Chinese co. may open plant in Austin

AUSTIN (KXAN) - The Austin City Council will hear a proposal from Yingli Solar as they may move a plant to Austin, creating more than 300 jobs by the end of 2012. More than a third of those jobs would make nearly $40,000 a year.

Yingli Solar is one of the world's largest vertically-integrated photovoltaic manufacturers. Yingli Solar is a Chinese company, but its United States headquarters is currently in New York.

The proposal, negotiated by the City of Austin's Economic Development office, would bring the company's headquarters to Austin.  The company has not disclosed the location in town yet.

"This is a clean technology company," said Austin Economic Development Director Brian Gildea. "It's a target industry."

The plant Yingli looks to open in Austin would be a manufacturing facility to produce PV panel products specifically designed for American customers. This plant would be the first of its kind outside of China for Yingli. Its expected completion date, if approved, is December 2010.

In return, the City of Austin will offer an 80-percent property tax break over a ten year period.

"We don't get ourselves into a position where we are spending more to bring jobs then we will gain to have those jobs locating here," Gildea said.

The council will hear the proposal on Thursday regarding the City of Austin and Yingli at noon. There will be a public hearing on March 11 discussing the possibility of this plant.