Yingli signs $165 million loan agreement with CDB

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The Chinese photovoltaic manufacturer has said it will use the funds to both complement working capital and support unidentified raw material procurement. The CDB will provide Yingli with a one year loan worth $110 million and a three year loan worth $55 million.

"With the new financing in place, we’re confident to continue to solidify and reinforce our leading position globally. At the same time, as our operating cash flow position is on track to gain improvement, we expect to continuously optimize our balance sheet," stated chairman and CEO, Liansheng Miao.

Recently, Yingli was identified by IHS Solar and NPD Solarbuzz as the top photovoltaic module supplier in 2012, with shipments totaling 2.3 GW. For 2013, it predicts shipments of between 3.2 to 3.3 GW. Despite this, the manufacturer recorded net losses totaling over US$0.5 billion last year.