Yingli Green Energy Reports Fourth Quarter and Full Year 2008 Results

BAODING, China, Feb. 10 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) (''Yingli Green Energy'' or the ''Company''), one of the world's leading vertically integrated photovoltaic (''PV'') product manufacturers, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2008.

Fourth Quarter 2008 Consolidated Financial and Operating Highlights

-- PV module shipments totaled 78.8 MW.
-- Total net revenues were RMB 1,761.2 million (US$258.1 million).
-- Gross profit was RMB 232.9 million (US$34.1 million) and gross margin
was 13.2%.
-- Operating income was RMB 97.8 million (US$14.3 million) and operating
margin was 5.6%.
-- Net income was RMB 100.6 million (US$14.7 million) and diluted earnings
per ordinary share and per American depositary share (''ADS'') were
RMB 0.79 (US$0.12).
-- On an adjusted non-GAAP(1) basis, net income was RMB 126.8 million
(US$18.6 million) and diluted earnings per ordinary share and per ADS
were RMB 0.99 (US$0.15).

Full Year 2008 Consolidated Financial and Operating Highlights

-- PV module shipments were 281.5 MW, compared to the Company's previous
guidance of 270 MW to 280 MW.
-- Total net revenues were RMB 7,553.0 million (US$1,107.1 million),
compared to the Company's previous guidance of US$1,053 million to
US$1,106 million.
-- Gross profit was RMB 1,629.6 million (US$238.9 million).
-- Net income was RMB 682.1 million (US$100.0 million) and fully diluted
earnings per ordinary share and per ADS were RMB 5.27 (US$0.77).
-- On an adjusted non-GAAP(1) basis, net income for the full year 2008 was
RMB 782.8 million (US$114.7 million) and fully diluted earnings per
ordinary share and per ADS were RMB 6.04 (US$0.89).
-- New sales contracts bring total PV module sales under contract for
delivery in 2009 to 317.4 MW.
(1) All non-GAAP measures exclude share-based compensation and
amortization of intangible assets arising from purchase price
allocation in connection with a series of acquisitions of equity
interest in Baoding Tianwei Yingli New Energy Resources Co., Ltd.
(''Tianwei Yingli''), an operating subsidiary of the Company. For
further details on non-GAAP measures, please refer to the
reconciliation table and a detailed discussion of the Company's use of
non-GAAP information set forth elsewhere in this earnings release.


''In spite of difficult global economic and market conditions, we are pleased to report that we exceeded our shipment volume and total net revenue targets for the full year 2008,'' commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. ''We continue to see the benefits of our vertically integrated model, which allows us to bring our high quality modules to market at competitive prices, and believe that Yingli Green Energy is well-positioned to capture additional market share in 2009. To further enhance our position in the increasingly competitive PV industry, we will continue pursuing initiatives to enhance our product quality, brand recognition and our sales and distribution channels around the world.''

''To strengthen our market presence and enhance our comprehensive customer service, we have established offices and subsidiaries in key markets including Germany, Spain, Italy and the United States. In addition, Yingli Green Energy entered into a long-term strategic cooperation with TUV Rheinland (Shanghai) Co., Ltd. Under the strategic partnership, TUV Rheinland will conduct periodic factory inspections to review production, testing and calibration procedures and assist Yingli Green Energy in certification planning and execution to support new product introductions, which will provide our customers with an additional level of quality assurance,'' Mr. Miao continued.

''Our recent acquisition of Cyber Power and its polysilicon manufacturing subsidiary, Fine Silicon, is a key step toward the full vertical integration of our manufacturing processes. We believe this acquisition will not only help us secure high quality polysilicon to meet our customers' demands for top quality PV products but will also help control and stabilize our polysilicon costs to improve our margins as well as further increase visibility to achieving grid parity,'' Mr. Miao continued.

''Furthermore, to be better positioned to face challenges during this economic downturn, we have been actively sourcing additional capital to support the execution of our strategic business plan and have recently completed a number of financing transactions with domestic and overseas financial institutions.''

''We remain confident in the long-term fundamentals of the solar industry and believe our steady progress towards grid parity, combined with the supportive renewable energy policies of major governments around the world, should position us to emerge as an even stronger player,'' Mr. Miao concluded.

Fourth Quarter 2008 Financial Results

Total Net Revenues

Total net revenues were RMB 1,761.2 million (US$258.1 million) in the fourth quarter of 2008, a decrease of 20.3% from RMB 2,209.8 million in the third quarter of 2008 and an increase of 21.2% from RMB 1,453.2 million in the fourth quarter of 2007. The decrease from the third quarter of 2008 was primarily due to a lower average selling price and slightly lower shipment volume. The average selling price for PV modules(2) in the fourth quarter of 2008 was US$3.19 per watt, a decrease of 21.0% from US$4.04 per watt in the third quarter of 2008. Total PV module shipments decreased 1.5% to 78.8 MW in the fourth quarter of 2008 from 80.0 MW in the third quarter of 2008. The decreases in both average selling price and shipments were mainly caused by weakened demand as the result of weakened macroeconomic conditions, including changes in the feed-in tariff policy in Spain and tighter credit for PV system project financing. Furthermore, as a majority of the Company's PV module shipments were under contracts denominated in Euros, average selling price was also negatively impacted by the depreciation of the Euro against the Renminbi in the fourth quarter of 2008.

(2) We compute average selling price of PV modules per watt for a given
period as the total sales of PV modules divided by the total watts of
the PV modules sold during such period, and translated into U.S.
dollars at the noon buying rate at the end of such period as certified
for customs purpose by the Federal Reserve Bank of New York.

Gross Profit and Gross Margin

Gross profit in the fourth quarter of 2008 was RMB 232.9 million (US$34.1 million), a decrease of 52.7% from RMB 492.6 million in the third quarter of 2008 and a decrease of 35.2% from RMB 359.6 million in the fourth quarter of 2007. Gross margin was 13.2% in the fourth quarter of 2008, down from 22.3% in the third quarter of 2008 and 24.7% in the fourth quarter of 2007. The decrease in gross margin was primarily due to the decrease in the average selling price caused primarily by weakened macroeconomic conditions and the depreciation of the Euro against the Renminbi, and was partially offset by the reduced unit cost of PV modules resulting from lower cost of blended polysilicon in the fourth quarter of 2008 and lower polysilicon usage per watt achieved through the Company's continued research and development efforts.

Operating Expenses

Operating expenses in the fourth quarter of 2008 were RMB 135.1 million (US$19.8 million), compared to RMB 115.5 million in the third quarter of 2008 and RMB 92.6 million in the fourth quarter of 2007. Operating expenses as a percentage of total net revenues increased to 7.7% in the fourth quarter of 2008 from 5.2% in the third quarter of 2008 and 6.4% in the fourth quarter of 2007. The increase in operating expenses as a percentage of total net revenues was primarily attributable to higher research and development expenses, increased general and administrative expenses relating to financing transactions recognized in the fourth quarter of 2008, and decreased total net revenues.

