Tuesday, December 23, 2008

Yingli Green Energy subsidiary enters 8-yr. loan agreement with China Development Bank

12/23/2008 6:48 AM ET

(RTTNews) - Tuesday, Yingli Green Energy Holding Company Ltd. said its subsidiary Yingli Energy Co. Ltd., China, has entered into an eight-year loan agreement with China Development Bank, or CDB.

As per the loan agreement, CDB has agreed to provide to Yingli China an aggregate of US$70 million to support Yingli China's construction of photovoltaic cell manufacturing lines with 100 megawatt annual production capacity, subject to certain conditions.

CDB, a government policy bank solely owned by China's central government, provides mid to long term financing support for the development of key government projects and for construction in the infrastructure sector, basic industries, pillar industries and high-technology industry.

Further, the company announced that it has appointed Jingfeng Xiong as the new Vice President of Technology effective December 23, replacing Nabih Cherradi, who has quit to pursue other interests. Xiong joined the company in 2000, and has served in a variety of roles, including as the Manager for Wafer, Cell, and Module Workshops, respectively, Quality Manager, Technical Department Manager, System Application Department Manager, and Chief Engineer.

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