Yingli Green Energy Announces Potential New Credit Facilities
BAODING,
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 Yingli Group
Company Limited (“Yingli Group”), an affiliate of the Company, has entered
into a strategic cooperation agreement with the
which contemplates potential credit facilities in the aggregate maximum amount
of
including three PRC subsidiaries 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, the
among other credit facilities, (i) credit facilities with an aggregate maximum
amount of
Ltd., a 74%-owned subsidiary of Yingli Green Energy, (ii) credit facilities
with an aggregate maximum amount of
Co., Ltd., a wholly owned subsidiary of Yingli Green Energy, and (iii) credit
facilities with an aggregate maximum amount of
Co., Ltd., a wholly owned subsidiary of Yingli Green Energy. In addition to
the internal procedures to be conducted by the
each of the three PRC subsidiaries of Yingli Green Energy will need to
negotiate the detailed terms of the credit facilities and related credit
agreements before the relevant credit facilities may be granted. Therefore, no
assurance can be given that the credit facilities will be eventually granted
to these PRC subsidiaries of Yingli Green Energy as currently contemplated in
the strategic cooperation agreement or at all.
“We are pleased that Yingli Group has entered into this strategic
cooperation agreement, which we believe will benefit us in helping us secure
additional credit facilities, thereby providing us additional financial
resources to expand our PV production capacity, commence our polysilicon
production and further strengthen our capital position as well as providing us
with additional flexibility in business and financial planning,” commented Mr.
maintain cash flow flexibility in this challenging economic environment, we
will continue to actively source long- and short-term financings both
domestically and internationally.”
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world’s leading
vertically integrated PV product manufacturers. Through Baoding Tianwei Yingli
New Energy Resources Co., Ltd., an operating subsidiary of the Company, 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 (
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. The Company, through Fine Silicon Co., Ltd., its wholly
owned subsidiary, also plans to begin production of solar-grade polysilicon in
the second half of 2009. Yingli Green Energy sells PV modules under its own
brand name,
various markets around the world, including
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:
Yingli Green Energy Holding Company Limited
Qing Miao
Director, Investor Relations
Tel: +86-312-3100-502
Email: ir@yinglisolar.com
Brunswick Group LLC
Courtney Shike
Tel: +86-10-6566-2256
Email: yingli@brunswickgroup.com
In the United States:
Brunswick Group LLC
Susan Stillings
Tel: +1-212-333-3810
Email: sstillings@brunswickgroup.com
SOURCE Yingli Green Energy Holding Company Limited