BAODING, China--(BUSINESS WIRE)--Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading vertically integrated photovoltaic ("PV") product manufacturer in China, today announced that it further amended the joint venture contract (the "Amendment") with Baoding Tianwei Baobian Electric Co., Ltd. ("Tianwei Baobian") under which Yingli Green Energy will contribute additional capital of RMB1,750,840,000 billion (equivalent of US$236.6 million at the exchange rate of RMB7.40 to US$1.00, as previously agreed upon by the Company and Tianwei Baobian) to its principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei Yingli").
As a result of the Amendment and Ying Green Energy's additional capital contribution upon approval of the relevant PRC governmental authorities:
1. The registered capital of Tianwei Yingli will increase from RMB1,624,380,000 to RMB3,375,220,000;
2. Yingli Green Energy's equity interest in Tianwei Yingli will increase from 70.11% to 74.01%; and
3. The equity interest of Tianwei Baobian in Tianwei Yingli will correspondingly decrease from 29.89% to 25.99%.
As an intermediary step in anticipation of this additional capital contribution, the Company had advanced part of the proceeds it received from its initial public offering completed in June 2007, in an aggregate amount of US$230.0 million, into Tianwei Yingli in the form of shareholder loans, which will be converted into part of the additional capital contribution contemplated under the Amendment as described above. The balance of the additional capital contribution will be made by the Company within 60 days of approval by the relevant PRC governmental authorities.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited ("Yingli Green Energy") is one of the leading vertically integrated photovoltaic ("PV") product manufacturers in China. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in China. Additionally, Yingli Green Energy is one of the limited number of large-scale PV companies in China to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 megawatts by 2010. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States.
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