<PAGE>
                                                                   EXHIBIT 10.27

                                SUPPLY AGREEMENT

                                 BY AND BETWEEN

                             ACCIONA ENERGIA, S.A.,

                                   AS "BUYER"


                                       AND

              BAODING TIANWEI YINGLI NEW ENERGY RESOURCES CO., LTD.

                                  AS "SUPPLIER"



                         DATED AS OF NOVEMBER 9TH, 2006



<PAGE>
                                SUPPLY AGREEMENT

THIS AGREEMENT, made and entered into as of this 9th day of November, 2006, by
and between BAODING TIANWEI YINGLI NEW ENERGY RESOURCES CO., LTD. a corporation
organized under the laws of the People's Republic of China ("PRC"), having its
principal office at No. 3055 Fuxing Middle Road, Baoding, Hebei, PRC
(hereinafter "YINGLI" or "SUPPLIER"), and ACCIONA ENERGIA, S.A.., a corporation
organized under the laws of Spain, having its principal office at Avenida Ciudad
de la Innovacion, 5, Sarriguren (Navarra), Spain (hereinafter "AE" or "BUYER").

Yingli is hereby represented by Mr. Liansheng Miao, acting in his capacity of
President, having been duly authorized to represent and bind Yingli.

AE is hereby represented by Mr. Fermin Gembero Ustarroz, acting in his capacity
of General Manager, having been duly authorized to represent and bind AE.

The Buyer and the Supplier are referred to herein individually as a "Party" and
collectively as the "Parties".

                                    RECITALS

WHEREAS, Yingli is a PRC company, which manufactures photovoltaic (hereinafter
"PV") modules of different sizes and installation capacities and is currently in
operation in photovoltaic plants located in several countries, such as a FIFA
Stadium in Germany.

WHEREAS AE intends to acquire between 80 and 100% of the share capital of Amper
Central Solar, S.A., a Portuguese company, which will develop and construct, as
owner, a photovoltaic plant with a capacity of between 42 and 62 MWp to be built
in the city of Moura, Portugal (hereinafter, the "PROJECT")

WHEREAS the Buyer intends to develop and construct the Project for which it
requires PV modules necessary to achieve the capacity mentioned in the
immediately preceding paragraph;

WHEREAS, pursuant to the negotiations and discussions maintained by the Parties,
Yingli and AE have reached an agreement on the major terms and conditions for
the supply of 42 MWp of PV modules for the Project as stated in the letter
signed by both Parties and dated 10 October, 2006.

WHEREAS Yingli desires to sell to Buyer and Buyer desires to purchase from
Yingli 42 MWp of PV Modules, under the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises set forth herein and the
mutual covenants herein contained, both parties hereto agree as follows:



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CLAUSE 1.- DEFINITIONS

"AMPER" means Amper Central Solar, S.A., a Portuguese company which is the owner
of the Project.

"DELIVERY SITE" means the port of Destination, port unless otherwise agreed by
the Parties.

"MOURA PROJECT" or the "PROJECT" means the photovoltaic plant to be developed
and built by Amper in Moura (Portugal) with a capacity between 42 and 62 MWp.

"PORT OF DESTINATION" mean the Spanish or Portuguese port to be defined by AE
and notified to Yingli.

"PROJECT SITE" means the location of the photovoltaic plant in Moura, Portugal.

"PV MODULES" means photovoltaic modules with the brand name of Yingli, with
model numbers and technical specifications as described in detail in Schedule A
attached hereto as an integral part hereof, as amended from time to time in
writing by mutual agreement of the Parties during the term of this Agreement.
For the avoidance of doubt, the PV Modules shall also include the High Speed
Connectors, which shall be of adequate quality and lengths that will permit
adequate assembly of the modules on the structures.

"YINGLI'S PREFERRED CUSTOMER TERMS AND CONDITIONS" means, the best commercial
terms and conditions that Yingli may apply to its customers..

CLAUSE 2. - SUPPLY OF PV MODULES

2.1. During the term of this Agreement and subject to the terms and conditions
     herein contained, Supplier agrees to sell and deliver to Buyer and Buyer
     agrees to purchase from Supplier on a non-exclusive basis such number of PV
     Modules as will represent an output capacity of 42 MWp. The PV Modules to
     be supplied hereunder shall be used exclusively for the Moura Project.

2.2. In addition to the purchase of PV modules representing an output capacity
     of 42 MWp as provided in clause 2.1 hereof, the Buyer shall have the right
     to purchase from Supplier additional PV Modules representing an output
     capacity of up to 20 MWp for the Project on terms and conditions that are
     no less favorable than Yingli's Preferred Customer Terms and Conditions.
     The Supplier shall grant the Buyer a preferential right to purchase for the
     Project additional PV Modules representing an output capacity of 20 MWp,
     subject to the condition that the Buyer submit a purchase order not later
     than 31 March 2008. Such additional PV Modules shall be delivered in
     quarterly instalments, which the first two instalments consisting of 7 MWp
     and the last instalment consisting of 6 MWp. 30 September 2008 shall be the
     last day for delivery of the first instalment of such additional modules.



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2.3. The PV Modules to be supplied by the Supplier under this Agreement shall be
     manufactured in accordance with the best industry practices and shall be in
     accordance with the technical specifications that are described in detail
     in Schedule A hereto. In addition, the PV Modules shall comply with the IEC
     61215 standard and will have a unitary nominal power of no less than 170
     Wp.

2.4. All PV Modules supplied by the Supplier hereunder shall be inspected and
     tested by Supplier and Class II electrical isolation quality certificates
     and flash test results data shall be issued and submitted to the Buyer
     within fifteen (15) days of the date of shipment of the PV modules from
     Supplier's manufacturing factory in PRC. Supplier represents that each of
     the different type of PV Modules that will be delivered under this
     Agreement have been certified by TUV. Supplier delivers to Buyer on the
     date of signing this Agreement, copies of the corresponding certificates,
     which are attached hereto as Schedule C. For any new type of PV Module that
     Supplier may deliver to Buyer hereunder, Supplier will obtain the
     corresponding TUV certificates and shall provide a copy of such
     certificates to Buyer not later than fifteen business days after having
     obtained such certificates.