Operating Income and Margin

Operating income in the fourth quarter of 2008 was RMB 97.8 million (US$14.3 million), a decrease of 74.1% from RMB 377.1 million in the third quarter of 2008 and a decrease of 63.4% from RMB 267.0 million in the fourth quarter of 2007. Operating margin decreased to 5.6% in the fourth quarter of 2008 from 17.1% in the third quarter of 2008 and 18.4% in the fourth quarter of 2007.

Interest Expense

Interest expense was RMB 48.5 million (US$7.1 million) in the fourth quarter of 2008, compared to RMB 31.6 million in the third quarter of 2008 and RMB 19.6 million in the fourth quarter of 2007. The increase in interest expense was consistent with both the increase in short-term borrowings from RMB 1,794.9 million as of September 30, 2008 to RMB 2,044.2 million (US$299.6 million) as of December 31, 2008 and the increase in long-term bank borrowings from RMB 340.9 million as of September 30, 2008 to RMB 663.0 million (US$97.2 million) as of December 31, 2008. The weighted average interest rate for these borrowings in the fourth quarter of 2008 was 7.18%, which increased from 6.76% in the third quarter of 2008.

Foreign Currency Exchange Gain (Loss)

Foreign currency exchange gain was RMB 68.7 million (US$10.1 million) in the fourth quarter of 2008, compared to a foreign currency exchange loss of RMB 133.1 million in the third quarter of 2008 and a foreign currency exchange loss of RMB 29.2 million in the fourth quarter of 2007. The foreign currency exchange gain in the fourth quarter of 2008 was primarily due to a gain of RMB 107.0 million from foreign currency forward contracts realized in the fourth quarter of 2008, which was partially offset by an exchange loss of RMB 38.3 million from foreign currency denominated transactions, primarily accounts receivables and raw material prepayments denominated in Euros, as the Euro depreciated by 3.41% against the Renminbi in the fourth quarter of 2008.

Income Tax Benefit (Expense)

Income tax benefit was RMB 17.0 million (US$2.5 million) in the fourth quarter of 2008, compared to RMB 0.2 million in the third quarter of 2008 and an income tax expense of RMB 15.3 million in the fourth quarter of 2007. The increase in income tax benefit was mainly due to a decrease of RMB 14.5 million (US$2.1 million) in enterprise income tax expense, which resulted from a decrease in the estimated future income tax rates since Tianwei Yingli and Yingli Energy (China) Co., Ltd (''Yingli China''), the Company's wholly-owned subsidiary, were recognized by the Chinese government in December 2008 as ''High and New Technology Enterprises'' entitled to a preferential enterprise income tax rate of 15% under the PRC Enterprise Income Tax Law.

Net Income

As a result of the factors discussed above, net income was RMB 100.6 million (US$14.7 million) in the fourth quarter of 2008, a decrease of 33.3% from RMB 150.8 million in the third quarter of 2008 and a decrease of 27.3% from RMB 138.4 million in the fourth quarter of 2007. Diluted earnings per ordinary share and per ADS were RMB 0.79 (US$0.12) in the fourth quarter of 2008, compared to RMB 1.17 in the third quarter of 2008.

On an adjusted non-GAAP basis, which excludes share-based compensation and amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interest in Tianwei Yingli, an operating subsidiary of the Company, net income was RMB 126.8 million (US$18.6 million) in the fourth quarter of 2008, down 27.7% from RMB 175.3 million in the third quarter of 2008. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 0.99 (US$0.15) in the fourth quarter of 2008, compared to RMB 1.35 in the third quarter of 2008.

Balance Sheet Analysis

As of December 31, 2008, Yingli Green Energy had RMB 1,108.9 million (US$162.5 million) in cash and RMB 3,224.1 million (US$472.6 million) in working capital, compared to RMB 737.1 million in cash and RMB 3,372.8 million in working capital as of September 30, 2008. Short-term borrowings increased from RMB 1,794.9 million in the third quarter of 2008 to RMB 2,044.2 million (US$299.6 million) in the fourth quarter of 2008. Long-term bank borrowings increased from RMB 340.9 million in the third quarter of 2008 to RMB 663.0 million (US$97.2 million) in the fourth quarter of 2008. As of the date of this press release, the Company had approximately RMB 4,545 million in authorized lines of credit, of which RMB 3,040 million had been utilized. Days sales outstanding was 75 days in the fourth quarter of 2008, compared to 48 days in the third quarter of 2008, primarily as a result of weakened macroeconomic conditions.

Full Year 2008 Results

Total Net Revenues

Total net revenues for the full year 2008 were RMB 7,553.0 million (US$1,107.1 million), which increased by 86.1% from RMB 4,059.3 million in the year of 2007. The increase was primarily due to a significant rise in total shipments of PV modules, which increased to 281.5 MW in 2008 from 142.5 MW in 2007. The increase in total shipments was primarily due to the Company's expanded sales and marketing efforts in Europe, supported by the completion of an additional 200 MW of total production capacity of polysilicon ingots and wafers, PV cells and PV modules in September 2008. The average selling price for PV modules for the full year 2008 was US$3.88 per watt, slightly higher than US$3.86 per watt in 2007.

Gross Profit and Margin

Gross profit for the full year 2008 was RMB 1,629.6 million (US$238.9 million), which increased by 70.3% from RMB 956.8 million in the year of 2007. Gross margin was 21.6% for the full year 2008, compared to 23.6% in 2007. The decrease in gross margin for the full year 2008 was primarily due to the lower gross margin in the fourth quarter of 2008, which was the result of significantly weakened macroeconomic conditions in the fourth quarter of 2008 and the depreciation of the Euro and the U.S. dollar against the Renminbi.

Operating Expenses

Operating expenses for the full year 2008 were RMB 476.3 million (US$69.8 million), an increase of 71.8% from RMB 277.3 million in 2007. The increase in operating expenses was primarily due to higher research and development expenses and increased marketing and promotional efforts resulting from the Company's expanded scale of operations. Operating expenses as a percentage of revenue decreased to 6.3% in the full year 2008 from 6.8% in the year of 2007, primarily due to economies of scale and better control of sales and marketing expenses and general and administrative expenses.

Interest Expense

Interest expense for the full year 2008 was RMB 149.2 million (US$21.9 million), an increase of 130.1% from RMB 64.8 million in 2007. The increase in interest expense was consistent with the increase in short-term borrowings from RMB 1,261.3 million as of December 31, 2007 to RMB 2,044.2 million (US$299.6 million) as of December 31, 2008 and the increase in long-term bank borrowings from nil as of December 31, 2007 to RMB 663.0 million (US$97.2 million) as of December 31, 2008. The weighted average interest rate for these borrowings in 2008 was 6.61%, which increased from 5.97% in 2007.

