Yingli Green Energy (YGE) Gets $70 Million Loan, Replaces VP

In the midst of a credit crisis, Yingli Green Energy (YGE) isn’t having a problem getting a loan to expand operations.  The company has announced that China Development Bank, which is owned by the Chinese government, has provided the company with a conditional $70 million, 8 year loan agreement.

“We are pleased to receive financing support from CDB,” Said Yingli CFO Mr.Zongwei Li.   “As one of the world’s leading vertically integrated PV product manufacturers, we are dedicated to providing the means to produce clean energy. CDB has always been a strong supporter of the State’s policies of promoting sustainable development with a market oriented approach. The same mission we share is the solid base for our cooperation. This loan provides us additional support for expanding our annual production capacity to 600 MW in the third quarter of 2009.”

YGE has also announce the appointment of Mr. Jingfeng Xiong as VP of Technology, replacing Dr. Nabih Cherradiwho who recently resigned to pursue other interests.

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