2.5. Supplier agrees to supply the PV Modules classified in accordance with the
     electrical performance of each of the units delivered and deliver them
     grouped in a manner such that each single pallet shall include only PV
     Modules featuring the same maximum intensity. Supplier agrees to adequately
     mark each package to enable Buyer to identify the contents thereof and the
     kind of PV Modules included.

     The supply of the PV Modules will be organised in pallets of three
     different power levels (1, 2 and 3), which will be marked with a
     conspicuous large number.

     Supplier will classify the PV Modules into three levels (1, 2, 3), with 1
     representing modules with the lowest intensity and 3 representing modules
     with the highest intensity, in accordance with the actual intensity
     produced by the modules.

     25% of the PV Modules to be supplied by the Supplier will correspond to
     power level 1; 50% to power level 2 and 25% to power level 3. The specific
     intensity of each level of the foregoing classification will be agreed by
     the Parties prior to the first delivery of the finished set of the PV
     Modules.

2.6. The Buyer shall have the right to, at its own expense and with at least one
     (1) business day prior notice, (i) send its inspectors to Supplier's
     manufacturing premises in China to inspect and test the manufacturing
     process and quality of PV Modules, (ii) to inspect the results of all
     quality control tests and inspections performed by Supplier, (iii) to
     inspect the loading of the PV Modules at the manufacturing plant of
     Supplier and (iv) to inspect the loading of the containers at port of
     origin, subject in all cases to the Supplier's confidentiality requirements
     and reasonable safety precautions, and so long as such inspection and
     presence does not unreasonably interfere with or delay the completion or
     delivery of the PV Modules or Supplier's performance of its obligations
     hereunder.



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2.7. After arrival of the PV Modules at the Port of Destination, both Parties
     may carry out a visual surface joint inspection on the packages of the
     shipments (without opening the packages) and issue a report on such
     inspection. However, such report will not in any way replace the report
     issued in connection with a random Open-Package Inspection, which is to be
     carried out at Buyer's warehouse at the moment of unloading of the pallets
     in Moura. If the package appears to be damaged or missing, Buyer shall
     provide photographs and a detailed report. Supplier shall have the right,
     at its expense, to carry out an Open Package Inspection at the Port of
     Destination.

2.8. If the Open Package Inspection results in a discovery of any shortage,
     defect or damage with respect to the delivered PV Modules, which are not in
     conformity with the stipulation of this Agreement or the quality standards
     specified under technical specifications detailed in the Schedule A of this
     Agreement, a detailed record of such shortage, defect or damage shall be
     made and signed by the representatives of Buyer within thirty (30) working
     days of such delivery. Buyer may use such record as evidence for claiming
     replacement, repair or supplement from Supplier.

2.9. If the Supplier is responsible for the problems mentioned above, the
     Supplier shall repair or replace the defective or damaged PV Modules free
     of charge within sixty (60)days upon receiving the notice of claim
     (together with a report from the Buyer) and shall be responsible for the
     risk and freight arising thereof to the Port of Destination, as well as the
     inspection fee and costs for customs clearance of the Buyer for the
     replaced and supplemented equipment and any extra costs that may have been
     caused by the replacement of the defective PV Modules.

2.10. Without prejudice to the right to carry out a joint inspection at the Port
     of Destination and the random Open Package Inspection, if any damage to the
     PV Modules is due to a fault of the Supplier, the Supplier shall repair or
     replace the damaged PV Modules at the Supplier's expense within 60 (sixty)
     days after having received the Buyer's notification to that effect.ii

2.11. Without prejudice to the right to carry out a joint inspection at the Port
     of Destination and the random Open Package Inspection, if any damage to the
     PV Modules is due to a fault of the Buyer, the Supplier shall repair or
     replace it at the Buyer's expense within sixty (60) days after having
     received the Buyer's notification.

2.12. The aforementioned inspections will not release the Supplier from his
     obligations and liabilities under this Agreement



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CLAUSE 3.- CONDITIONS OF DELIVERY. PACKING AND MARKING.

3.01. The PV Modules shall be delivered in accordance with the following
      schedule:

<Table>
<Caption>
-------------------------------------------------------------------------------
                              YEAR 2007                  YEAR 2008
-------------------------------------------------------------------------------
<S>                           <C>               <C>      <C>
FIRST QUARTER                   7 MWp                      7 MWp
-------------------------------------------------------------------------------
SECOND QUARTER                  7 MWp                      7 MWp
-------------------------------------------------------------------------------
THIRD QUARTER                   7 MWp
-------------------------------------------------------------------------------
FOURTH QUARTER                  7 MWp
-------------------------------------------------------------------------------

TOTAL PER YEAR                 28 MWp                     14 MWp
-------------------------------------------------------------------------------
TOTAL                                            42 MWP
</Table>

A more detailed schedule of delivery will be agreed by the Parties in accordance
with the following paragraphs of this Clause 3.

3.02. All deliveries of the PV Modules shall be made CIF Port of Destination (as
      defined under INCOTERMS 2000).

3.03. Each delivery shall be organised in containers, each of which shall
      include only modules of the same type and category. Each individual
      container shall be properly closed and sealed according to international
      commercial practice for this kind of transport and delivery.

3.04. The Supplier shall have the PV Modules packed according to international
      commercial practice to protect them from moisture, rain, rust, corrosion
      and shock, etc. in consideration of their different shapes and special
      features so as to withstand numerous handling, loading and unloading as
      well as long-distance ocean and inland transportation.

