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Yingli Green Energy (YGE) Also Gets More Financing
Yesterday LDK Solar (LDK) announced it was receiving more capital from China banks and this morning Yingli (YGE) is announcing additional financing with the renewal of credit lines of up to RMB 1 billion with the Export-Import Bank of China which is owned by China’s central government. I think it’s clear that China is going to do whatever it takes to become a leader in solar cell manufacturing just as it wants to dominate the electric car industry. The race for technological superiority in green tech is on and that’s a good thing for the alternative energy industry.
“We are very pleased to have made further progress in securing additional financing for our operations, which both strengthens our capital position and enhances our ability to expand our business in this challenging economic environment,” commented Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy. “This initial cooperation with ADM Capital, in conjunction with the extension of our long-term cooperation with China Eximbank, is not only evidence of the market’s confidence in Yingli’s value proposition and business development potential, but also a reflection of the Company’s successful efforts to ensure our strong capital position.”
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