Yingli Green Energy: Strategic Financing Relationship
Baoding - Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar", and CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of financing to small businesses and middle market companies, today announced a strategic financing relationship. Under the terms of the agreement, CIT Vendor Finance will provide financing options for the purchase and installation of modules to the customers of Yingli Green Energy's U.S. subsidiary, Yingli Americas.
(Photo: http://photos.prnewswire.com/prnh/20111121/CN10298LOGO )
"The alternative energy sector continues to experience significant growth and we are excited to announce this new relationship with Yingli Americas," said Ron Arrington, Global President of CIT Vendor Finance. "The financing solutions offered by CIT Vendor Finance to Yingli America's customers will allow them the opportunity to take advantage of the increased demand for solar energy projects. It is another example of how financing from CIT helps all kinds of companies to acquire the equipment they need to grow their business."
"We are pleased to provide our customers with access to financial solutions from CIT, an innovative and long-standing market leader in financial services," said Robert Petrina, Managing Director of Yingli Americas. "We have been working hard to provide numerous opportunities to make solar projects as streamlined and financially accessible as possible. With this new relationship, we hope to continue to simplify that process."
For more information about Yingli Americas, please visit www.yinglisolar.com/us.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar," is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced vertically integrated production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW in Baoding and Hainan, respectively, started initial production in early July 2011 and are expected to increase the Company's total nameplate capacity to 1.7 GW in late 2011. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 11,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit www.yinglisolar.com.
About CIT Vendor Finance
Vendor Finance is a global leader in providing business solutions for manufacturers, distributors and product resellers and financial solutions for their customers. CIT maintains relationships and develops financing programs with leading manufacturing companies that can enable increased sales while providing equipment leasing and financing to small and middle market businesses across all industries that facilitate the purchase of equipment according to their needs. cit.com/vendorfinance
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. cit.com
Individuals interested in receiving CIT's corporate news releases can register at http://newsalerts.cit.com or subscribe to the RSS feed at http://rss.cit.com. CIT's award-winning podcasts are also available at www.5minutecapital.com.
YINGLI GREEN ENERGY CONTACTS:
Director of Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
In the Americas:
Head of Marketing Communications
Yingli Green Energy Americas, Inc.
Tel: +1 603 5915812
Marketing Communications Manager
Yingli Green Energy Europe GmbH
Tel: +49 89 540303412
CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
Vice President, Media Relations
CIT INVESTOR RELATIONS:
Executive Vice President