3.05  Two (2) working days after shipment is effected, the Supplier shall inform
      the Buyer by telefax of the following information:

      A)   Date and number of the Ocean Bill of Lading;
      B)   Name of the vessel;
      C)   Estimated time of arrival of the vessel at the port of destination
           and site;
      D)   Total number of containers;
      E)   Name, total price, total number of packages, total weight and total
           volume of the PV Modules;
      F)   Types of PV Modules; and
      G)   List of each module's flash report data, classified in accordance
           with the provisions of Clause 2.5.

3.05  For purpose of this Clause 3, a delivery shall be deemed to have been
      effected when Supplier delivers the PV modules at the Port of Destination.



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<PAGE>
CLAUSE 4.- LIQUIDATED DAMAGES

     If the Supplier fails to deliver on time according to the delivery schedule
     as specified in Clause 3, the Supplier shall pay liquidated damages to the
     Buyer as follows:

     o    Any delay of one (1) week or less shall not be deemed as a delay and
          the Supplier shall not be liable for any liquidated damages.

     o    If the delay in delivery is for a period of up to four (4) weeks, the
          Supplier shall pay, for each week of late delivery counting from the
          first day of the second (2nd) week of delay, liquidated damages in an
          amount equal to 0.1% per week of the contracted price of the PV
          Modules that were due;

     o    If the delay in delivery is for a period of more than four (4) weeks
          and up to eight weeks, the Supplier shall pay, for each week of late
          delivery counting from the first day of the fifth week, additional
          liquidated damages in an amount equal to 0.2% per week of the
          contracted price of the PV Modules that were due.

     o    If the delay in delivery is for a period of more than four (4) weeks
          and up to eight (8) weeks, in addition to the liquidated damages set
          forth above, the Supplier shall pay, for each week of late delivery
          counting from the fifth (5th) week of delay, additional liquidated
          damages in an amount equal to 0.2% of the contracted price of the PV
          Modules that were due.

     o    If the delay in delivery is for a period of more than eight (8) weeks,
          in addition to the liquidated damages set forth above, the Supplier
          shall pay, for each week of late delivery starting from the first day
          of the ninth (9th) week of delay, additional liquidated damages in an
          amount equal to 1.0% of the contracted price of the PV Modules that
          were due.ii

     o    The total amount of the liquidated damages for late delivery of the PV
          Modules, shall not exceed 10% of the Total Price.ii

     o    If the Supplier fail to deliver the PV Modules within six months
          following the due delivery date, the Buyer shall have the right to
          terminate this Agreement.

     o    If the delays are due to the Supplier's responsibility but do not
          result in loss or revocation of the license to build and operate the
          Project or any other onerous losses or damages to the Buyer, the Buyer
          may, at its sole discretion, waive the need for compensation or reduce
          the level of compensation established in the above paragraphs.iiii

          The Parties acknowledge and agree that the Liquidated Damages set
          forth above are a reasonable estimate of the lost income and damage
          Buyer shall suffer



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<PAGE>
          because of the late delivery and that, therefore, the Liquidated
          Damages set forth above shall be Buyer's sole and exclusive remedy
          with respect to delays in the delivery of the PV Modules.

CLAUSE 5.- PRICE

5.01      The purchase price for the PV modules to be supplied hereunder shall
          be US$[-]* per Watt peak, or a total price US$[-]* ([-]* US Dollars)
          ("TOTAL PRICE") for all the PV Modules CIF Port of Destination. The
          Total Price has been agreed on the assumption that all of the PV
          Modules supplied hereunder shall be used exclusively in Moura Project.

5.02      The Parties agree that neither the price per Watt peak, neither the
          Total Price shall be subject to any variation for any reason
          whatsoever.

5.03      The Total Price is inclusive of all costs of customs formalities
          necessary for export from the country of origin as well as any duties,
          taxes and any other charges payable upon export and for their transit
          through any country, if applicable.

5.04      The Total Price does not include other taxes that may be due on the
          country of destination of the PV Modules, such as Value Added Tax or
          similar tax that may be applicable at the time of delivery in the
          country of destination. The Buyer shall be responsible for any such
          taxes. Supplier shall be responsible for any taxes that may be due in
          the country of origin of the PV Module.

CLAUSE 6.- PAYMENT CONDITIONS

The Total Price will be paid as follows:

6.01.     ADVANCE PAYMENT: The Buyer will make a down payment of US$[-]* ([-]*
          US Dollars), representing [-]* percent ([-]*%) of the Total Price by
          no later than 10 November 2006, provided that the Supplier shall have
          sent a pro forma invoice for such amount. Upon payment of the Advance
          Payment in full, the Supplier shall issue and deliver to the Buyer the
          final invoice.

6.02      LETTER OF CREDIT: As to the remaining [-]*% ([-]* percent) of the
          Total Price, AE will provide to Yingli with an irrevocable and
          divisible letter of credit at sight for an amount of [-]* US Dollars
          ([-]* US Dollars) with a validity of 18 months. AE will deliver the
          Letter of Credit to Yingli not later than two weeks after having made
          the Advance Payment,

          The payments of the withdrawals regarding the remaining [-]*% ([-]*
          percent) of the Total Price, shall be paid to the Seller by the
          opening bank as follows and against the presentation by the Seller of
          the documents listed here below:


--------------------
* INFORMATION INTENTIONALLY OMITTED; CONFIDENTIAL TREATMENT HAS BEEN REQUESTED
FOR SUCH INFORMATION, AND SUCH INFORMATION HAS BEEN SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION.


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          a)   An electronic file with the flash reports data for each
               individual PV module supplied classified in accordance with the
               provisions of Clause 2.5 of this Agreement,
          b)   Original Ocean Bill of lading
          c)   Original Invoice in 5 copies indicating shipping mark (in case of
               more than one shipping mark, the invoice shall be issued
               separately).
          d)   Original Packing list in 2 copies issued by the manufacturer.
          e)   Copy of burofax to the Buyer advising the particulars of shipment
               immediately after shipment is made.
          f)   A copy of the Certification of the PV Module according to the
               European Standard issued by an approved certification body, such
               as TUV.
          g)   One original and two copies of Insurance Policy / Certificate
               according to Clause 8 hereof

          In addition, the Seller shall, within 14 days after shipment, send by
          airmail one extra set of the aforesaid documents, directly to the
          Buyer and the reasonable additional documents that the Buyer could
          require for the customs clearance of the PV Modules.

