Yingli Solar has obtained an RMB300 million (USD48 million) financing facility for a 50 MW PV power plant in China. Located in Handan City, Hebei Province, the solar power plant is expected to generate approximately 54 million kilowatt-hours of solar electricity annually -- offsetting over 50,000 tons of carbon emissions.
"We are pleased to begin our relationship with CGN International Finance Leasing, and we believe our partnership is a key breakthrough for Yingli's downstream business development," said 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."
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). Construction and interconnection of the project are expected to be completed by the end of May 2015