Yingli gets $165m in CDB loans

Chinese PV equipment group Yingli has secured $165m in short-term finance from China Development Bank (CDB) – becoming the latest of the country’s solar majors to be backed by the state-owned lender.

CDB will provide a one-year, $110m loan and $55m in three-year credit, Yingli said in a statement.

New York-listed Yingli – the world’s largest supplier of PV modules in 2012, but with $2.5bn of debt on its books – will use the funds to buy raw materials and shore up its working capital.

Reports in China late last year suggested the CDB had been asked by the Chinese government to prioritise lending to a group of key players in the country’s solar sector, as part of an effort to drive consolidation and spur Log in to read complete article.

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