Yingli signs $435m solar deal in S. Africa

South Africa has signed a deal with solar power firm Yingli Green Energy (YGE.NYSE) to build a US$435 million production facility with a local partner, Reuters reported. Construction of the new South African manufacturing plant is expected to begin within the next 12 months. The deal was signed during Vice President Xi Jinping’s visit to the African nation. During Xi’s visit, South Africa also signed an agreement with the China Development Bank which covered energy cooperation between the two nations. "We have a memorandum of understanding on various projects… and this allows them the opportunity to invest in [each] other’s energy infrastructure projects," said Nelisiwe Magubane, director general of South Africa’s Department of Energy.