PR83263

BAODING, China, March 12, 2020 /PRNewswire=KYODO JBN/ --

After receiving over 100 MW overseas orders last month, Yingli Green Energy

Holding Company Limited ("Yingli") (OTC Pink: YGEHY) has recently signed an

agreement with a state-owned enterprise to supply 260 MW high-efficiency solar

panels for the Zhangbei Internet Plus Smart Energy Demonstration Project,

located in National Renewable Energy Demonstration Zone in Zhangjiakou City,

Hebei Province. This is a new demonstration that customers' confidence in

Yingli is gradually recovering with its debt restructuring going forward.

Since entering the implementation phase in 2019, Yingli's debt restructuring

has progressed remarkably. The restructuring plan has been recognized by all

stakeholders including creditors, the governments, the court and several

detailed working arrangements have been introduced. All parties are working

hard to proceed with the judicial process. Within the judicial process, the

company will cooperate with the court and administrator in accordance with the

law to ensure the normal operation of the company. The principles of the debt

restructuring are protecting creditors interests to the greatest extent and

promoting the company' long term sustainable development based on marketization

and rule of law. The core contents of the restructuring plan include the

conversion of majority of financial debts of its major PRC subsidiaries into

controlling equity interests in the subsidiaries, fully and orderly repayment

of parts of financial debts and other payables, and the fund injection by local

government-owned platform through the disposition of the company's certain land

use rights to protect creditors' interests. In addition, the company and the

restructuring working group also made in-depth contact with several potential

industry investors, who showed strong interest to involve in Yingli's debt

restructuring and had completed preliminary works such as due diligence.

The restructured new Yingli will return to healthy development as its debt

ratio is expected to drop to the industry's optimal level, and its cash flow

will also be greatly improved. The new Yingli will continue to improve the

research and development and manufacturing. On the basis of maintaining a

moderate scale, it will stick to high-quality development by developing extensive

cooperation with all partners, promoting technological upgrades, and enhancing

product competitiveness. It will also continue to innovate business models,

improve profitability and profitability, and further increase market development.

SOURCE: Yingli Green Energy Holding Company Limited