Three of Yingli Green Energy Holding Company’s PRC subsidiaries have been granted an overall sum of RMB 420 million (over $61 million) in short-term loans from domestic banks and one of the company’s affiliates. Each of the three loans has a 12-month term and an interest rate of 5.31% per annum.
Baoding Tianwei Yingli New Energy Resources Co., Ltd. received RMB 180 million from Shijiazhuang City Commercial Bank; Yingli Energy (China) Co., Ltd. received loans of RMB 90 million and RMB 50 million from Shijiazhuang City Commercial Bank and the Bank of Communications, Hebei Branch, respectively; and Fine Silicon Co., Ltd. received a loan of RMB 100 million from Baoding Yingli Group Company Limited, an affiliate of the company.
“We are pleased to have secured these additional short-term loans, which we believe will enhance our ability to expand our PV production capacity and commence our polysilicon production, further strengthen our capital position and provide us with additional flexibility in business and financial planning,” stated Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. “In order to maintain cash flow flexibility in this challenging economic environment, we will continue to actively source long- and short-term financings both domestically and internationally.”