Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," announced that Yingli Energy (China) Company Limited ("Yingli China"), a wholly-owned subsidiary of Yingli Green Energy, has received a five-year loan of RMB 1.16 billion from the China Citic Bank, Shijiazhuang Branch ("CITIC") and the Bank of China, Baoding Branch ("BOC"). CITIC acts as the lead arranger and BOC acts as the correspondent bank for this loan. Under the terms of the loan agreement, Yingli China is required to meet certain criteria before it may draw down on the loan.
The Company believes that this loan will support the Company's long-term growth initiatives and the expansion projects we are currently constructing. "We are gratified by the confidence CITIC and BOC have shown in our operations and long-term prospects, as well as their positive views toward the solar industry and the overseas and domestic solar power markets. We believe this long-term loan will further optimize our loan structure and enhance our financial ability to pursue our long-term growth strategy," commented Mr. Bryan Li, Director and Chief Financial Officer of Yingli Green Energy.