Income Tax Benefit (Expense)

Income tax benefit was RMB 19.5 million (US$2.9 million) for the full year 2008, compared to an income tax expense of RMB 12.9 million for the full year 2007. The increase in income tax benefit was mainly due to a decrease of RMB 14.5 million (US$2.1 million) in enterprise income tax expense, which resulted from a decrease in the estimated future income tax rates since Tianwei Yingli and Yingli China were recognized by the Chinese government in December 2008 as ''High and New Technology Enterprises'' entitled to a preferential enterprise income tax rate of 15% under the PRC Enterprise Income Tax Law.

Net Income

Net income was RMB 682.1 million (US$100.0 million) and fully diluted earnings per ordinary share and per ADS were RMB 5.27 (US$0.77) for the full year 2008.

On an adjusted non-GAAP basis, which excludes share-based compensation and amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interest in Tianwei Yingli, net income was RMB 782.8 million (US$114.7 million) for the full year 2008. Adjusted non-GAAP fully diluted earnings per ordinary share and per ADS were RMB 6.04 (US$0.89) for the full year 2008.

Fourth Quarter 2008 and Recent Business Highlights

Sales
-- As of the date of this press release, the Company had signed sales
contracts for the delivery of approximately 317.4 MW of PV modules in
2009.

Financing
-- Yingli China entered into a credit agreement with a fund managed by
Asia Debt Management Hong Kong Limited for a three-year loan facility
of up to US$80.0 million.
-- In connection with its acquisition of Cyber Power, the Company
committed to issue senior secured convertible notes totaling up to
US$50.0 million to Trustbridge Partners II, L.P., US$20.0 million of
which has been issued.
-- Yingli China entered into an eight-year US$70 million loan agreement
with China Development Bank.
-- Tianwei Yingli entered into a new credit line trade finance facility
agreement with the Export-Import Bank of China ("China Eximbank"),
which brought the aggregate credit line available from China Eximbank
to RMB 1.0 billion or its U.S. dollar equivalent.
-- Long term credit facility agreement, entered into with DEG - Deutsche
Investitions - und Entwicklungsgesellschaft mbH and the Netherlands
Development Finance Company, expanded to US$75 million with the
inclusion of The Societe de Promotion et de Participation pour la
Cooperation Economique to the lending group.

Others
-- Appointment of a new Chief Technology Officer, Dr. Dengyuan Song, who
has more than 27 years of experience in the research and development of
photovoltaic cells, silicon materials and semiconductor PV devices.
-- Tianwei Yingli and Yingli China were recognized by the Chinese
government as ''High and New Technology Enterprises'' entitled to a
preferential enterprise income tax rate of 15% for three years under
the PRC Enterprise Income Tax Law.
-- Completion of US$77.6 million acquisition of Cyber Power Group Limited,
which, through its principal operating subsidiary in China, Fine
Silicon Co., Ltd., plans to begin production of solar-grade polysilicon
in the second half of 2009.
-- Appointment of a new Vice President of Technology, Mr. Jingfeng Xiong,
a highly respected executive and engineer with a wealth of theoretical
knowledge and practical experience in research and development and
manufacturing at Yingli Green Energy.
-- Entered into memorandum of understanding with TUV Rheinland (Shanghai)
Co., Ltd. to form a strategic partnership covering a range of quality
control initiatives at the Company.


Business Outlook for Full Year 2009

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, as well as current exchange rates for the U.S. dollar, Euro and Renminbi, the Company reaffirms that its PV module shipment target is expected to be in the estimated range of 550 MW to 600 MW for fiscal year 2009, which represents an increase of 96.1% to 113.9% compared to fiscal year 2008, subject to, among other factors, the successful installation and ramp-up of the Company's additional 200 MW planned expansion in the third quarter of 2009.

In addition, after taking into consideration the Company's mid- to long-term virgin polysilicon supply agreements, estimated polysilicon prices in 2009, the negative impact of expected decreases in the average selling price of PV modules and further depreciation of the Euro against the U.S. dollar, the Company currently expects that its gross margin target for fiscal year 2009 to be in the estimated range of 22% to 24%.

Non-GAAP Financial Measures

To supplement the financial measures calculated in accordance with generally accepted accounting principals in the United States, or GAAP, this press release includes certain non-GAAP financial measures of adjusted net income and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation and amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interest in Tianwei Yingli, an operating subsidiary of the Company. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such items are not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non- GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars for the fourth quarter and full year 2008 in this earnings release, made solely for the purpose of reader's convenience, is based on the noon buying rate in the New York City for cable transfers of Renminbi as certified for customs purpose by the Federal Reserve Bank of New York as of December 31, 2008, which was RMB 6.8225 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at such rate, or at any other rate. The percentages stated in this earnings release are calculated based on Renminbi.

Yingli Green Energy Appoints New Chief Technology Officer

BAODING, China, Feb. 3 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) (''Yingli Green Energy'' or the ''Company''), one of the world's leading vertically integrated photovoltaic (''PV'') product manufacturers, today announced the appointment of Dr. Dengyuan Song to the position of Chief Technology Officer. Dr. Song will oversee Yingli Green Energy's research and development initiatives, particularly the development of state-of-the-art and cost-competitive PV products as an integral part of the Company's overall business strategies. Dr. Song will replace Dr. Guoxiao Yao, who has resigned to pursue other interests.

Dr. Song has more than 27 years of experience in the research and development of solar cells, silicon materials, and semiconductor PV devices in both Australia and China, including nearly 10 years of research and development in silicon-based solar cells, polycrystalline silicon thin-film solar cells and third-generation solar cells at the ARC Photovoltaics Centre of Excellence at the University of New South Wales in Sydney, Australia. Prior to joining UNSW, Dr. Song served as a professor at Hebei University in China, where his teaching and research covered a broad spectrum of topics, including solar cells, silicon materials, photoelectric devices and automation engineering. Dr. Song has published and presented over 150 papers in scientific and technical journals and at various PV industry conferences.

''I am very pleased to welcome Dr. Song to the Yingli team,'' said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. ''We believe Dr. Song's deep industry knowledge and extensive technical expertise will contribute to our leadership in the renewable energy sector. We have always recognized the importance of improving yield rates, increasing cost savings and enhancing cell conversion efficiencies. We look forward to having Dr. Song lead our efforts in these areas while strengthening our focus on innovation and the creation of superior technology throughout the Company.''

''We greatly appreciate the contributions Dr. Yao made during his tenure at Yingli and we wish him the best in his future endeavors,'' Mr. Miao concluded.

Yingli Acquisition Marks Company's Expansion Into Polysilicon

Vertically integrated photovoltaic product manufacturer Yingli Green Energy Holding Company Limited (NYSE:YGE) announced on Thursday that it had completed the acquisition of Cyber Power Group Limited, the parent company of Baoding-based polysilicon producer Fine Silicon Co. Ltd. Yingli Green Energy paid $77.6 million to Cyber Power affiliate Grand Avenue Group, which is controlled by Yingli CEO Liansheng Miao, Baoding Yingli Group Company Limited and Yingli subsidiary Yingli Energy (China) Company.

