Yingli Solar, a large vertically integrated photovoltaic (PV) module manufacturer, said its wholly-owned subsidiary, Yingli Energy (China) Co. signed a cooperation agreement with Shanghai Sailing Capital Management Co., the manager of Shanghai Sailing Capital Investment Fund, to jointly form a renewable energy fund in Shanghai with an aim to invest in downstream solar energy projects in China.
Yingli Solar, a large vertically integrated photovoltaic (PV) module manufacturer, said its wholly-owned subsidiary, Yingli Energy (China) Co. signed a cooperation agreement with Shanghai Sailing Capital Management Co., the manager of Shanghai Sailing Capital Investment Fund, to jointly form a renewable energy fund in Shanghai with an aim to invest in downstream solar energy projects in China.
Shanghai Sailing Capital Investment Fund is an affiliated entity of Sailing Capital International Fund.
According to the agreement, the fund will have an initial size of approximately $1.6 billion, of which Yingli China commits to contribute approximately 51% of the total capital through its wholly owned affiliate in China.
The capital contribution will, however, be made in several installments. The fund is expected to invest primarily in Yingli Solar’s solar PV projects through various portfolios, and both parties will take an active role in the management of the fund. The parties will enter into further definitive agreements to formally define their partnership and specific investment opportunities.
“Renewable energy is emerging as a strategic industry in China and around the world, and the PV segment in particular has great prospects for future development,” said James Xiaodong Liu, CEO of Sailing Capital’s fund manager.”The fund, which will initially focus on ground-mounted solar power plant and distributed solar power generation system investments, marks the beginning of the two companies’ comprehensive cooperation through capital and industrial resource sharing.”
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