Yingli Green Energy Rejects Accusations of Illegal Subsidization

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", strongly rejects accusations contained in an anti-subsidy complaint filed by EuProsun, an initiative of European solar companies led by SolarWorld, which was submitted at the European Commission yesterday.

"As a publicly-traded company listed on the New York Stock Exchange, we have been fully transparent with our funding sources and cost. We receive financing at the usual market rates and act according to international accounting standards and norms. Between 2009 and 2011, the weighted average interest rates for all of our borrowings ranged from 6.3% to 7.1%. Furthermore, we do not and have never received any illegal subsidies from the government. Our success is based on our focus on innovation, investment in state-of-the-art machinery and equipment and long-term partnerships built on trust," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

"Solar PV has demonstrated the potential to become a major source of clean energy generation - not only in Europe but worldwide. Punitive tariffs will inevitably lead to higher prices for solar products threatening thousands of jobs in the industry, in particular small and medium-sized companies and craftsmanship in Europe will be hit hard," said Darren Thompson, Managing Director, Yingli Green Energy Europe GmbH.

Share

Add Comment