Yingli Green Energy Holding Company Limited (NYSE: YGE), known as Yingli Solar, announced that it has obtained an RMB300 million (US$48 million) financing facility for a 50 megawatt (MW) solar photovoltaic power plant in China. The 10-year direct financing lease for the project's development and construction was provided by CGN International Finance Leasing, a wholly-owned subsidiary of China General Nuclear Power Group (CGN).
Located in Handan City, Hebei Province, the 50 MW PV power plant is expected to generate approximately 54 million kilowatt-hours of solar electricity annually, offsetting over 50,000 tons of carbon emissions. Construction and interconnection of the project are expected to be completed by the end ofMay 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," commented Mr.Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We anticipate that more Chinese financial institutions will ramp up activities in PV project development moving forward."