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Yingli Green Energy Holding and China Development Bank have signed a framework agreement for US$324 million in funding according to a report from Bloomberg. The funding will be used for a trade platform in Hong Kong in order to import raw materials.
Bloomberg noted that Yingli advised the funding would be providing in a US$24 million and US$300 million denominations. The company claims that this funding and its platform will help it cut down on foreign-exchange and financing costs.
The announcement comes in the midst of a suit filed by SolarWorld alleging unfair dumping practices. “It’s just a framework agreement,” Miao Qing, director of investor relations at Yingli, said in a telephone interview with Bloomberg. “Yingli borrowed little from a US$5.6 billion credit-line deal signed in 2010.”