Cyber Power's Fine Silicon subsidiary is a development stage enterprise that is scheduled to begin manufacturing polysilicon in the second half of 2009. The acquisition expands Yingli's production capacity to include solar-grade polysilicon, said Yingli chief financial officer Zongwei Li.

Yingli Green Energy Signs 15 MW Sales Contract with GOLDBECK Solar

BAODING, China, Jan. 5 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has entered into a sales contract with GOLDBECK Solar GmbH ("GOLDBECK Solar"), a leading German PV system specialist company for PV applications on industrial buildings. Under the terms of the contract, Yingli Green Energy is expected to supply a minimum of 15 MW of PV modules to GOLDBECK Solar in 2009. In addition, the contract provides a framework for GOLDBECK Solar to purchase up to an additional 58 MW of PV modules from Yingli Green Energy in 2009.

"We are pleased to have Yingli as one of our key suppliers," said Joachim Goldbeck, General Manager of GOLDBECK Solar. "We aim to provide our customers maximum value with our products and services. Cooperating with top tier suppliers like Yingli is one of our principal strategies for achieving these goals in order to secure customers on a long-term basis."

"We look forward to working closely with GOLDBECK Solar in 2009," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Given the cost advantage and quality control capability of our vertically integrated business model, we can provide reliable and high quality products at a reasonable and competitive price, in line with our strategy to continually enhance the value that we provide to our customers. We believe this will lead to a broader and deeper penetration of our products and brand awareness worldwide."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter of 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit http://www.yinglisolar.com .

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.

Yingli Green Energy Signs Sales Agreements with Two Leading German PV System Integrators

BAODING, China, Dec. 19 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has entered into sales agreements with two leading German PV system integrators, City Solar Kraftwerke AG ("City Solar") and Wirsol Deutschland GmbH ("Wirsol").

20 MW PV Module Sales Agreement with City Solar

Under the sales agreement with City Solar, one of the leading German developers and turnkey providers of large-scale PV power plants, Yingli Green Energy is expected to supply 20 MW of PV modules to City Solar in 2009. In addition, City Solar has an option to purchase an additional 30 MW of PV modules from Yingli Green Energy in 2009.

"We are delighted to initiate our business relationship with Yingli Green Energy," commented Mr. Steffen Kammler, President and Chief Executive Officer of City Solar. "We believe we can provide more profitable solar power plants to our customers by using Yingli Green Energy's PV modules with their reliable quality and stable output performance, which are vital for the successful and profitable operation of solar power plants throughout their lifetime."

15 MW PV Module Sales Agreement with Wirsol

Under the sales agreement with Wirsol, one of the leading German PV system specialists delivering solar-based solutions to both residential and commercial customers, Yingli Green Energy is expected to supply 15 MW of PV modules to Wirsol from December 2008 through October 2009. In addition, Wirsol has an option to purchase an additional 20 MW of PV modules from Yingli Green Energy in 2009.

"We are please to sign this contract with Yingli Green Energy," commented Mr. Markus Wirth, managing director of Wirsol. "As a German solar specialist with the quality seal of RAL certification, we work under strictly controlled quality standards: All work processes are documented and transparent, from the first consultation to installation and beyond. We have gained sufficient confidence in Yingli Green Energy's capability to provide high-quality and reliable products through testing its products under real conditions in our own solar park and from our visits to its facilities which impressed us with its advanced automation level and rigorous quality program."

"We are pleased to announce our sales contract with City Solar and Wirsol," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We have established a solid position as a reliable PV module supplier for large-scale PV power plants and other solar power solutions worldwide, thanks to our successful track record and long history in cooperating with utilities and PV system installers in Europe. We expect to continue to capture market share in a more competitive environment with our high quality products, brand recognition and competitive PV module pricing. In addition, we believe the recent dramatic decrease in polysilicon prices and our excellent performance in maintaining low non-polysilicon costs will further help us along the way towards achieving grid parity."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter of 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit http://www.yinglisolar.com .

Yingli Green Energy Signs New Sales Contracts with IBC Solar AG for Supply of 91 MW of PV Modules

BAODING, China, Dec 05, 2008 /PRNewswire-Asia-FirstCall via COMTEX/ -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has entered into two sales contracts with IBC Solar AG ("IBC Solar"), one of the leading specialists in PV systems worldwide, to supply a total of 91 MW of PV modules to IBC Solar.

Under the terms of these contracts, Yingli Green Energy is expected to supply 91 MW of PV modules to IBC Solar from December 2008 to December 2009. Supplies under these contracts are agreed to be made at fixed prices for December 2008 and for the period from January through October 2009, which will be adjusted by mutual agreement if the market price falls below the fixed prices.

"The performance, reliability and quality of Yingli's PV modules, their excellent customer service and their brand recognition among our customers form the foundation of our business relationship," commented Mr. Udo Moehrstedt, president and founder of IBC Solar. "We are currently working on a range of significant projects with a broad range of customers. We believe our business cooperation with Yingli will help us expand our business in the future."

"We are very pleased to announce these significant new contracts, which we believe provide more visibility for our sales in 2009," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The majority of our customers are companies with an established track record of successful operations, just like IBC Solar. We expect that these new contracts will further strengthen our leading position in the German market and provide a solid foundation for our continued success there in the coming year. In addition, we believe our competitive PV module pricing and reliable product quality, which are supported by our vertically integrated business model and one of the lowest non-polysilicon manufacturing cost structures in the industry, will further enhance customer loyalty and extend our market share in this competitive environment."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter of 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit http://www.yinglisolar.com .

About IBC SOLAR

Since it was established in 1982, IBC Solar has been exclusively active in the photovoltaics sector. The IBC Solar group with several subsidiaries in Europe, Asia and USA currently supplies the global market with high-performance systems of every magnitude, from single-family home roofs, to large-scale solar projects. To date more than 350 megawatts (MWp) of photovoltaic power have been delivered in more than 50,000 solar power systems around the world. For more information, please visit http://www.ibc-solar.com .

Yingli Green Energy Reaffirms Business Outlook for Fiscal Year 2009

Copyright 2008 PR Newswire. All Rights Reserved2008-12-05

BAODING, China, Dec. 5 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or "the Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today reaffirmed its business outlook for fiscal year 2009, as previously announced on the Company's earnings conference call on November 26, 2008, in response to certain recent news articles erroneously stating that the Company expected its total PV module shipments to reach 400 megawatts in 2009.

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, as well as current exchange rates for the U.S. dollar, Euro and Renminbi, the Company estimates that its total PV module shipments in 2009 will be approximately 550 MW to 600 MW, subject to, among other factors, the successful installation and ramp-up of the Company's additional 200 MW planned expansion in the third quarter of 2009.

In addition, after taking into consideration the several mid- to long-term virgin polysilicon supply agreements with leading global polysilicon suppliers which will start delivery at the beginning of 2009, estimated polysilicon prices in 2009, the negative impact of expected decreases in the average sales price of PV modules and further depreciation of the Euro versus U.S. dollar, the Company estimates that its gross margin in 2009 will be at least 24%.

