September 26, 2012 / 10:49 AM / 6 years ago

Yingli Green rejects accusations of illegal subsidies

(Reuters) - Yingli Green Energy Holding Co, one of China’s largest solar equipment makers, rejected allegations made by a group of 25 European solar panel companies that Chinese solar panel makers were benefiting from illegal subsidies.

The EU ProSun group, in a complaint to the European Commission on Tuesday, said Chinese solar companies benefited from very low interest rates thanks to government policy.

“We receive financing at the usual market rates and act according to international accounting standards and norms,” Yingli said on Wednesday.

Yingli said the weighted average interest rates for its borrowings ranged from 6.3 percent to 7.1 percent between 2009 and 2011.

The China Securities Journal reported on Tuesday that the China Development Bank Corp, a policy bank that lends at Beijing’s behest, would prioritize loans to 12 top solar companies.

Beijing has already provided billions of dollars in credit lines and other support to its solar industry through state-run banks, prompting the U.S. government to impose import duties.

There are concerns that Europe will also impose similar duties. The European Commission launched an investigation this month after the EU ProSun group accused Chinese rivals of “dumping”, or deliberately selling products for less abroad than at home.

Reporting by Swetha Gopinath in Bangalore; Editing by Saumyadeb Chakrabarty

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