Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar" states that the anti-dumping complaint filed at the European Commission in July this year is unfounded. Today, the European Commission has announced the opening of an anti-dumping investigation into Chinese solar products.
"We will closely cooperate with the European Commission in order to prove that the conditions for the imposition of punitive tariffs are not fulfilled. Regardless of misleading claims, we remain focused on producing competitive, high-quality products based on our investments in research and development. As a NYSE-listed company with a worldwide presence, we constantly meet the highest standards of international trade practices. We are fully transparent with our funding sources and cost structure," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
"The solar industry is based on a global and complex value chain, and will be therefore substantially and negatively affected by trade protectionism. There would be no winners but rather immeasurable damage and regression from our fundamental goal of making solar a cost-effective energy source available to everyone. In addition, such actions would significantly delay the onset of a sustainable solar electricity market free of government support," said Darren Thompson, Managing Director, Yingli Green Energy Europe GmbH.
Open markets and increased competition have made solar energy in the EU affordable, contributing to a balanced European energy mix and the achievement of the ambitious EU 2020 climate change targets. Today, the price for solar energy is already competitive with more carbon-intensive energy sources in some areas in Europe. A misguided trade war could undermine years of solar industry progress, investment and innovation.