Yingli Energy takes out US$165 million loan

Loan will be used by its clean energy subsidiary.

Yingli Energy (China) Company Ltd. said the two loan agreements totaling with the China Development Bank will provide Yingli Energy with a one-year loan of US$110 million and a three-year loan of US$55 million to complement its working capital needs and purchase raw materials.

Yingli Green Energy Chairman and Chief Executive Officer Liansheng Miao said that with the new financing in place, Yingli confident it can continue to solidify and reinforce its leading position globally.

“At the same time, as our operating cash flow position is on track to gain improvement, we expect to continuously optimize our balance sheet," stated.”

Yingli is a leading solar energy company and one of the world’s first fully vertically integrated photovoltaic manufacturers. The company develops, manufactures and sells solar modules under the brand name Yingli Solar to a wide range of markets.