Yingli sells ADRs to fund new solar farms

Yingli Green Energy Holding (YGE.NYSE) plans to issue an additional 25 million American depository receipts to raise money to build new solar farms, Bloomberg reported. Each ADR is equivalent to the value of one ordinary share at US$4.33 at the close of the market on Wednesday. The solar panel maker said it expects to use as much as 60% of the proceeds for the development of new solar plants as part of its strategy to diversify its operations after the price of panels plunged. Yingli expects to complete 400 megawatts to 600 megawatts of the China projects this year.