Yingli has netted RMB588.2 million (US$94.9 million) from the sale of land earmarked for the expansion of its in-house polysilicon operations.
The agreement with a local development body will see the 52.4 hectares site rezoned for non-industrial use. It provides a much-needed cash boost to the debt-laden manufacturer.
The majority of the payment, RMB500 million, was transferred on 23 April 2015.with the balance paid after the site is sold on by the Land Reserve Centre of Baoding National High-tech Industrial Development Zone.
“The purchase by the Reserve Centre of the land will benefit the local government's plan to rezone the area for commercial use and strengthen our overall cash flow,” said Miao Liansheng, chairman and CEO, Yingli Green Energy. “It will also help us to fulfill our debt paying obligations,” he added.