Yingli Solar Secures US$48 Million in Financing for Solar Plant

Yingli Green Energy Holding Co., popularly known as Yingli Solar, has secured RMB300 million (US$48 million) in financing for a 50-megawatt solar power plant in China.

CGN International Finance Leasing, a wholly-owned subsidiary of China General Nuclear Power Group, provided a 10-year direct financing lease for the project’s development and construction.

Located in Handan City, Hebei Province, the solar farm is expected to generate approximately 54 million kilowatt-hours of solar electricity annually. Construction and interconnection of the project is expected to be completed by the end of May 2015.

“We are pleased to begin our relationship with CGN International Finance Leasing, and believe that our partnership is a key breakthrough for Yingli’s downstream business development,” said Liansheng Miao, Chairman and CEO of Yingli Green Energy. “We anticipate that more Chinese financial institutions will ramp up activities in PV project development moving forward.”

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