Continued Growth For Yingli

on August 22, 2011 at 2:00 PM

Though some are struggling to make ends meet in the renewable energy business, China’s Yingli Solar reported that the second quarter of 2011 was the strongest in its history in terms of PV module shipments.

Yingli’s reported profit increased to $375.6 million, compared to $368.3 million in the first quarter of the year and $217.8 million in the second quarter of 2010.

“I am pleased to announce that we had our best quarter ever in terms of PV module shipments, which increased by 36.6% over the previous quarter,” said Yingli Green Energy’s Chairman and CEO Liansheng Miao. “With the significantly increased shipments, we managed not only to expand our global market share, but also to extend our sales geographically.”

Yingli Green Energy (NYSE: YGE) markets its products under the brand “Yingli Solar” and sells most of its photovoltaic panels in China, the US, Canada, Mexico and the Caribbean. The company expects to capture as much as 15% of the North American solar market in 2011, according to Miao.

A unified national solar feed-in-tariff in China, he said, has strengthened the company’s domestic market this quarter, he said. Alongside its financial results, the company announced it would be installing an additional 700 MW of solar capacity in China, including 600 MW near the company’s Baoding headquarters and 100 MW in the Hainan province.

Because China has been aggressively installing solar power, other Chinese-based companies have also been noticing a boost in the market despite broader global uncertainty impacting export-oriented firms. Read more: Mixed Wind Sector Weighs On Chinese Results.

The new installations will bring Yingli’s total capacity to 1.7 GW.

Photo Caption: A worker stands on top of the entrance to the Yingli Solar factory, a leading solar energy company and one of the world’s largest manufacturers of solar panels in Baoding, Hebei province on September 30, 2010.