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary, Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter of 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit .

China Yingli sees panel shipments up 60 pct in 2009

HONG KONG, Dec 3 (Reuters) - Chinese solar cell maker Yingli Green Energy Holding Co Ltd expects its shipments of solar modules to rise 60 percent next year, with demand for solar panels likely to exceed supply despite the global economic downturn.

Yingli expects shipments of solar modules to reach 400 megawatts (MW) next year from about 250 this year, Cherradi Nabih, Yingli Green's vice president for manufacturing, said on the sidelines of the Clinton Global Initiative conference.

"In a way the crisis has helped the industry. Because of the crisis, there has been big pressure on the price of materials, including polysilicon, which is down about 50 percent this year from last year," said Nabih.

The fall in the price of polysilicon, a key material for solar cells that turn sunlight to electricity, has made Yingli's production more cost efficient, he said.
(Reporting by Leonora Walet)

Yingli Green Energy signs letter of intent to buy solar polysilicon company

26 November 2008

Yingli Green Energy has signed a binding letter of intent with Grand Avenue Group to buy all the shares of Cyber Power Group and its subsidiary Fine Silicon Co., a development-stage solar-grade polysilicon company based in Baoding, Hebei, China.

The proposed acquisition will enable the company to have a secure and stable supply of poly independent of market conditions, according to Yingli. The move would also allow the company to further vertically integrate its manufacturing processes and improve its margins.

Under the terms of the letter, Yingli will buy Cyber Power (a company controlled by some of Yingli's affiliated entities) for an aggregate consideration of $70 million to $80 million, with $25 million payable in advance.

Definitive agreements with respect to the proposed acquisition are subject to further negotiation and certain conditions, including completion of due diligence, receipt of satisfactory financing, and the approval by the audit committee and the company's board of directors, according to Yingli.

Yingli's CFO Bryan Li said during the company's third-quarter conference call that the Fine Silicon polysilicon manufacturing facility in Baoding (which is already under construction) should commence production in the second half of 2009, with an initial annual capacity in the range of 300-350 metric tons.

The company, which shipped 80 MW of PV modules and posted net revenues of $325.5 million and net income of $22.2 million in the third quarter, also has multiple medium- and long-term polysilicon supply contracts with DC Chemical, Wacker Chemie, and Sailing New Energy.

Yingli Green Energy Reports Third Quarter 2008 Results

Wednesday, November 26, 2008

-- Q3 2008 Net Revenues Increased 73.1% over Q3 2007 and 11.2% over Q2 2008
-- Company Reaffirms Business Outlook for Full Year 2008
-- Company Also Announces Proposed Acquisition of Affiliated Polysilicon Company

BAODING, China, Nov. 26 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ('Yingli Green Energy' or the 'Company'), one of the world's leading vertically integrated photovoltaic ('PV') product manufacturers, today announced its unaudited consolidated financial results for the third quarter ended September 30, 2008.

Third Quarter 2008 Consolidated Financial and Operating Highlights
-- PV module shipments totaled 80.0 MW.
-- Net revenues were RMB 2,209.8 million (US$325.5 million).
-- Gross profit was RMB 492.6 million (US$72.6 million) and gross margin was 22.3%.
-- Operating income was RMB 377.1 million (US$55.5 million) and operating margin was 17.1%.
-- Net income was RMB 150.8 million (US$22.2 million) and diluted earnings per ordinary share and per American depositary share ('ADS') were RMB 1.17 (US$0.17).
-- On an adjusted non-GAAP(1) basis, net income was RMB 175.3 million (US$25.8 million) and diluted earnings per ordinary share and per ADS were RMB 1.35 (US$0.20).

(1) All non-GAAP measures exclude share-based compensation and amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity
interest in Baoding Tianwei Yingli New Energy Resources Co., Ltd. ('Tianwei Yingli'), the Company's principal operating subsidiary. For further details on non-GAAP measures, please refer to the reconciliation table and a detailed discussion of the Company's use of non-GAAP information set forth elsewhere in this earnings release.

'The Company's business operations continued to be strong during the third quarter of 2008,' commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. 'Net revenues continued to grow with increased PV module shipments and output, which benefited from our broad customer base and well-recognized brand name. The total shipments for the first three quarters of 2008 were on track, accounting for 75.1% to 72.4% of our shipment guidance of 270 MW to 280 MW for 2008. Looking forward, we believe Germany will remain a major growth driver of the global PV market while the PV market in the United States has gained additional visibility with the extension of the Investment Tax Credit in early October 2008. In addition to these two markets, we plan to further expand our sales in emerging PV markets including South Korea, Italy, France, Belgium and China. We believe our existing position and continued efforts in these markets will help us improve our brand recognition globally and further solidify our well-balanced geographical and customer sales portfolio. To date, the Company has signed sales contracts for delivery of approximately 120 MW of PV modules in 2009. In addition, we are in negotiations with customers for another 350 MW which we expect to finalize by the end of 2008 or early 2009.'

'Recently, we kicked off a series of initiatives to enhance our marketing strategies with a focus on improving product quality and solidifying our customer base. For example, as previously announced, we are collaborating with Deutsche Bank to offer our customers 'one-stop shop' solar project financing solutions. We also formed a strategic partnership with TUV Rheinland (Shanghai) Co., Ltd. to improve quality control and employee training. At the end of October, we successfully hosted the Yingli Green Energy 2008 Global Customer Conference, which more than 260 executives of our global customers, equipment suppliers, certification institutes, banks and government agencies from 15 countries and regions attended. We believe these initiatives will further strengthen our corporate image as a leading global PV manufacturer,' Mr. Miao continued.

'We also expanded our total annual production capacity to 400 MW in each of polysilicon ingots and wafers, PV cells and PV modules in September. We expect to further expand our total manufacturing capacity to 600 MW in the third quarter of 2009 while maintaining adequate working capital to support our operations with current cash, expected cash flow from operations and available lines of credit. In this regard, our long-term credit facilities with DEG, FMO and PROPARCO have not only strengthened our ability to expand our vertically integrated manufacturing capacity but also enhanced our debt structure by enabling us to shift to longer-term debt financing of our capital expenditures.'

'On the polysilicon procurement side, we have secured sufficient polysilicon to meet our estimated production requirements for 2008. Meanwhile, in light of the recent decrease in the price of polysilicon, we have been renegotiating contracted pricing terms with our suppliers for a portion of the polysilicon delivery for the rest of 2008 and for 2009. Furthermore, five mid- to long-term virgin polysilicon supply agreements with leading global polysilicon suppliers will start delivery at the beginning of 2009 and are expected to allow us to produce more than 230 MW of PV modules in 2009. We believe these agreements will significantly reduce our blended polysilicon cost and support our efforts to improve product quality.'

