Yingli Green Energy Holding Company Limited (NYSE: YGE), a solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar", and CIT Group Inc. (NYSE: CIT), a provider of financing to small businesses and middle market companies, announced a strategic financing relationship. Under the terms of the agreement, CIT Vendor Finance will provide financing options for the purchase and installation of modules to the customers of Yingli Green Energy's U.S. subsidiary, Yingli Americas.
"The alternative energy sector continues to experience significant growth and we are excited to announce this new relationship with Yingli Americas," said Ron Arrington, Global President of CIT Vendor Finance. "The financing solutions offered by CIT Vendor Finance to Yingli America's customers will allow them the opportunity to take advantage of the increased demand for solar energy projects. It is another example of how financing from CIT helps all kinds of companies to acquire the equipment they need to grow their business."
"We are pleased to provide our customers with access to financial solutions from CIT, an innovative and long-standing market leader in financial services," said Robert Petrina, Managing Director of Yingli Americas. "We have been working hard to provide numerous opportunities to make solar projects as streamlined and financially accessible as possible. With this new relationship, we hope to continue to simplify that process."