          The number of the documents and their contents shall be complete and
          correct.

CLAUSE 7.- POWER OF ATTORNEY

The parties shall provide to each other shortly after the execution of this
Supply Agreement the document evidencing the capacity of their respective
signatories to act on behalf of, represent and bind AE and Yingli for the
purposes of this agreement.

CLAUSE 8.- TRANSPORT AND INSURANCE

8.01 The Supplier shall choose a reputable transport company, that shall have
     been previously approved by the Buyer, as the carrier for the international
     transportation of the PV Modules from PRC to the Port of destination. The
     Parties agree that Buyer shall hire that same carrier for the unloading of
     the PV modules at Port of Destination, their subsequent transportation and
     delivery at the Project Site. The costs of the transportation of the PV
     Modules from PRC to the Port of Destination shall be borne by supplier,
     whereas the costs of unloading and transportation until Project Site shall
     be borne by Buyer.

8.02 The Supplier shall choose a reputable insurance company, that shall have
     been previously approved by Buyer, to handle the insurance for
     transportation of the PV Modules until Port of Destination. The insurance
     shall be All Risks and War Risk covering 110% value of the PV Modules in
     the same currency as the Price. The Institute Cargo Clauses (All Risks),
     the Institute War Clauses (Cargo) of London Institute of Underwriters
     (amended in 1982) or comparable clauses are acceptable. The insurance party
     of such insurance coverage shall be exclusively the Supplier.



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8.03 The parties agree that Buyer shall hire that same insurance company to
     handle insurance for the unloading of the PV Modules at Port of
     Destination, their subsequent transportation, unloading and delivery at the
     Project Site and their manipulation on Project Site and the cost of the
     foregoing insurance coverage shall be borne by Buyer.

8.04 The insurance policy covering the concepts include in the preceding
     sections 8.02 and 8.03 shall include provisions that will allow the Parties
     to have the insurance company paying to the Supplier, provided that
     Supplier will deliver to Buyer PV Modules in an amount equal to the damaged
     PV Modules insured and paid for by the insurance company and within a
     maximum term of sixty (60) days since the date on which Buyer notifies the
     damage to Supplier and to the insurance company. The Parties agree to
     further develop this concept in the final insurance policy to be signed
     with the insurance company and to establish mechanisms that will ensure
     that

CLAUSE 9.- WARRANTIES

Yingli will give to AE the following warranties over the PV Modules:

9.01 POWER TOLERANCE: Yingli warrants that the power tolerance of each PV module
     delivered to AE shall be in the range of +/- 3% of its nominal rated power,
     and shall comply with the Schedule of Warranties attached hereto as
     Schedule B.

9.02 ABSOLUTE PRODUCT WARRANTY. Yingli warrants AE that the PV Modules are free
     from any material defects in materials and workmanship. This product
     warranty covering any kind of defects of the PV Modules shall be in force
     for a period of five (5) years after the date of commissioning of the whole
     of the Moura plant and shall comply with the Schedule of Warranties
     attached hereto as Schedule B.

9.03 TECHNICAL PERFORMANCE WARRANTY. Yingli warrants that the power output of
     the PV Modules shall, at all time during ten years after commissioning of
     the whole of the Moura plant, be higher than ninety percent (90%) of its
     minimum peak power. Yingli further warrants that the power output of the PV
     Modules shall, at all times during 25 years after their commissioning of
     the whole of the Moura plant, be higher than eighty percent (80%) of its
     minimum peak power. This warranty shall comply with the Schedule of
     Warranties attached hereto as Schedule B.

9.04 In case of claims pursuant to this article, the Buyer shall be entitled to
     request the Supplier to replace the defective PV Modules with new ones
     which conform to the specification, quality and performance as specified in
     this Agreement. The Supplier shall bear all directly related expenses
     sustained by the Buyer, and shall at the same time guarantee the quality of
     the replaced PV Modules for a further corresponding Guarantee Period in
     accordance with the Schedule B hereof.

9.05 In case of technical dispute an independent official laboratory will be
     designated under mutual agreement to determine whether the PV Module
     fulfils the requirements of this agreement.



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<PAGE>
9.06 Supplier agrees to indemnify and hold harmless Buyer from and against any
     claim made by Amper or any of its officers, directors, employees or
     shareholders and the losses and damages arising thereof due to the fact
     that the PV Modules supplied hereunder do not comply with the warranties
     given herein to the extent that such claims, losses or damages are due to
     defects of the PV modules.

9.07. In any event, Supplier's responsibility stipulated in this clause shall be
      limited to the total amount of the payment by Buyer for the PV Modules.

CLAUSE 10.- LIMITATION OF LIABILITY

10.01 The total amount of the indemnities to be paid by Supplier, as set
      forth in this Agreement, will never exceed 100 % of the Price, unless when
      it is due to gross negligence, fraud or willful misconduct.

10.02 Neither Party shall be liable to the other Party for any loss of profit,
      loss of use, loss of production, loss of contracts or for any other
      indirect or consequential damage that may be suffered by the other Party,
      unless when it is due to gross negligence, fraud or willful misconduct.

CLAUSE 11.- INTELLECTUAL PROPERTY

11.01 Supplier shall pay all required royalties and license fees and shall
      procure, as required, the appropriate proprietary rights, licenses,
      agreements and permissions for methods, materials, processes and materials
      incorporated into the PV Modules. In manufacturing and delivering the PV
      Modules, Supplier shall not incorporate into the PV Modules any materials,
      methods, processes, software or systems that involve the use of any
      confidential information, intellectual property or proprietary rights that
      Buyer or Supplier does not have the right to use or which may result in
      claims or suits against Buyer or Supplier arising out of claims of
      infringement of any domestic or foreign patent rights, copyrights or other
      proprietary rights, or applications for any such rights, or use of
      confidential information or intellectual property.

