Nov 25 2010
South Africa has entered into a $435 million solar contract with a Chinese firm Yingli Solar for construction of a Solar Manufacturing plant, along with the help of a domestic partner.
Yingli Solar South Africa
According to Nelisiwe Magubane, Director General of the Department of Energy, South Africa, and Yingli’s Vice President, Xi Jinping, planned to commence construction work on the plant inside a year. An agreement was also signed by Magubane on behalf of the South African Government and the China Development Bank, with Xi Jinping as witness for wide ranging energy cooperation.
Magubane revealed that a Memorandum of Understanding (MOU) was signed giving them opportunities to finance one another’s energy infrastructure initiatives. But the actual amount of funds was yet to be decided.
Yingli Solar is ready to take a 10% share in the solar modules market in the current year. Predictions state that Yingli would join the foremost US Suppliers list in the near future.