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