Yingli forecast 30 percent of its 2012 revenue coming from China, up from 22 percent last year, the company said today in a statement.
China approved 1.7 gigawatts of solar projects May 3 under its Golden Sun subsidy program, which will spur sales this year, according to Yingli Chairman Miao Liansheng. The program was introduced in 2009 and subsidized 689 megawatts of projects in 2011.
Shipments in China “will gradually pick up in the second quarter and the third quarter,” driven by the Golden Sun program and “the acceleration of utility-scale projects in western China,” Miao said in the statement.
Total shipments of solar panels increased by 44 percent in the first three months of this year from the prior quarter.
First-quarter revenue was $500 million, down 5.2 percent from a year earlier. The net loss was $45 million, or 29 cents a share, 7 cents less than the average of 14 estimates compiled by Bloomberg.
Suntech Power Holdings Co. is the biggest solar manufacturer.
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