April 24 (SeeNews) - Chinese photovoltaics (PV) maker Yingli Green Energy Holding Co (NYSE:YGE) has agreed to sell rights to 524,464 square metres (5,640.3 sq ft) of idle land in Hebei province for CNY 588.2 million (USD 94.9m/EUR 87.8m).
Initially, the company’s unit Fine Silicon Co Ltd purchased the land with the intention to build polysilicon production plants there. Following a change in plans, however, the firm inked a definitive agreement to hand it over to the Land Reserve Centre of Baoding National High-tech Industrial Development Zone, its parent said in a press release on Thursday.
The move will strengthen the firm’s overall cash flow, while the proceeds will be used for debt repayment, chairman and CEO, Miao Liansheng, explained.
(CNY 1.0 = USD 0.161/EUR 0.149)