Boston, MA 05/06/2014 (wallstreetpr) – Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) recently closed its follow-on public offering (FPO) of 25 million American Depositary Shares (ADSs), each share being priced at $3.50. Each such share represents one ordinary share. The company has been able to raise funds of nearly $83.0 million. Underwriters have been given a 30 day option to additionally purchase up to 3.75 million ADSs to take care of over allotments, if any.
The company plans to deploy the funds raised from this FPO for general corporate purposes and downstream expansion. Goldman Sachs (Asia) L.L.C. and Deutsche Bank Securities Inc. were the bookrunners for this FPO. HSBC Securities (USA) Inc. was co-managing the offer.
Key alliances
The company has signed an agreement with Shanghai Sailing Capital Management Co Ltd with the aim of forming a combined renewable energy corpus in Shanghai. The same would be invested in Chinese downstream solar projects.
Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) has signed an agreement with United Photovoltaic Group Ltd for acquiring solar PhotoVoltaic plants that would be developed and built by Yingli Green Energy in China. United PV will acquire a minimum of 300 MW of solar systems from Yingli China between 2014 to 2016.
The company has also signed an agreement in Israel and Middle East where it has delivered 27.5 Megawatt of multicrystalline Photovoltaic modules between February and April this year. It will supply its YGE 72 Cell NH Series modules in Israel to a solar power plant which is proposed to cover over a million square meters of area.
The company has entered into a collaboration to form a joint venture with Shuozhou Coal Power Co Ltd. Shuzhou is a 100% subsidiary of Datong Coal Mine Group Co Ltd. The JV will build solar plants in Shuozhou city.
Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) has formed a consortium along with Hydrochina Corp. And Sinohydro Corporation Ltd to bag 233 MW of Photovoltaic projects in Algeria. These projects would be developed by a fully owned subsidiary of Sonelgaz, which is responsible for distribution of natural gas and electricity in Algeria.