11.02 Supplier agrees to indemnify and hold harmless Buyer from and against any
      claim made by any third party that the PV Modules supplied hereunder
      infringe the rights of such third party in respect to patent, design,
      copyright or any other intellectual property right and Supplier shall
      assume the defense of any action, suit or proceeding against Buyer
      relating thereto and shall pay any damages assessed against or otherwise
      payable by Buyer as a result of the final disposition of any such claim,
      action, suit or proceeding, provided, that Buyer promptly notifies
      Supplier of the commencement of any action, suit or proceeding, or threats
      thereof, and furnished to Supplier all documents relating thereto, and
      further provided, that Supplier is afforded the opportunity, in its sole
      and absolute discretion, to determine the manner in which such action,
      suit or proceeding shall be handled or otherwise disposed of. Buyer shall
      give Supplier the cooperation Supplier reasonably required, at Supplier's
      sole cost and expense for reasonable out-of-pocket expenses incurred by
      Buyer and paid to third parties. Notwithstanding the foregoing, Buyer may
      be represented in any suit by its own counsel at its own cost and expense.



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CLAUSE 12.- TERM AND TERMINATION

12.01 This Agreement shall become effective as of the date first above written
      (herein referred to as Effective Date), and thereafter shall remain in
      force and effect until the date of delivery of the last PV Modules
      hereunder, unless earlier terminated in accordance with any other
      provisions of this Agreement. Notwithstanding the foregoing, some
      provisions of this agreement will remain in force after its termination,
      such as clauses 16, 26, 27, 28, 29, 31 and 32.

12.02 By mutual agreement at least ninety (90) days prior to expiration
      hereof, this Agreement may be extended for a period of one (1) year under
      the terms and conditions to be then mutually agreed to in writing.

12.03 Either Party hereto has the right to terminate this Agreement by giving a
      written notice to the other Party in case such other Party shall have been
      in a breach and/or default of the provisions of this Agreement, and such
      breach and/or default shall not have been corrected within sixty (60) days
      after receipt of notice specifying the nature of such breach and/or
      default.

12.04 Buyer may at any time terminate this Agreement immediately by giving a
      written notice to Supplier upon any of the following events:

          (i)  Any arrangement with direction or any application for bankruptcy,
               receivership, winding up or other similar proceeding against
               Supplier is made;

          (ii) All of or, in the opinion of Buyer, substantial part of the
               assets of Supplier shall be seized or attached in conjunction
               with any action against Supplier by any third party;

          (iii) A sale of all of or in the opinion of Buyer substantially all of
               the assets of Supplier is made, or this Agreement is assigned by
               Supplier without the prior written consent of Buyer;

          (iv) There occurs any such change in the capital ownership and/or
               management control of Supplier as, in the opinion of Buyer, may
               adversely affect the performance of this Agreement and/or the
               benefits or rights of Buyer in this Agreement;

          (v)  There occurs any difficulties, in Buyer's opinion, to perform the
               obligation under this Agreement due to any of significant changes
               of the political, economic or taxation policy by the governmental
               or quasi-governmental organization or agencies in the People's
               Republic of China;



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<PAGE>
          (vi) In the reasonable judgment of the Buyer, the quality of the PV
               Modules delivered is not fit for purposes of the Buyer and such
               insufficiency in quality cannot reasonable be expected to be
               corrected within a reasonable period of time,

          (vii) a suspension of the performance of the obligations under this
               Contract due to an Event of Force Majeure for more than two (2)
               months;

          (viii)An export license of the PV Modules from China into the European
               Union/Portugal is not obtained from the competent authority of
               the Government of. China, (to the extent that such license is
               required by law), within 60 (sixty) days from the Effective Date
               hereof.

     The Supplier may at any time terminate this Agreement immediately by giving
     a written notice to Supplier upon any of the following events:

          (i)  The Buyer or Amper loses the right to construct or develop the
               Project;

          (ii) The Supplier fails to obtain sufficient amount of polysilicon to
               produce the PV modules after using its best efforts.

     In all cases set forth in this section 12.04, Supplier shall immediately
     return to Buyer the Letter of Credit, as well as the balance of the Advance
     Payment for which the Supplier has not supplied PV Modules.

12.05 Termination or expiration of this Agreement shall not affect the right of
      Supplier or Buyer which shall have accrued hereunder including, without
      limitation, the Supplier's right to receive payment of the PV Modules
      already delivered and the Buyer's right to receive the PV Modules shipped
      and paid.

12.06 No failure or delay on the part of either party hereto to exercise its
      right of termination of this Agreement for any one or more of the causes
      specified herein, shall be construed to prejudice its rights of
      termination hereof for any other or subsequent reason.

CLAUSE 13.- TRANSFER OF RISK AND TRANSFER OF OWNERSHIP

13.01 Supplier warrants and guarantees that legal title to and ownership of
      the supplied PV Modules shall be free and clear of any and all liens,
      claims, security interests or other encumbrances when title thereto passes
      to Buyer. Title to each PV Modules, and their components shall pass to
      Buyer upon delivery at the Delivery Location (i.e. Lisbon Port).

13.02 Responsibility for risk of loss to the PV Modules shall pass to Buyer upon
      transfer of title on Delivery under the foregoing section. The Supplier is
      responsible for the care and custody of the PV Modules until Delivery and
      shall make good at its own cost any loss or damage that may occur to such
      Equipment from any cause whatsoever during that period. If damage results
      from the fault



                                       12



<PAGE>
     of Supplier, Supplier shall proceed to repair and restore the affected
     portion of the PV Modules at its cost and expense on a priority basis.

