China-based solar energy firm Yingli Green Energy Holding has entered into a joint venture with Namene Energy International, a developer of renewable energy solutions to develop a total of 100MW of utility-scale solar projects and up to 50MW of commercial rooftop projects in Ghana and neighbouring countries.
With its utility-scale projects already in progress, the new joint venture Yingli Namene West Africa Limited will be based in Accra, Ghana.
Under the terms of the agreement, the shareholders will fund the application procedures during project development.
In addition, the new venture will explore other financial solutions including those from banks and other financial institutions to support the project construction.
On completion, both the companies will hold a market share of 50% in the new venture. Additionally, Yingli Europe will supply solar panel required for the new joint venture.
Construction of the proposed joint venture is expected to commence in 2017.
Yingli Green Energy chairman and CEO Liansheng Miao said: “Today’s announcement marks Yingli’s first investment in West African renewable energy projects as well as the continued expansion of our global downstream business.
“We are pleased to partner with Namene, and believe that our JV is positioned to quickly execute and become successful in this market.”
Namene Energy International CEO Patrick Lagrange said: “As one of the world’s leading solar panel manufacturers, Yingli has the right industry capabilities, brand and expertise to understand our local business requirements.”