'Moreover, we believe that economies of scale enhanced by the successful ramp-up to 400 MW of production capacity, together with higher yield rates, advanced equipment and technologies and our ongoing research and development initiatives, will further strengthen our position as a leading PV product manufacturer with one of the lowest non-polysilicon manufacturing cost structures in the industry. With our increased operational scale and efficiency and a stable long-term customer base, we believe we are well- positioned for the challenges and opportunities ahead in this difficult macro- economic environment,' Mr. Miao added.

Third Quarter 2008 Financial Results

Net Revenues
Net revenues were RMB 2,209.8 million (US$325.5 million) in the third quarter of 2008, an increase of 11.2% from RMB 1,987.0 million in the second quarter of 2008 and 73.1% from RMB 1,276.5 million in the third quarter of 2007. The increase was primarily due to increased shipment volume as a result of continued strong demand for PV modules supported by increased production output, partially offset by lower average selling price. The average selling price for PV modules(2) in the third quarter of 2008 was US$4.04 per watt, a decrease of 3.8% from US$4.20 per watt in the second quarter of 2008. This decrease was primarily due to the depreciation of the Euro against the Renminbi in the third quarter of 2008 as a majority of the Company's PV module shipments were under contracts denominated in Euros. Total PV module shipments increased 17.3% to 80.0 MW in the third quarter of 2008 from 68.2 MW in the second quarter of 2008. The increase of shipments was supported by the installation and trial production of an additional 200 MW of annual manufacturing capacity of each of PV polysilicon ingots and wafers, PV cells and PV modules in September, as well as improvements in operational efficiency and capacity utilization at each stage of the Company's manufacturing process.

(2) We compute average selling price of PV modules per watt for a given period as the total sales of PV modules divided by the total watts of the PV modules sold during such period, and translated into U.S. dollars at the noon buying rate at the end of such period as certified for customs purpose by the Federal Reserve Bank of New York.

Gross Profit and Gross Margin
Gross profit in the third quarter of 2008 was RMB 492.6 million (US$72.6 million), a decrease of 3.7% from RMB 511.8 million in the second quarter of 2008 and an increase of 62.7% from RMB 302.9 million in the third quarter of 2007. Gross margin was 22.3% in the third quarter of 2008, down from 25.8% in the second quarter of 2008 and 23.7% in the third quarter of 2007. The decrease in gross margin was primarily due to the decrease in the average selling price caused by the depreciation of the Euro against the Renminbi in the third quarter of 2008. The unit cost level remained stable in the third quarter of 2008 despite higher polysilicon costs, as both polysilicon usage per watt and non-polysilicon costs were reduced through research and development efforts at each stage of the Company's vertically integrated manufacturing process.

Operating Expenses
Operating expenses in the third quarter of 2008 were RMB 115.5 million (US$17.0 million), compared to RMB 116.1 million in the second quarter of 2008 and RMB 78.8 million in the third quarter of 2007. Operating expenses as a percentage of net revenues decreased to 5.2% in the third quarter of 2008 from 5.8% in the second quarter of 2008 and 6.2% in the third quarter of 2007. The decrease in operating expenses as a percentage of net revenues was primarily due to economies of scale and better control of sales and marketing related expenses, partially offset by higher research and development expenses.

Operating Income and Margin
Operating income in the third quarter of 2008 was RMB 377.1 million (US$55.5 million), a decrease of 4.7% from RMB 395.7 million in the second quarter of 2008 and an increase of 68.3% from RMB 224.0 million in the third quarter of 2007. Operating margin decreased to 17.1% in the third quarter of 2008 from 19.9% in the second quarter of 2008 and 17.6% in the third quarter of 2007.

Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB 133.1 million (US$19.6 million) in the third quarter of 2008, compared to a foreign currency exchange loss of RMB 68.2 million in the second quarter of 2008 and a foreign currency exchange gain of RMB 14.0 million in the third quarter of 2007. The foreign currency exchange loss in the third quarter of 2008 was primarily due to the depreciation of the Euro against the Renminbi in the quarter.

Yingli Green Energy Signs New Long-Term Polysilicon Supply Agreement with Wacker Chemie AG

Fri, 07 Nov 2008

BAODING, China - (Business Wire) Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced it has entered into a new long-term polysilicon supply agreement with Wacker Chemie AG ("Wacker Chemie").

Under this agreement, Wacker Chemie will supply Yingli Green Energy with polysilicon from 2010 through the end of 2017. The total amount of polysilicon supplied is expected to allow Yingli Green Energy to produce approximately 380 MW of PV modules over the life of the agreement.

"Including this newly signed agreement, we have signed five long-term supply agreements with Wacker Chemie since 2006, demonstrating the solid relationship between the two parties," commented Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "Our business cooperation with Wacker Chemie, established in 2003, has developed over the years on the basis of the two parties' long-term views of each other and of the PV industry. As of today, we have secured seven mid- to long-term virgin polysilicon supply agreements with several leading global polysilicon suppliers for delivery of polysilicon in 2009 and beyond. Five of these agreements will start delivery at the beginning of 2009 and are expected to allow us to produce more than 230 MW of PV modules in 2009. We believe these agreements will significantly reduce our blended polysilicon cost and improve product quality, which we believe will further strengthen our position as a high-quality PV product supplier with competitive prices."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW by mid-2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit www.yinglisolar.com.

Yingli Green Energy Subsidiary Signs Supplemental Long Term Credit Facility Agreement with DEG, FMO and PROPARCO

BAODING, China, Nov 06, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that Baoding Tianwei Yingli New Energy Resources Co., Ltd ("Tianwei Yingli"), the Company's principal operating subsidiary, has entered into a Supplemental Long Term Credit Facility Agreement (the "Supplemental Agreement") with DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH ("DEG"), the Netherlands Development Finance Company ("FMO") and The Societe de Promotion et de Participation pour la Cooperation Economique ("PROPARCO"). The Supplemental Agreement to Tianwei Yingli's previously announced Five-Year US$50 million Credit Facility Agreement (the "Original Agreement") with DEG and FMO adds PROPARCO to the lending group with an additional US$25 million of credit available to the Company. The five-year duration of the loan, interest rate of LIBOR plus 3.0% and other significant terms have remained unchanged from the terms of the Original Agreement, under which the Company drew down US$50 million in September 2008.

"As a development institution, PROPARCO decided very early to substantially invest in the renewable energy sector," said Mr. Paul de la Gueriviere, PROPARCO's head for China. "From all the various companies we know, Yingli Green Energy is one among the few to have a recognized first class expertise and a famous worldwide brand name. We are very proud to contribute to the further development of the company and to be associated with its success."

"We are pleased to announce this agreement with DEG, FMO and PROPARCO," commented Mr. Zongwei Li, Chief Financial Officer of Yingli Green Energy. "Despite a backdrop of a tight credit market and global financial turmoil, we were able to secure a significant expansion of our existing credit facility with DEG and FMO, which we believe demonstrates PROPARCO's confidence in our business and leadership position in the solar industry, as well as our status as a good corporate citizen. Securing additional long-term credit with this supplemental agreement, we have enhanced our debt structure by enabling us to shift to longer term indebtedness and further strengthened our ability to execute our business plan in these tough times."