CLAUSE 14.- FORCE MAJEURE

Neither party is responsible for any failure to perform its obligations under
this Contract, if it is prevented or delayed in performing those obligations by
an Event of Force Majeure.

An Event of Force Majeure includes the following events or circumstances, which
are beyond the control and without the fault or negligence of the party affected
and which by the exercise of reasonable diligence, the party affected was unable
to prevent

(a)  Act of Terrorism;

(b)  riot, including stopping of work by a hostile group, war, invasion
act of foreign enemies, hostilities (whether war be declared or not), civil war,
rebellion, revolution, insurrection of military or usurped power, requisition or
compulsory acquisition by any governmental or competent authority or order for
stopping of work by any competent court of law or Government Authority;

(c)  ionising radiation or contamination, radio activity from any nuclear fuel
or from any nuclear waste from the combustion of nuclear fuel, radio active
toxic explosive or other hazardous properties of any explosive assembly or
nuclear component;

(d)  epidemic, earthquake, flood, fire, landslide, volcanic activity, heavy
rains and unseasonal rains, tsunami, lightning, or other physical natural
disaster or severe weather conditions which makes it dangerous or impossible to
perform Supplier's obligations under this Contract;

(e)  strikes or industrial disputes in any Subcontractor's premises or General
Strike which affects the Supplier's works.

Where there is an Event of Force Majeure, the party prevented from or delayed in
performing its obligations under this Contract shall as soon as reasonably
practicable notify the other party giving full particulars of the Event of Force
Majeure and the reasons for the Event of Force Majeure preventing that party
from, or delaying that party in performing its obligations under this Contract.
That party shall use its reasonable efforts to mitigate the effect of the Event
of Force Majeure upon its performance of its obligations under this Contract.

Upon completion of the Event of Force Majeure the party affected shall as soon
as reasonably practicable recommence the performance of its obligations under
this Contract.

An Event of Force Majeure does not relieve a party from liability for an
obligation which arose before the occurrence of that event, nor does that event
affect the obligation to pay money in a timely manner which matured prior to the
occurrence of that event.



                                       13



<PAGE>
The Parties shall determine, considering the effect of the Force Majeure to the
performance of the Agreement, whether to terminate this Agreement or release
part of the obligations under this Agreement or allow delayed performance of the
Agreement.

CLAUSE 15.- MODULE ASSEMBLY PLANT

15.01 Yingli will lend all necessary support to AE to establish and operate
      the PV modules assembly plant at Moura, including the timely supply of
      machinery and equipment for the production of PV Modules and raw material
      supply as well as the technical assistance, training of personnel and
      staff, materials specifications and drawings, tools and fixtures, etc.

CLAUSE 16.- SHAREHOLDING INTEREST IN AMPER.

16.01 AE will ensure that Yingli will have the right to subscribe up to a
      maximum of a 10% of the issued and registered share capital of Amper, as
      owner of the Project.

16.02 The entry of Yingli in the share capital of Amper would occur at the
      moment that AE considers, at its sole discretion, as the most convenient
      for the development and operation of the Project and, in any event, not
      before the two following conditions precedent have been fulfilled: (i) AE
      has acquired its shareholding in Amper, and (ii) Moura city council has
      decided the final shareholding interest that it will retain in Amper

16.03 The value of the shares to be acquired by Yingli will take into
      account all costs incurred by AE for its entry in Moura Project until the
      date on which Yingli finally joins in. Simultaneously to the entry of
      Yingli in Amper's share capital, the parties will enter into a
      shareholders agreement that will set out the conditions that shall rule
      their relationship as shareholders of Amper.

CLAUSE 17.- ASSIGNABILITY

17.01 Except as approved by the Buyer, neither this Agreement nor any interest
      nor any claim under this Agreement nor any sum or sums which may become
      due or owing to the Supplier as a result of the Supplier's performance of
      its obligations under this Agreement, may be assigned, transferred,
      novated or pledged, charged or mortgaged by the Supplier, save for
      purposes of corporate reorganization or restructuring.

17.02 The Buyer is entitle to assign, transfer or pledge this Contract and its
      rights, interests, obligations and liabilities under this Agreement or
      over the PV Modules to any third party, at its sole discretion. In cases
      where Buyer assigns this Agreement, it shall notify the identity and
      particulars of the assignee in writing to the Supplier within thirty (30)
      days after the assignment or transfer has taken place.

17.03 In particular, the Buyer may, without the consent of the Supplier, assign,
      mortgage, or charge its rights, interests, obligations or liabilities
      under this



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<PAGE>
Agreement or over the PV Modules as security in favour of the Lenders in
connection with obtaining financing for the Project.

CLAUSE 18.- SEVERABILITY

In the event that any of the provisions, or portions or applications thereof, of
this Agreement are held to be unenforceable or invalid by any competent courts,
the Parties shall negotiate an equitable adjustment in the provisions of this
Agreement with a view toward effecting the purposes of this Agreement, and the
validity and enforceability of the remaining provisions, or portions or
applications thereof, shall not be affected.

CLAUSE 19.- NOTICES

19.01 Any Notice required or permitted to be given by Buyer to Supplier
      hereunder shall be in writing and shall be addressed to:

      SUPPLIER:

      BAODING TIANWEI YINGLI NEW ENERGY RESOURCES CO., LTD.
      N(0) 3055 Fuxing Middle RoaD
      Attention:      Mr Miao Liansheng
                      Position: Chairman
                      Email: master@yinglisolar.com
                      Phone: +86 312 313 6969

      and any Notice required or permitted to be given by Supplier to Buyer
      hereunder shall be in writing and shall be addressed to:

      BUYER:

      Acciona Energia, S.A..
      Avenida Ciudad de la Innovacion, 5
      Attention:      Mr Fermin Gembero Ustarroz
                      Position: General Manager
                      Email: fgembero@acciona.es
                      Phone: +34 948 00 60 20

      With copies to: Mr. Miguel Arraras
                      Position: General Manager of Acciona Solar S.A.
                      Email: marraras@acciona.es
                      Phone: +34 948 16 68 10

19.02 Delivery. All Notices shall be delivered either in person to the
      address listed above, via certified mail with a return receipt requested
      in a securely sealed envelope, or shall be sent via facsimile, and shall
      be effective when actually received or three (3) Days after being properly
      mailed as provided above, whichever is earlier, at the address specified
      above. Service by facsimile after 5:00 p.m. local time of the recipient
      shall be deemed received on the following



                                       15



<PAGE>
     Business Day. The Parties, by like Notice in writing, may designate, from
     time to time, another address or office to which Notices may be given
     pursuant to this Agreement.

