GENEVA, SWITZERLAND--(Marketwire - June 16, 2011) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), an independent solar power producer, today announced an agreement whereby Yingli Green Energy Holding Company Limited ("Yingli Green Energy") (NYSE:YGE), one of the world's largest vertically integrated photovoltaic manufacturers, will supply PV modules for Etrion's 10 MW Helios ITA-3 solar project under construction in Puglia, Italy.
Marco Northland, Etrion's CEO, commented, "We are pleased to contract Yingli directly to supply modules for our 10 MW project in Puglia. We look forward to expanding our relationship and gaining economies of scale for future projects through this strategic partnership."
Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy, commented, "We welcome our new partnership with Etrion. Our companies are bringing green jobs and clean electricity to Italy, and we are both committed to lowering power costs for the end user."
The Helios ITA-3 project includes two 5 MW ground-mounted solar PV parks under construction, Brindisi and Mesagne, in the Puglia region of Italy.
Etrion has engaged ABB to complete the solar parks using Yingli poly-crystalline PV modules installed on SunPower trackers with power conversion completed through Bonfiglioli inverters. Construction of the solar project is expected to be completed by August 31, 2011.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE:YGE), which markets its products under the brand "Yingli Solar", is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE:YGE). For more information, please visit www.yinglisolar.com.
About Etrion
Etrion Corporation develops, builds, owns and operates solar power plants. Etrion currently owns 47 megawatts (MW) of operational, ground-based solar photovoltaic (PV) power plants in Italy. The Company is listed on the Toronto Stock Exchange and the NASDAQ OMX Stockholm exchange (ticker symbol "ETX"). Etrion's largest shareholder is the Lundin family, which owns approximately 27% of the Company's shares through various trusts.
For additional information, please visit the Company's website at www.etrion.com.
Forward-Looking Information:
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the expected date of completion of the Helios ITA-3 solar project) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, assumptions as to the ability of Yingli Green Energy to supply the required PV modules in a timely manner. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, unexpected construction or supply-chain delays affecting the completion of the Helios ITA-3 solar project by August 31, 2011.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Contact Information:
Garrett Soden
Chief Financial Officer
+41 (22) 715 20 90
www.etrion.com