About PROPACCO

PROPARCO is a Development Finance Institution jointly owned by the French Development Bank (AFD) and by private shareholders. Its mission is to promote private investment in emerging and developing countries in order to support sustainable development. Operating in more than 50 countries, its sector strategy is tailored to each country. Its activities in China are mainly focused on financing projects combating climate change. It provides a full range of financial instruments depending on the specific needs of its clients (loans, equity, guarantees and financial engineering). In 2007, PROPARCO allocated 600 MEUR for more than fifty projects in over thirty countries.

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Yingli Green Energy currently plans to 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 MW by mid-2009. 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, Italy, South Korea, France, China and the United States. For more information, please visit www.yinglisolar.com.

Canadian Solar Also Wins China Mobile PV Contract

Oct 30, 2008

Canadian Solar Inc (Nasdaq: CSIQ) announced on Wednesday that it has won a bid for China Mobile's (NYSE: CHL, 941.HK) 2008 photovoltaic system integration that allows the company to provide more than 6.3% of China Mobile's total solar cell module requirement. Canadian Solar began providing photovoltaic power supply modules and installation to China Mobile's western base stations in 2005.

Yingli Green Energy (NYSE: YGE) and Jiangsu-based photovoltaic cell manufacturer Suntech (NYSE: STP) announced successful China Mobile bids earlier this month.

Yingli Green Energy and TUV Rheinland Sign Strategic Partnership MOU

Tuesday October 28, 5:00 am ET

BAODING, China--(BUSINESS WIRE)--Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has entered into a memorandum of understanding (the "MOU") with TÜV Rheinland (Shanghai) Co., Ltd. ("TÜV Rheinland") to form a strategic partnership covering a range of quality control initiatives at the Company. Under the proposed strategic partnership, TÜV Rheinland would conduct periodic factory inspections to review production, testing and calibration procedures and assist Yingli Green Energy in certification planning and execution to support new product introductions. In addition, Yingli Green Energy and TÜV Rheinland intend to develop and implement technical training programs for Yingli Green Energy employees.

"We are pleased to announce our intention to develop a long-term strategic partnership with TÜV Rheinland," said Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "Yingli strongly believes that product quality is the fundamental foundation for creating sustainable customer satisfaction and loyalty, which we believe will continue to be one of the primary drivers of our success in terms of building a strong brand, achieving solid financial results and creating shareholder value. To support our aspirations to be a world-leading manufacturer of high-quality PV products we recognize the need to work with world experts to improve our quality standards and controls and we have selected TÜV Rheinland as our strategic partner."

"We appreciate Yingli's objective to enhance their quality standards and controls," said Mr. Gerhard Luebken, Managing Director of TÜV Rheinland Shanghai, "We are pleased to support Yingli in achieving their product quality aims by developing and delivering a range of services in cooperation with Yingli."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW by mid-2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit www.yinglisolar.com.

Yingli Green Energy's Principal Operating Subsidiary Receives Additional Credit Line from China Eximbank

October 27, 2008

BAODING, China--(BUSINESS WIRE)--Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or "the Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it's principle operating subsidiary, Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei Yingli"), has entered into a new credit line trade finance facility agreement (the "Agreement") with the Export-Import Bank of China ("China Eximbank"), a government policy bank solely owned by China's central government.

Under the Agreement, China Eximbank has agreed to provide Tianwei Yingli a short-term credit line of up to an aggregate principal amount of RMB 500 million or its U.S. dollar equivalent subject to certain terms and conditions. Under this new credit facility and the previous credit facilities provided by China Eximbank, China Eximbank has granted an aggregate credit line of RMB 1 billion or its U.S. dollar equivalent to Tianwei Yingli.

Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, said, "We have worked very closely with China Eximbank since 2005 when our business was in an early, fast-growing stage. During our three years of cooperation, China Eximbank has deepened their knowledge of our business model and gradually raised our credit line from year to year. We are very pleased to secure this new line of credit during a period of unprecedented turmoil in the financial markets, which we believe demonstrates China Eximbank’s strong recognition and confidence in our company. Supported by this additional bank facility, we believe the company will be better positioned for the challenges that may arise from recent turmoil in the financial markets."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit www.yinglisolar.com.

China Pulls in Green Energy Investment

Source: http://www.greentechmedia.com

Green Energy Technology and the Nordic Environment Finance Corp. through its Carbon Fund are boosting investments in China, pointing to the country's growing role as maker and user of renewable energy technologies.

by: Jeff St. John

October 22, 2008

In the midst of a worldwide financial crisis, China's growing demand for energy continues to be an attractive draw for investors.

Several greentech companies this week have announced plans to put money into satisfying fast-growing appetite for renewable energy.

On the solar front, Taiwan's Green Energy Technology said Wednesday that it is investing $5.05 million for a 40-percent stake in a joint venture aimed at supplying solar cells to Chinese manufacturers.

The subsidiary of the Tatung Group said the joint venture hoped to be up and running by mid-2009 and to have an annual production capacity of 60 megawatts.

Also on Wednesday, the Nordic Environment Finance Corp. said that its Carbon Fund has signed up to buy carbon-emission reductions from two Chinese renewable power projects –a 201-megawatt wind project being developed by Yangtze New Energy Development Co. in Jiangsu province, and a small hydroelectric power project in southwest China.

The deals were announced a day after Google pledged to give $250,000 to the U.S. National Academies to find ways to link the United States and China - the world's two largest energy consumers and greenhouse gas emitters - in developing renewable energy policies and technologies (see Google Plays U.S.-China Matchmaker).

All of it points to a continuation of China's boom in renewable energy, itself both a part of - and a reaction to - China's fast-paced economic growth over the past decade, said Ron Pernick, co-founder and principal of research and publishing firm Clean Edge.

"China has not been sitting idle" in either the manufacturing or the deploying of renewable energy technologies, Pernick said. China already leads the world in making solar-water heaters, and its list of solar-photovoltaic manufacturers has grown to include heavy hitters such as Suntech Power Holdings (NYSE: STP), China Sunergy (NSDQ: CSUN) and Yingli Green Energy Holding Co. (NYSE: YGE), he said.

China stands third, behind Japan and Germany, in terms of its share of photovoltaic-manufacturing capacity, according to a Worldwatch Institute report released in November (see Could China Steal the Solar Throne?)

The report estimated that China was set to invest $10 billion in renewable energy last year, second only to Germany. That's out of about $150 billion invested in green energy worldwide last year, Pernick said.

The U.S. Department of Commerce set China's investment in renewable energy last year at an even higher $12 billion, and projects that the country will invest $175 billion in protecting the environment in the next five years as it strives to meet its renewable goals, according to CNBC.

That growth is linked not only to China's role as an offshore home for foreign manufacturers, but also to its pressing need for new renewable energy sources, the Worldwatch Institute said.

