BAODING, China, July 9 /PRNewswire-Asia-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 manufacturers, which holds the brand "Yingli Solar," today announced that its affiliate, Yingli Group Company Limited ("Yingli Group") has entered into a strategic cooperation agreement with the Hebei Branch of China Development Bank ("CDB"), a government policy bank solely owned by China's central government, which contemplates potential credit facilities in the aggregate maximum amount of RMB 36 billion to be granted to Yingli Group and its affiliates, including three PRC subsidiaries of Yingli Green Energy--Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei Yingli"), a 74%-owned subsidiary of Yingli Green Energy, Yingli Energy (China) Co., Ltd. ("Yingli China"), a wholly owned subsidiary of Yingli Green Energy, and Fine Silicon Co., Ltd. ("Fine Silicon"), a wholly owned subsidiary of Yingli Green Energy.
Under the terms of the strategic cooperation agreement, subject to internal procedures to be conducted in accordance with its risk management and operational regulations, CDB expects to grant, among other credit facilities, credit facilities with an aggregate maximum amount of RMB 36 billion to support Yingli Group and its affiliates, in particular, Tianwei Yingli, Yingli China and Fine Silicon, three PRC subsidiaries of Yingli Green Energy, in their PV industry-related domestic and overseas investments. In addition to the internal procedures to be conducted by CDB, detailed terms of the credit facilities and related credit agreements will need to be negotiated before the relevant credit facilities may be granted. Therefore, no assurance can be given that the credit facilities will be eventually granted as currently contemplated in the strategic cooperation agreement or at all.
"We are very pleased with CDB's support and confidence in Yingli Group and Yingli Green Energy, which resulted in this strategic cooperation agreement," commented Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. "This agreement raised two parties' cooperation to a new level, which we believe will give us the ability to pursue opportunities that will allow us to strengthen our leadership position in the PV industry."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which holds 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. Currently, Yingli Green Energy maintains a balanced production capacity of over 600 MW per year. Two capacity expansion projects of 300 MW and 100 MW locating in Baoding and Hainan, respectively, has started initial production in early July 2010, and are expected to bring Yingli Green Energy's total capacity to 1 GW by the end of third quarter 2010. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, is at the final stage of the segment trial process, and is expected to start fully integrated production from mid-2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 7,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit http://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: In China: Qing Miao Director, Investor Relations Yingli Green Energy Holding Company Limited Tel: +86-312-310-0502 Email: [email protected] In the Americas: Judy Tzeng Lee Director of Corporate Development Yingli Green Energy Holding Company Limited Tel: +1-510-847-3920 Email: [email protected] In Europe: Rebecca Jarschel Brand Manager Yingli Green Energy Europe GmbH Tel: +49-89-540-303-412 Email: [email protected]
SOURCE Yingli Green Energy Holding Company Limited