The company also revealed a project loan of RMB1.5bn for financing of this expansion project and a working capital credit facility of RMB250m, both granted by the Bank of Communications (BOCOM), Hebei branch.
Yingli Green Energy plans to build Panda mono-crystalline silicon-based manufacturing lines with annual production capacity of 300MW in each of mono-crystalline ingots and wafers, cells and modules at its Baoding headquarters, through its wholly owned subsidiary, Yingli Energy (China) (Yingli China).
The production lines will be designed to produce PV cells based on the technology developed through project Panda, a collaboration among Yingli Green Energy, the Energy Research Centre of the Netherlands, a solar research center in Europe, and Amtech Systems.
Yingli Green Energy also said that Yingli China has secured a project loan of RMB1.5bn and a working capital credit facility of RMB250m from BOCOM. Under the loan agreement, BOCOM has agreed to provide to Yingli China, subject to certain conditions, a five-year project loan of RMB1.5bn to support Yingli China’s 300MW expansion project in Baoding. In addition, BOCOM also granted a working capital credit facility of RMB250m to Yingli China.
Liansheng Miao, chairman and CEO of Yingli Green Energy, said: “Shared anticipation of global PV industry growth, the robust flow of orders and inquiries that we have already received in 2010 and our global growth strategy are the main motivations for this strategic capacity expansion plan.”