CLAUSE 20.- SECTION HEADINGS

The Article and Section headings have been inserted for convenience of reference
only and shall not in any manner affect the construction, meaning or effect of
anything herein contained nor govern the rights and liabilities of the Parties.

CLAUSE 21.- ENTIRE AGREEMENT.

This Agreement, along with the Recitals contains the entire agreement between
the Parties with respect to the subject matter hereof, and supersedes any and
all prior and contemporaneous written and oral agreements, proposals,
negotiations, understandings and representations pertaining to the subject
matter hereof.

CLAUSE 22.- AMENDMENTS.

No amendments or modifications of this Agreement shall be valid unless evidenced
in writing and signed by a duly authorized representative of both Parties.

CLAUSE 23.- NO THIRD-PARTY RIGHTS.

This Agreement and all rights hereunder are intended for the sole benefit of the
Parties hereto and shall not imply or create any rights on the part of, or
obligations to, any other Person.

CLAUSE 24.- SURVIVAL OF PROVISIONS.

All provisions of this Agreement that are to come into or continue in force and
effect after the expiration or termination of this Agreement shall remain in
effect and be enforceable following such expiration or termination.

CLAUSE 25.- REPRESENTATIONS AND WARRANTIES

25.01    SUPPLIER REPRESENTATIONS.

Supplier represents to Buyer that, as of the date hereof:

     25.1.1 Organization and Qualification. Yingli is a corporation duly
            organized, validly existing and in good standing under the laws of
            the People's Republic of China, has the lawful power to engage in
            the business it presently conducts and contemplates conducting. .

     25.1.2 Power and Authority. Yingli and its signatory thereto Mr.
            Liansheng Miao has the authority to execute and carry out this
            Agreement and to perform their respective obligations hereunder and
            all such actions have



                                       16



<PAGE>
            been duly authorized by all necessary corporate or member action on
            its part.

     25.1.3 No Conflict. The execution, delivery and performance of this
            Agreement shall not conflict with, result in the breach of,
            constitute a default under or accelerate performance required by any
            of the terms of the articles of incorporation or the bylaws of
            Yingli or any Applicable Laws or any material covenant, agreement,
            understanding, decree, indenture, instrument or order to Yingli is a
            party or by which Yingli or any of their properties or assets is
            bound or affected.

     25.1.4 Validity and Binding Effect. This Agreement has been duly and
            validly executed and delivered by Yingli. This Agreement constitutes
            a legal, valid and binding obligation of Yingli, enforceable in
            accordance with its terms, except to the extent that its
            enforceability may be limited by bankruptcy, insolvency,
            reorganization, moratorium or other similar laws affecting the
            rights of creditors generally or by general principles of equity. No
            authorization, approval, exemption or consent by any governmental or
            public body or authority is required in connection with the
            authorization, execution, delivery and carrying out of the terms of
            this Agreement.

     25.1.5 Patents, Licenses, Franchises. Yingli owns or possesses all the
            patents, trademarks, service marks, trade names, copyrights,
            licenses, franchises, permits and rights with respect to the
            foregoing necessary to perform the obligations under this Agreement
            and, in particular, to sell and deliver the PV Modules and to give
            the Advance Payment Guarantee as owner of the silicon and any other
            guaranteeing assets, and to carry on its business as presently
            conducted and presently planned to be conducted without conflict
            with the rights of others.

     25.1.6 Compliance with Laws. Yingli has complied with all applicable laws
            such that it has not been subject to any fines, penalties,
            injunctive relief or criminal liabilities that in the aggregate have
            materially affected or may materially affect the business operations
            or financial condition of either of Yingli or its abilities to
            perform its obligations under this Agreement.

     25.1.7 Supplier Qualified. Yingli is fully experienced and properly
            licensed and equipped to perform all aspects of the obligations
            under this Agreement in accordance with the terms set forth herein.

     25.1.8 Licenses. Yingli is the holder of all necessary governmental
            consents, licenses, permits or other authorizations required under
            the applicable laws to operate or conduct its business as
            contemplated herein.

     25.1.9 Legal Requirement. Yingli is aware of all the legal requirements and
            business practices that must be followed in performing its
            obligations under this Contract and the PV Modules shall conform
            with such



                                       17



<PAGE>
            requirements and practices and in compliance with all applicable
            laws and necessary permits.

    25.1.10 All obligations under this Contract will be performed by Supplier in
            accordance with prudent engineering practices and prudent industry
            practices

25.02 BUYER REPRESENTATIONS.

Buyer represents to Supplier that, as of the date hereof:

25.2.1 Organization and Qualification. AE is a corporation duly formed and
       validly existing under the laws of Spain and has the lawful authority to
       engage in the business it presently conducts and contemplates conducting.

25.2.2 Power and Authority. AE has the authority to make and carry out this
       Agreement and to perform its obligations hereunder.

25.2.3 No Conflict. The execution, delivery and performance of this Agreement
       shall not conflict with, result in the breach of, constitute a default
       under or accelerate performance required by any of the terms of AE's
       constituent documents.

