Yesterday LDK Solar (LDK) announced it was receiving more capital from China banks and this morning Yingli (YGE) is announcing additional financingwith the renewal of credit lines of up to RMB 1 billion with theExport-Import Bank of China which is owned by China’s centralgovernment. I think it’s clear that China is going to do whatever ittakes to become a leader in solar cell manufacturing just as it wantsto dominate the electric car industry. The race for technologicalsuperiority in green tech is on and that’s a good thing for thealternative energy industry.
“We are very pleased to have made further progress in securingadditional financing for our operations, which both strengthens ourcapital position and enhances our ability to expand our business inthis challenging economic environment,” commented Mr. Zongwei Li,Director and Chief Financial Officer of Yingli Green Energy. “Thisinitial cooperation with ADM Capital, in conjunction with the extensionof our long-term cooperation with China Eximbank, is not only evidenceof the market’s confidence in Yingli’s value proposition and businessdevelopment potential, but also a reflection of the Company’ssuccessful efforts to ensure our strong capital position.”