Yingli Green Energy has entered into a strategic cooperation agreement with the Hebei Branch of China Development Bank (CDB), the government policy bank, which contemplates potential credit facilities in the aggregate maximum amount of RMB36 billion to be granted to Yingli Group and its affiliates, including three PRC subsidiaries.
Under the terms of the agreement, CDB expects to grant, among other credit facilities, credit facilities with an aggregate maximum amount of RMB36 billion to support Yingli and its affiliates, in particular, Tianwei Yingli, Yingli China and Fine Silicon, in their PV industry-related domestic and overseas investments.
In addition to the internal procedures to be conducted by CDB, detailed terms of the credit facilities and related credit agreements will need to be negotiated before the relevant credit facilities are granted. No assurance can be given that the credit facilities will be eventually granted as currently contemplated in the strategic cooperation agreement or at all.
“We are very pleased with CDB’s support and confidence in Yingli Group and Yingli Green Energy, which resulted in this strategic cooperation agreement,” said Zongwei Li, CFO of Yingli Green Energy. “This agreement raised two parties’ cooperation to a new level, which we believe will give us the ability to pursue opportunities that will allow us to strengthen our leadership position in the PV industry.”