Yingli Green Energy Rejects Accusations of Illegal Subsidization
BAODING, China, Sept. 26, 2012 /PRNewswire-FirstCall/ -- 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", strongly rejects accusations contained in an anti-subsidy complaint filed by EuProsun, an initiative of European solar companies led by SolarWorld, which was submitted at the European Commission yesterday.
"As a publicly-traded company listed on the New York Stock Exchange, we have been fully transparent with our funding sources and cost. We receive financing at the usual market rates and act according to international accounting standards and norms. Between 2009 and 2011, the weighted average interest rates for all of our borrowings ranged from 6.3% to 7.1%. Furthermore, we do not and have never received any illegal subsidies from the government. Our success is based on our focus on innovation, investment in state-of-the-art machinery and equipment and long-term partnerships built on trust," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
"Solar PV has demonstrated the potential to become a major source of clean energy generation – not only in Europe but worldwide. Punitive tariffs will inevitably lead to higher prices for solar products threatening thousands of jobs in the industry, in particular small and medium-sized companies and craftsmanship in Europe will be hit hard," said Darren Thompson, Managing Director, Yingli Green Energy Europe GmbH.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar," is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. In August 2012, Yingli Green Energy reached a balanced vertically integrated production capacity of 2,450 MW per year, from facilities located in Baoding, Haikou, Tianjin and Hengshui, respectively. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China, Japan and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 20 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit www.yinglisolar.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For further information, please contact:
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
In the Americas:
Head of Marketing
Yingli Green Energy Americas
Tel: +1 603 5915812
Marketing Communications Manager Europe
Yingli Green Energy Europe GmbH
SOURCE Yingli Green Energy Holding Company Limited
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