Yingli Green Energy Holding Co. Ltd. says that three of its subsidiaries have received new short-term loans totaling RMB 420 million from domestic banks and an affiliate of the company.
Baoding Tianwei Yingli New Energy Resources Co. Ltd. received a loan of RMB 180 million from Shijiazhuang City Commercial Bank, and Yingli Energy (China) Co. Ltd. received loans of RMB 90 million and RMB 50 million from Shijiazhuang City Commercial Bank and the Bank of Communications, Hebei branch, respectively. In addition, Fine Silicon Co. Ltd. received a loan of RMB 100 million from Baoding Yingli Group Co. Ltd., an affiliate of the company, which was entrusted through Baoding Urban District Rural Credit Union.
As a related party transaction, the loan from Yingli Group has been approved by the company's audit committee, which comprises three independent directors. Each of these loans has a term of 12 months and carries an interest rate of 5.31% per annum.
‘We are pleased to have secured these additional short-term loans, which we believe will enhance our ability to expand our PV production capacity and commence our polysilicon production, further strengthen our capital position and provide us with additional flexibility in business and financial planning,’ says Zongwei Li, chief financial officer of Yingli Green Energy.
SOURCE: Yingli Green Energy Holding Co. Ltd.