25.2.4 Validity and Binding Effect. This Agreement has been duly and validly
       executed and delivered by AE. This Agreement constitutes a legal, valid
       and binding obligation of AE, enforceable against AE in accordance
       with its terms, except to the extent that its enforceability may be
       limited by bankruptcy, insolvency, reorganization, moratorium or other
       similar laws affecting the rights of creditors generally or by general
       principles of equity.

25.2.5 Compliance with Laws. AE has complied with all Applicable Laws such that
       it has not been subject to any fines, penalties, injunctive relief or
       criminal liabilities which in the aggregate have materially affected
       or may materially affect the compliance with its obligations
       hereunder.

CLAUSE 26.- CONFIDENTIALITY.

Buyer and Supplier agree to hold in confidence for a period commencing with the
Effective Date and ending ten years from the date of termination of this
Agreement, except as may be necessary to perform the obligations hereunder, any
information supplied to the receiving Party ("Receiving Party") by the
disclosing Party ("Disclosing Party"), and designated in writing as
confidential. The Parties each acknowledge that any technical, pricing,
marketing, warranty information regarding the PV Modules, the Technical
Specifications and this Agreement shall be designated as confidential by the
Disclosing Party. Buyer may disclose any information to the extent that such
disclosure is required by Buyer's attorneys, accountants, Lenders or Affiliates,
Other Contractors, interconnection suppliers, operators or other suppliers to
the Project and any Person providing any other type of services to the Project,
provided such parties agree to the



                                       18



<PAGE>
confidentiality provisions hereof. Supplier shall not publish information
regarding the Project (except as it may relate to the performance of its
obligations hereunder), nor shall Supplier arrange for or participate in any
visit to the site by any Person who is not connected with the Project, unless
Buyer provides its express prior written consent thereto.

The provisions of this Clause shall not apply to information within any one of
the following categories: (a) information that was in the public domain prior to
Receiving Party's receipt thereof from the Disclosing Party or that subsequently
becomes part of the public domain by publication or otherwise except by the
Receiving Party's wrongful act; (b) information that the Receiving Party can
show was lawfully in its possession prior to its receipt from the Disclosing
Party through no breach of any confidentiality obligation; (c) information
received by the Receiving Party from a third party that did not have a
confidentiality obligation; or (d) information independently developed by
Supplier or Buyer.

CLAUSE 27.- ANNOUNCEMENTS AND PUBLICITY

Neither Party shall make any public announcement or issue any public circular
(including a media or press release) relating to this Agreement or its subject
matter without the prior written consent of the other Party, except where any
disclosure is required by any legal, accounting or regulatory authority or
required by the rules and regulations of any recognised Stock Exchange, but such
disclosure shall only be to the extent required.

Except as expressly provided in this Agreement, neither Party will use the name
of the other Party, or any of the other Party's associated companies, as a
reference or in any advertising or promotional materials without that other
party's prior written consent, such consent not to be unreasonable withheld or
delayed.

CLAUSE 28.- COSTS

Each Party shall bear and pay its own costs and expenses relating to the
negotiation, preparation, execution and implementation of this Agreement and
each document referred to herein.

CLAUSE 29.- NO WAIVER

A Party's delay or failure to exercise any right, power or interest under this
Agreement shall not operate as a waiver of it, and any partial exercise of any
right, power or interest shall not preclude exercise of any other right, power
or interest. No Party to this Agreement shall be deemed to have waived any
rights arising out of the Agreement or out of any default or breach hereunder,
unless such Party executes the waiver in writing.

If a Party waives any right arising out of the Agreement or out of any default
or breach of another Party, such waiver shall not be construed to constitute a
waiver of any other right arising out of the Agreement or out of the default or
breach of another Party, even if the latter is similar to the prior.



                                       19



<PAGE>

CLAUSE 30.- LANGUAGE

This Contract shall be written in a English version in four counterparts
originals.

CLAUSE 31.- CHOICE OF LAW

This agreement shall in all respects be governed and construed in accordance
with the published law and regulations of Spain.

CLAUSE 32.- DISPUTES RESOLUTION

Any and all disputes, controversies or differences which may arise between the
parties hereto out of or in relation to this Agreement (including a dispute
regarding the existence, validity or termination of this Agreement) shall be
settled between the parties hereto by their amicable endeavours.

However, if in spite of such amicable endeavours of the parties hereto, no such
solution can be reached within sixty (60) days after occurrence of such
disputes, controversies or differences, then, they shall be finally settled
(without being submitted to any court) by arbitration at the International
Chamber of Commerce under the Rules of Arbitration of the International Chamber
of Commerce by three arbitrators appointed in accordance with the said Rules.
The venue for such arbitration process shall be Paris(France).

The language of the arbitration process shall be English. The arbitral award
shall be final and binding upon the Parties. Arbitration expenses shall be borne
by the losing Party, except as otherwise awarded by the Arbitration tribunal.

In the event of arbitration, the Parties shall continue to perform their
obligations under this Agreement as reasonable as possible and to the extent
practical, with the exception of those parts of this Agreement which are under
arbitration.

CLAUSE 33.- COUNTERPARTS.

This Agreement may be signed in any number of counterparts and delivered by
facsimile and each counterpart shall represent a fully executed original as if
signed by legally authorized representatives of both Parties.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement in four (4)
original instruments, to be executed and delivered in the English language as of
the date first above written, in a manner legally binding upon them, by their
duly authorized officers, each of which shall be retained by Supplier and Buyer
respectively.

<Table>
<Caption>
-------------------------------------------------------------------------
    BAODING TIANWEI YINGLY NEW               ACCIONA ENERGIA, S.A.
      ENERGY RESOURCES, CO
-------------------------------------------------------------------------
<S>                                      <C>
/s/ Liansheng Miao                       /s/ Fermin Gembero Ustarroz
-------------------------------------------------------------------------
Name:  Liansheng Miao                    Name:  Fermin Gembero Ustarroz
-------------------------------------------------------------------------
Position:  Chairman                      Position:  General Manager
-------------------------------------------------------------------------
</Table>

(Seal of the Buyer)



                                       21