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Yingli Green Energy Subsidiary Signs Five-Year US$50 Million Credit Facility Agreement with DEG and FMO
BAODING, China,
Sept 2 2008-Yingli Green Energy Holding Company Limited
(NYSE: YGE) (“Yingli Green Energy” or the “Company”), one of the
world’s leading vertically integrated photovoltaic (“PV”) product
manufacturers, today announced that Baoding Tianwei Yingli New
Energy Resources Co., Ltd (“Tianwei Yingli”), the Company’s
principal operating subsidiary, has entered into a five-year credit
facility agreement with DEG - Deutsche Investitions- und
Entwicklungsgesellschaft mbH (“DEG”) and the Netherlands Development
Finance Company (“FMO”).
Under the agreement, DEG and FMO have
agreed to lend Tianwei Yingli up to an aggregate of US$50 million to
support Tianwei Yingli’s capacity expansion, subject to certain
conditions. The loans will be guaranteed by Yingli Green Energy and
will carry an interest rate of LIBOR plus 3.0%, with outstanding
principal payable in eight bi-annual installments from March 2010 to
September 2013.
“Climate protection has been an
important issue for DEG since the mid-1990s,” said Mr. Winfried
Polte, Chairman of the Board of Management of DEG. “We are proud to
support Yingli Green Energy as a company distinguished by
exceptional expertise and a proven track record in the solar energy
industry. In addition, Yingli Green Energy’s capacity expansion will
create thousands of new jobs in China thereby contributing to
economic growth in this rapidly developing economy.”
“FMO is strongly committed to renewable
energy projects,” said Mr. Arthur Arnold, Chief Executive Officer of
FMO. “Energy is central to economic and social development and
essential to fighting poverty in emerging markets. Therefore we are
pleased to contribute to the rapid growth of the solar energy market
worldwide by financing Yingli Green Energy’s expansion of production
capacity in China.”
“We are pleased to have been selected to
receive financing from DEG and FMO, two well-known financial
institutions that specialize in providing long term financing to
support socially and environmentally friendly companies in
developing countries,” commented Mr. Zongwei Li, Chief Financial
Officer of Yingli Green Energy. “The strong commitment of DEG and
FMO to our growth strategy not only strengthens our ability to
expand our vertically integrated manufacturing capacity, but also
enhances our debt structure by enabling us to shift to longer term
indebtedness.
“We believe this financing demonstrates
DEG and FMO’s confidence in our business strengths and leadership
position, as well as recognizes our status as a good corporate
citizen. As a leading green energy company, we not only focus on
developing our own business to provide returns to our shareholders,
but also aim to make lasting contributions to society and the
environment through job creation, appropriate working conditions and
valuable technical training, as well as adherence to internationally
accepted environmental protection standards and research and
development efforts to create innovative energy efficient
manufacturing processes.”
About DEG
DEG, a member of the KfW Bankengruppe
(KfW Banking Group), finances investments in companies in developing
and transition countries. As one of Europe’s largest development
finance institutions, it promotes private business structures that
contribute to sustainable economic growth and improved living
conditions.
About FMO
FMO is the international development
bank of the Netherlands and one of the largest bilateral development
banks worldwide with an investment portfolio of approximately €3.5
billion. FMO invests risk capital in companies and financial
institutions in developing countries with the goal of creating
flourishing enterprises that can serve as engines of sustainable
growth in their home countries.
About Yingli Green Energy
Yingli Green Energy Holding Company
Limited is one of the world’s leading vertically integrated PV
product manufacturers. Through the Company’s principal operating
subsidiary in China, Baoding Tianwei Yingli New Energy Resources
Co., Ltd., Yingli Green Energy designs, manufactures and sells PV
modules and designs, assembles, sells and installs PV systems that
are connected to an electricity transmission grid or operate on a
stand-alone basis. With 200 MW of total annual production capacity
in each of polysilicon ingots and wafers, PV cells and PV modules,
Yingli Green Energy is currently one of the largest manufacturers of
PV products in the world as measured by annual production capacity.
Additionally, Yingli Green Energy is one of a limited number of
large-scale PV companies in the world to have adopted a vertically
integrated business model. Yingli Green Energy currently plans to
expand annual production capacity of polysilicon ingots and wafers,
PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW
by mid-2009. Yingli Green Energy sells PV modules under its own
brand name, Yingli Solar, to PV system integrators and distributors
located in various markets around the world, including Germany,
Spain, Italy, South Korea, France, China and the United States. For
more information, please visit www.yinglisolar.com.
.
For more information contact :
Yingli Green Energy Holding Company Limited
In China:
Qing Miao, +86-312-3100-502
Director, Investor Relations
ir@yinglisolar.com
or
Christensen
In the United States:
Linda Bergkamp, +1-480-614-3004
lbergkamp@ChristensenIR.com
or
In Hong Kong:
Jung Chang, +852-2232-3973
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” 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.
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