China hopes to boost its green-electricity generation from 17 percent of its overall generation capacity today to 21 percent by 2020. The Worldwatch Institute said China could well exceed those goals, pushing its renewable power capacity to as much as 400 gigawatts by 2020, up from 135 gigawatts in 2006.

So far, solar photovoltaic power projects within China remain "in their infancy" compared to Japan, Germany and the United States, and China's hopes for a large-scale domestic market for grid-integrated photovoltaic projects remains a few years out, according to the report.

That's not as much the case with wind power, which the report called China's fastest-growing renewable-energy source. China will need to invest $21 billion to $28 billion if the country is to meet its goal of 30 gigawatts of production by 2020, up from to 1.2 gigawatts in 2005, the Commerce Department reported.

China now has more than 50 domestic wind turbine manufacturers, the Worldwatch Institute said.

"They're also becoming a dominant wind player in terms of deployment," Pernick said of China. "The question is, what might happen in terms of manufacturing."

Despite the ongoing global financial crisis, Pernick sees permanence in China's current renewable energy push, given its people's increasing concern about environmental problems within the country's borders and global concerns about the country's role in curbing greenhouse gas emissions.

In an August report, the Worldwatch Institute said that China accounted for 57 percent of the world's growth of carbon emissions from burning fossil fuels from 2000 to 2007.

The link between China's renewable-energy push and its environment was brought to the world's attention this summer, when the Chinese government took drastic steps to clean up Beijing's notoriously polluted air for the 2008 Olympic Games (see Will the Olympics Make China Green?).

"The great thing about China is, if a mandate comes down from the national level, it can quickly be deployed," Pernick said.

Even in the midst of the ongoing global financial crisis, China remains an attractive market for green technologies, according to a survey of venture capitalists and technology company executives released Wednesday by the law firm DLA Piper.

Nearly nine of ten survey respondents said China's consumer market will be an "exploitable opportunity" for green technology companies, DLA Piper reported.

Still, Pernick doesn't see China becoming the "mother of all markets" when it comes to the growing market for renewable energy sources.

"This is a global phenomenon," he said. China is "just going to be one node in the network."

Yingli Green Energy to Assist Customers with Access to Project Finance Solutions

BAODING, China, Oct 21, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or "the Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it will assist its customers with access to project finance advisory services and potential funding solutions through cooperation with Deutsche Bank.

Through this proposed cooperation, Yingli Green Energy and Deutsche Bank expect to provide a convenient "one-stop shop" solar project solution, offering high quality PV products and solar project financing advisory services to Yingli Green Energy's customers. Types of potential projects would consist of ground-based solar farms and commercial rooftop projects. Under the proposed arrangement, Yingli Green Energy would refer its solar customers to Deutsche Bank for project finance advice. The referrals could potentially lead to Deutsche Bank providing structuring advice and funding solutions to qualified customers. For projects which qualify for financing, and where Yingli Green Energy modules meet the project requirements, Yingli Green Energy will be the preferred module supplier to the approved projects.

"This represents an exciting opportunity for both parties and we look forward to working closely with Deutsche Bank," said Liansheng Miao, Yingli Green Energy's Chairman and Chief Executive Officer. "Through this cooperation, Yingli Green Energy's customers stand to benefit from high quality financial advice and potential funding solutions, which we believe will help strengthen our customer relationships and further support our strategy to expand our PV module and systems sales in overseas markets."

Peter Tsao, Vice Chairman, Deutsche Bank Global Banking, Asia, said, "We are delighted to be working with Yingli Green Energy and its customers to potentially offer project finance advisory solutions. Deutsche Bank has developed a very strong record in the solar sector in recent years and this will further consolidate our position."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW in the third quarter 2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit www.yinglisolar.com.

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 80,253 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. For more information, please visit www.db.com.

Yingli to supply China Mobile's PV needs

October 17, 2008

China's largest wireless carrier also expects to receive an additional estimated 2MWp of PV modules from Suntech.

Tianwei Yingli New Energy Resources, a subsidiary of Baoding, China's Yingli Green Energy (NYSE: YGE), won a bid today to supply photovoltaic modules to the largest mobile phone operator in China.

Tianwei Yingli is expected to deliver approximately 1.5 megawatts of PV modules to China Mobile Communications (HYSE: CHL) from November 2008 to October 2009.

Yingli Green Energy previously signed a contract to supply Germany's S.A.G. Solarstrom with 36.6 MW of PV solar modules.

And in May Yingli agreed to supply 17.35 MW of PV modules to Japan's Eiko Trading.

Considered one of the largest manufacturers of PV products in the world as measured by annual production capacity, Yingli Green Energy has said it will not increase its production capacity next year. The worldwide credit crunch is thought to have influenced the company's decision.
Yingli Green Energy currently has a manufacturing capacity of 600 MW.

The winning bid from Tianwei Yingli represents a third of China Mobile's total recent PV module procurement. Earlier this week Jiangsu-based PV manufacturer Suntech (NYSE: STP) announced it had won a bid for China Mobile's PV system integration and controller procurement project, offering an estimated 2 megawatt-peak output in solar cell modules.

Suntech was China Mobile's largest solar supplier in 2007, providing 1.4 MWp of solar modules to nine provinces. The company acquired California-based EI Solutions earlier this month as part of its plans to triple U.S. sales in 2009.

China Mobile is the largest wireless operator in the world, with more than 260 million subscribers. The company is controlled by China's Ministry of Information Industry.

Yingli Green Energy and EN-NEO Enter into Supplementary Contract for Sales in 2009

BAODING, China, Oct 06, 2008 (BUSINESS WIRE) -- Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has entered into a supplementary contract ("New Contract") to the sales contract disclosed on June 5, 2008 ("Original Contract") with EN-NEO NEUE ENERGIEN GmbH ("EN-NEO"), one of the leading specialists in PV energy projects worldwide. Under the Original Contract, Yingli Green Energy agreed to supply 9.19 MW of PV modules to EN-NEO from October 2008 to December 2008, and EN-NEO had an option to purchase an additional 9 MW of PV modules from Yingli Green Energy in 2009. Under the New Contract, EN-NEO has agreed to exercise the option by purchasing the additional 9 MW PV modules, which are expected to be delivered from February 2009 to April 2009.

"We are pleased to announce this new contract with EN-NEO," said Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "We entered into two deals with EN-NEO within four months, which we believe demonstrates the confidence they have in our products and the desire both companies have to deepen the relationship. Although there are many challenges ahead, including potential effects of the recent turmoil in the financial markets, we believe German PV market is developing well, primarily because of the country's relatively long experience with the PV industry and a clear and short governmental approval process."

About Yingli Green Energy

Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated PV product manufacturers. 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 operate on a stand-alone basis. With 400 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 the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of a limited number of large-scale PV companies in the world to have adopted a vertically integrated business model. Through its wholly owned subsidiary Yingli Energy (China) Co., Ltd., Yingli Green Energy currently plans to expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 600 MW by mid-2009. 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, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit www.yinglisolar.com.