Yingli Green Energy Subsidiary Signs Eight-Year US$70 Million Loan Agreement with China Development Bank to Support Expansion Plan; Company Also Announces New VP of Technology
BAODING, China,
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 its wholly-owned subsidiary, Yingli Energy
(China) Co., Ltd. (“Yingli China”), has entered into an eight-year loan
agreement with China Development Bank (“CDB”). The Company also announced the
appointment of a new Vice President of Technology, Mr.
replacing Dr.
Eight-Year
Yingli Green Energy’s wholly-owned subsidiary,
into an eight-year loan agreement with CDB, a government policy bank solely
owned by China’s central government. CDB provides mid to long term financing
support for the development of key government projects and for construction in
the infrastructure sector, basic industries, pillar industries and
high-technology industry. Under the agreement, CDB has agreed to provide to
support
annual production capacity.
“We are pleased to receive financing support from CDB,” commented Mr.
world’s leading vertically integrated PV product manufacturers, we are
dedicated to providing the means to produce clean energy. CDB has always been
a strong supporter of the State’s policies of promoting sustainable
development with a market oriented approach. The same mission we share is the
solid base for our cooperation. This loan provides us additional support for
expanding our annual production capacity to 600 MW in the third quarter of
2009.”
New Vice President of Technology
Effective
President of Technology of Yingli Green Energy, replacing Dr.
joined the Company in 2000. In his eight years at the Company, he has served
in a variety of roles, including as the Manager for Wafer, Cell, and Module
Workshops, respectively, Quality Manager, Technical Department Manager, System
Application Department Manager, and Chief Engineer, gaining extensive
experience that will be highly valuable in his new role. Mr. Xiong has an
especially solid understanding of each step of our manufacturing process and
of all the related equipment. And he has initiated and led research and
development projects for optimizing operation and automating our vertically
integrated production lines resulting in improved yield rates, cost savings
and increased cell convention efficiencies. He received a bachelor’s degree in
electronics from
Mr.
Energy commented, “As our company has always been focused on improvement in
product quality and cost control as our key strategies, we are pleased to
appoint Mr. Xiong to this significant position in our company. He is a highly
respected executive and engineer with a wealth of theoretical knowledge and
practical experience in research and development and manufacturing at Yingli.
Led by Mr. Xiong, Yingli’s technical team achieved significant progress in the
field of quality improvement and cost savings through streamlining or
reengineering the existing production process and improving the level of
automation in our facility. We believe his more than eight years of experience
in Yingli’s operations and his successful track record will be invaluable in
his new role.”
Mr. Miao concluded, “We greatly appreciate the contributions Dr. Cherradi
made during his tenure here and wish him and his family the very best with his
future endeavors.”
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 400 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. Through its wholly owned subsidiary,
Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand
annual production capacity of polysilicon ingots and wafers, PV cells and PV
modules to 600 MW in the third quarter of 2009. Yingli Green Energy sells PV
modules under its own brand name,
distributors located in various markets around the world, including
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” 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: +86-312-3100-502
Email: ir@yinglisolar.com
In the United States:
Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
In Hong Kong:
Chen Yuan Yuan
Christensen
Tel: +852-2232-3926
Email: ychen@ChristensenIR.com
SOURCE Yingli Green Energy Holding Company Limited