a year ago Yingli registered a $57.6 million net loss.

Photo: PeacePlusOne, Flickr

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