Yingli Green Energy
Yingli Green Energy is a vertically integrated photovoltaic (PV) manufacturer that makes polysilicon wafers and ingots that it uses to create PV cells and modules, which it incorporates into solar energy systems that turn sunlight into clean energy. The company, with an annual production capacity of 200 megawatts of polysilicon ingots and wafers, 200 megawatts of PV cells, and 200 megawatts of PV modules, is one of the few companies in China involved in all stages of PV manufacturing, sales, and installation. Yingli Green Energy gets more than 90% of its sales in Europe, primarily from Germany and Spain.
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Yingli Green Energy subsidiaries receive RMB420m loans
Yingli Green Energy Holding Company one of the world's leading vertically integrated solar manufacturers, announced today that three of its Chinese subsidiaries have received short-term loans worth RMB420m from domestic banks and a company affiliate.
The news comes on the heels of an announcement by Chinese PM Wen Jiabao that Beijing will increase spending on clean technology to stimulate the economy and cut carbon emissions. In his yearly budget address, Wen said science and technology spending would increase 25.6 percent on last year to RMB146.1bn, with more spending to go on solar, wind, nuclear, and clean coal.
Of the loans received by Yingli’s subsidiaries, Baoding Tianwei Yingli New Energy Resources received RMB180m from Shijiazhuang City Commercial Bank, and Yingli Energy received RMB90m and RMB50m from Shijiazhuang City Commercial Bank and the Bank of Communications (BOC) respectively. In addition, Fine Silicon Co received a loan of RMB100m from Baoding Yingli Group, an affiliate of the company.
The one year loans are intended to help Yingli expand photovoltaic (PV) manufacturing capacity and begin polysilicon PV manufacturing, strengthen its capital position and provide more flexibility for financial planning.
Other Yingli Green Energy news
- Yingli Green Energy beats Q2 estimates
2011-08-19 - Yingli Green Energy to post disappointing first quarter shipments, gross margin
2011-05-11 - Yingli Green Energy to second quarter profit
2010-08-20 - Yingli signs RMB1.2bn solar production agreement in Hainan province
2009-07-21 - Piper Jaffray reiterates "Buy" rating on Yingli Green Energy
2009-06-30
