BAODING, China, June 10, 2021 / PRNewswire / – Yingli Solar, once the world’s largest manufacturer of solar panels and the first Chinese company to sponsor the FIFA World Cup ™, is determined to turn the ship inside out and restructure the business.
After several years of debt, Yingli Solar has taken important steps to ensure the company’s long-term success. in the April 2021, the first general meeting of shareholders and directors of the restructured company was held, and a new board of directors and management team were announced and approved. As a sign of the company’s turnaround, the debt ratio was drastically reduced to 59.26%. This ratio is expected to decrease further as additional capital injections are foreseen.
The liabilities to financial creditors have now fully converged into equity. The local government owned investment platform contributed to this $ 312.8 million. The company has also partnered with strategic investors willing to invest $ 625.6 million.
“After the restructuring, Yingli Solar is financially healthy again,” said Xulong Yin, Chairman of the Board of Directors, who also added: “Even during the toughest debt periods, Yingli Solar has still held high sales volumes, honored all warranties and provided exceptional customer service. This is solid testament to the incredible caliber and dedication of the Yingli Solar people. and we look forward to a bright future for the company. “
In 2020, Yingli Solar delivered 2 GW of modules worldwide and at the same time invested further funds in research and development. By the end of 2021, the company is determined to significantly improve production through the use of the latest technologies. It will expand cell production capacity to 5 GW and increase PV module production to 10 GW. Yingli Solar also aims to increase the production capacity of PV modules to 15 GW within the next two years.
As the world’s leading provider of renewable energy solutions with 26 GW of solar modules shipped worldwide, Yingli is known for its advanced technology, high quality workmanship and extensive global supply chain. With industry leading manufacturing facilities from Europe, United States and Japan, and thousands of employees both upstream and downstream in the solar energy industry, Yingli Solar is always there to help you manufacture high performing products with reliability and quality. It is reported that Yingli Solar has been awarded the contract to supply high-efficiency 750 MW modules for China Hua Dian Corporation Ltd. In addition, several orders for major projects are being negotiated.
SOURCE Yingli Energy (China) Company with limited liability