Chinese solar panel maker Yingli Solar has announced plans for its first factory outside of China, after partnering with Thai firm Demeter Power to build a 300MW solar panel factory in Rayong, Thailand.
The partnership, which was announced on Tuesday, will see the two firms invest $19m in the new facility with a view to turning out panels for sale by the second half of this year.
Yingli Solar said it will have a 40 per cent stake in the joint venture, and the panels produced by the factory will be sold under the Yingli Solar brand name.
Liansheng Miao, chief executive of Yingli Solar, said the new factory would strengthen the firm's position in the overseas market. "Manufacturing PV panels in Thailand will enable the company to operate more competitively in overseas markets as well as in the emerging markets of Southeast Asia," he said in a statement.
The move could spark speculation that Yingli Solar is looking to circumvent minimum import price (MIP) rules set by the European Union for Chinese solar manufacturers, after the European Commission extended the scheme last month as it conducts a review into the policy.
Fellow Chinese manufacturer Trina Solar subsequently withdrew from the programme, adding that it would seek to sell panels into Europe using manufacturing plants outside of China.
The move also provides evidence Yingli is keen to continue with its international expansion, despite a series of financial challenges last year related to its debt position.
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