Yingli makes progress with debt restructuring, bags 260-MW order
March 12 (Renewables Now) - China’s Yingli Green Energy Holding Co Ltd (OTCMKTS:YGEHY) today unveiled an order for 260 MW of photovoltaic (PV) panels at home and said its debt restructuring is progressing “remarkably”.
The Chinese manufacturer last year embarked on a plan to restructure its debt by converting most of the debt of its major Chinese subsidiaries into controlling equity interests; repaying, either fully or partially, financial debt and other payables; and disposing of certain land use rights to get cash. After completing this process, Yingli expects to “return to healthy development,” with its debt ratio falling and cash flows expanding.
Yingli said on Wednesday it has clinched a deal to supply solar panels for a pilot hybrid renewables project in Hebei province’s Zhangjiakou City, located within a National Renewable Energy Demonstration Zone. It said this contract, and one other signed in February for 100 MW, shows that customers' confidence in the company is gradually recovering as its debt restructuring plan moves forward.