News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/solar-company-yingli-green-energy-issues-212m-of-medium-term-notes.html

Solar energy company Yingli Green Energy, one of the world’s largest vertically integrated photovoltaic manufacturers, has completed its issuance of the second tranche 1.4 billion ($212.1m) RMB-denominated unsecured five-year medium-term notes, through one of its subsidiaries, Baoding Tianwei Yingli New Energy Resources. The second tranche issue bears a fixed annual interest of 6.15 per cent.

Approximately 70 per cent of the proceeds will be used to enhance Tianwei Yingli’s working capital, and the remaining 30 per cent will be used to repay bank loans of higher interest rates, the company said in a statement.
‘We are extremely happy for the successful issuance of the second tranche of the medium-term notes. The issuance recorded an oversubscription of 210 per cent, which showed investors’ confidence in our sustainable operations,’ said Bryan Li, director and CFO of Yingli Green Energy.
In October 2010, Tianwei Yingli registered its plan to issue up to 2.4bn RMB-denominated unsecured five-year medium-term notes with the PRC National Association of Financial Market Institutional Investors, and completed the issuance of the first tranche of RMB1bn unsecured medium-term notes on 13 October 2010.
Currently, Yingli Green Energy maintains a balanced vertically integrated production capacity of over 1GW per year. Two capacity expansion projects of 600MW and 100MW are under construction in Baoding and Hainan, respectively, which are expected to start initial production in the middle of 2011 and will increase the company’s total capacity to 1.7GW in late 2011.