BAODING, China, April 27, 2018 /PRNewswire/ -- Yingli Green
Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy"
or the "Company"), one of the world's leading solar panel
manufacturers, today announced that one of its long-term
polysilicon suppliers (the "Supplier") filed a request for
arbitration of its claim against the Company described below with
the London Court of International
Arbitration (LCIA) yesterday.
As previously reported, the Company has not fully performed some
of its long-term polysilicon supply contracts on their original
terms, and suppliers have sent the Company invoices or demand
letters for failing to perform certain obligations under these
contracts. On December 15, 2017, one
of the Company's subsidiaries received a notice of termination from
the Supplier notifying the Company of its decision to terminate its
long-term polysilicon supply contract with the Company with
immediate effect and claiming no less than US$897.5 million of payments due and payable by
the Company under the contract.
After receiving the notice of termination, the Company has been
actively communicating with the Supplier to find an amicable
solution but no mutual agreement has been reached yet. The Company
plans to vigorously defend its rights in the arbitration proceeding
while continuing to seek a mutually beneficial solution with the
Supplier.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar," is one of the
world's leading solar panel manufacturers. Yingli Green Energy's
manufacturing covers the photovoltaic value chain from ingot
casting and wafering through solar cell production and PV module
assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20
regional subsidiaries and branch offices and has distributed more
than 20GW solar panels to customers worldwide. For more
information, please visit www.yinglisolar.com and join the
conversation on Facebook, Twitter and Weibo.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond Yingli Green Energy's control,
which may cause Yingli Green Energy's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Yingli Green
Energy's filings with the U.S. Securities and Exchange Commission.
Yingli Green Energy does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
For further information, please contact:
Eric Pan
Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: ir@yingli.com
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SOURCE Yingli Green Energy Holding Company Limited