Yingli Green Energy (YGE) Announces Strategic Cooperation Agreement with China Development Bank

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08:33:56 am on July 9, 2010

Yingli Green Energy just announced that one of its affiliates, Yingli Group Company, has signed a strategic cooperation agreement with China’s state-owned China Development Bank. Under the agreement, a maximum of RMB 36 billion worth of credit facilities may be granted to Yingli and its affiliates, including Yingli Energy (China) Co., Ltd and Fine Silicon Co., Ltd, which are owned completely by Yingli and Yingli Green Energy–Baoding Tianwei Yingli New Energy Resources Co., Ltd, which Yingli owns 74% of.

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Negotiations are ongoing, so there’s no guarantee that the credit will be extended until the negotiations are finalized. However, in a press release, Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy, commented on the agreement:

“We are very pleased with CDB’s support and confidence in Yingli Group and Yingli Green Energy, which resulted in this strategic cooperation agreement. 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.”

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