Yingli and Namene Energy to invest in joint venture focused on West Africa
Written By: Tracy Dawson Roses
September 3, 2015
On September 3, Yingli Green Energy Holding Company Ltd. announced that its wholly owned subsidiary, Yingli Green Energy Europe GmbH and Namene Energy International Limited a renewable energy solutions developer focused on West Africa, have formed a new joint venture, Yingli Namene West Africa Limited. According to agreements between Yingli Europe and Namene, each party holds 50% of the JV’s equity. All project development will be funded by the JV’s shareholders.
The JV aims to develop a total of 100 megawatts (MW) of utility-scale solar projects and up to 50 MW of rooftop projects in Ghana and neighboring countries over the coming years and Yingli Europe will serve as the JV’s preferred solar panel supplier.
Upon the completion of all the application procedures, the JV will explore the financing solutions from banks and other financial institutions to support project construction. Yingli Namene West Africa Limited will be headquartered in Accra, Ghana, and its first utility-scale projects are already under development. Construction is expected to start in 2017.