On Thursday, solar panel manufacturer Yingli Solar, announced that its wholly owned subsidiary Yingli Green Energy Europe and Namene Energy International Limited, a renewable energy solutions developer, have established a West African focused joint venture.
The joint venture, Yingli Namene West Africa Limited, has plans to develop 100MW of utility-scale solar photovoltaic projects and an estimated 50MW of commercial solar photovoltaic rooftop projects in Ghana, Yingli Solar said in a statement.
Yingli Europe has been selected as the preferred solar panel supplier for the venture, which will be headquartered in Accra, Ghana.
Liansheng Miao, Chairman and CEO of Yingli Green Energy, said: “Today’s announcement marks Yingli’s first investment in west African renewable energy projects.”
Yingli Solar: funding the venture
According to the solar panel manufacturing firm, agreements between Yingli Europe and Namene state that each entity holds 50% of the venture’s equity.
The company added that “all application procedures during the project development will be funded by the JV’s shareholders.”
Once the application phase has reached completion, the venture will explore available financing solutions from financial institutions in order to facilitate the construction of the project.
Yingli Namene West Africa Limited’s first utility-scale projects are already under development, with construction expected to commence in 2017.
Ralph Schneider, head of commercial at Yingli Europe, said: “Namene is active in West Africa and has built a team of dedicated and highly experienced professionals with in-depth knowledge and understanding of the energy sector in this region.
“Therefore, our JV with Namene is expected to deliver significant synergies and value across the development and installation of large-scale solar projects in West Africa.”