BAODING, China, June 10, 2021 /PRNewswire/ -- Once the world's largest solar panel manufacturer and the first Chinese company to sponsor the FIFA World CupTM, Yingli Solar is determined to turn the ship around and restructure the company.
After several years in debts, Yingli Solar has taken major moves to ensure the long-term success of the company. In April 2021, the restructured company's first general meeting of shareholders and directors was held, and a new board of directors and management team was announced and approved. As a sign of the company's turnaround, its debt asset ratio has dramatically been reduced to 59.26%. This ratio is set to decrease further as additional capital injections are foreseen.
The debt owed to financial creditors now has all been converged to equity. The investment platform owned by the local government has contributed 312.8 million USD. The company has also engaged with strategic investors who are willing to invest 625.6 million USD.
"After the restructuring, Yingli Solar has become financially healthy again," said Xulong Yin, Chairman of the Board, who also added "Even during the most challenging periods in debt, Yingli Solar still maintained high sales volumes, honored all warranties, and delivered an exceptional level of customer service. That is a solid proof to the incredible caliber and dedication of the staff at Yingli Solar, and we see a bright future ahead for the business."
In 2020, Yingli Solar has shipped 2 GW of modules globally while further investing funds into R&D. By the end of 2021, the company is determined to significantly upgrade manufacturing by incorporating latest technologies. It will expand cell production capacity to 5 GW, while increase PV module production to 10 GW. Yingli Solar also aims to improve PV module production capacity to 15 GW within the next two years.
As a world leading renewable energy solution provider with 26 GW of solar panels shipped globally, Yingli is acclaimed for its advanced technology, high quality workmanship, and expansive global supply chain. With industry-leading manufacturing equipment from Europe, USA and Japan, and thousands of employees from both upstream and downstream in the solar energy industry, Yingli Solar is always at your call by adhering to making high-performance products of reliability and quality. It is reported that Yingli Solar has won the bid to provide 750MW high efficiency panels for China Hua Dian Corporation Ltd, in addition there are several orders of large scale projects under negotiation.