EXHIBIT 4.32
English Translation
  FIXED ASSETS LOAN CONTRACT
  
 Yingli Energy (China) Company Limited Borrower  Liansheng Miao  3399 Chaoyang North Road, Baoding, Heibei  3399 Chaoyang North Road, Baoding, Hebei
 Bank of Communications Co., Ltd., Hebei Branch Lender  Chunjie Wu  22 Ziqiang Road, Shijiazhuang
   Article 1
    
    Loan Facility
 1.1
    
    Currency: Renminbi1.2
    
    Amount (in word): Five Hundred Million Yuan1.3
    
    The loan hereunder shall only be used to fund the construction of the 300 MW
monocrystalline project.1.4
    
    Loan Term: From June 10, 2010 to June 10, 2015.
 Article 2
    
    Interest Rate and Interest Calculation and Collection
 2.1
    
    If the loan is made in RMB, the floating interest rate of RMB shall apply. The specific
agreement on the interest rate is as follows:2.1.1
    
    The contract interest rate shall be the
  ̈Ö benchmark interest rate  ̈ / above the benchmark interest rate
 ̈ / below the benchmark interest rate ̈ upon effectiveness of this Contract  ̈v on the first disbursement date (Time).
 2.1.2
    
    In the event of any adjustment in the benchmark interest rate by the Peoples Republic of
China during the term of this Contract, the interest rate adjustment date of this Contract
shall be determined in accordance with item (i) set forth below. From the adjustment date of
the contract interest rate, the adjusted interest rate of the relevant interest rate category
as of such adjustment date shall apply with no change in the upward (downward) adjustment.(i) The contract interest rate adjustment date shall be the date on which the Peoples Bank of
China has adjusted the interest rate.
 2.1.3
    
    If the benchmark interest rate has been changed to a floating interest rate or cancelled, as
adjusted by the Peoples Republic of China, the parties shall separately negotiate and adjust
the loan interest rate of this Contract,
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provided that the adjusted interest rate shall not be lower than the currently applicable
interest rate. If the parties have not agreed on the adjusted interest for more than 3 months
from the adjustment date of the Peoples Bank of China, the Lender shall have the right to
declare the loan hereunder to be due and payable in whole prior to the maturity date.
 2.2
    
    If the loan is made in foreign currency, the agreement on the interest rate is as follows:/ (Foreign Currency)          Interest Rate shall be  ̈ /.2.3
    
    Daily Interest Rate = Monthly Interest Rate/30;
     Monthly Interest Rate= Annual Interest Rate/122.4
    
    Interest Calculation2.4.1
    
    Normal Interest = Interest Rate set forth herein X Amount Disbursed X number of days of
borrowing. The number of days of borrowing shall be calculated from the disbursement date to
the maturity date.
 2.4.2
    
    The default interest for any overdue or misappropriated loan shall be calculated based on
the amount and actual number of days for which the loan has been overdue or misappropriated.
If the loan is RMB denominated, the default interest rate shall be 50% and 100% above the
interest rate set forth herein for the overdue loan and misappropriated loan respectively. In
the event of any adjustment in the benchmark interest rate by the Peoples Bank of China after
the loan with floating interest rate has become overdue or misappropriated, the Lender shall
have the right to adjust the default interest rate hereunder, and the new default interest
rate shall apply from the date on which the Peoples Bank of China has adjusted the interest
rate. If the loan is foreign currency denominated, the default interest rate shall be
/ above the interest rate set forth herein; /.
 2.5
    
    The interest on the loan hereunder shall be settled in accordance with item (i) set
forth below, and upon maturity of the loan, shall be paid in full together with the principal.
The interest settlement date shall be the interest payment date:(i)  The interest shall be settled on the 20th of the last month of each quarter;2.6
    
    Other agreements with respect to the interest rate/.
 Article 3
    
    Disbursement and Repayment of the Loan
 **3.1
    
    The loan hereunder may be drawn in
installments, provided that the total amount
of all drawdowns by the Borrower shall not
exceed the amount set forth in Article 1. In
the event of any drawdown by the Borrower in
any other currency (other than the currency
set forth in Article 1.1) pursuant to Article
9 hereof, for the sole purpose of determining
the remaining amount that can be drawn down,
the exchange rate published by the Bank of
Communications for each day shall be used for
conversion. If there is no exchange rate
directly available, the exchange rate
reasonably determined by the Bank of
Communications shall be used for conversion.3.2
    
    With respect to the first drawdown made by the Borrower, prior to the satisfaction of all
conditions set forth below, the Lender shall have the right to refuse the disbursement:(i) The Borrower has handled the procedures required by law and other procedures required by
the Lender with respect to the loan project and the borrowing matters, such as government
licenses, approvals, verifications, filings and registrations, and such license, approval,
verification, filing and registration procedures remain effective;(ii) The security contract under this Contract (if any) has become and remains effective, and
if such security contract is a mortgage contract and/or pledge contract, the security interest
has been created and remains effective;(iii) The Borrower has opened special loan disbursement account, repayment reserve account and
project
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revenue account (if any) with the Lender as required by the Lender;(iv) There has been no material adverse effect on the operation and financial condition of the
Borrower;(v) The Borrower has provided the relevant documentation acceptable to the Lender proving that
the equity capital in the same proportion to the loan has been in place in full and the actual
progress of the project has matched the amount invested;(vi) The payment method of the loan is in compliance with this Contract, in the case of
entrusted payment by the Lender, the Lender has agreed to make such payment;(vii) In the event of any drawdown of loan in foreign currency, the Borrower has provided the
documentation proving that the loan has been in compliance with the relevant foreign exchange
administration policies, including, but not limited to, effective foreign exchange utilization
certificates or registration documents;(viii) The first drawdown date shall be no later than May 27, 2011;(ix) The Lender believes that the there has been no adverse change in the main economic and
technical parameters of the loan project and the loan project is progressing normally;(x) No Acceleration Event hereunder has occurred.
 3.3
    
    With respect to each subsequent drawdown made by the Borrower, prior to the satisfaction of
all conditions set forth below, the Lender shall have the right to refuse the disbursement:
 (i) The matters and documents set forth in Article 3.2 (i), (ii) and (vii) remain effective;(ii) The Borrower has provided the relevant documentation acceptable to the Lender proving that
the equity capital in the same proportion to the loan has been in place in full and the actual
progress of the project has matched the amount invested;(iii) The payment method of the loan is in compliance with this Contract, in the case of
entrusted payment by the Lender, the Lender has agreed to make such payment;(iv) There has been no material adverse effect on the operation and financial condition of the
Borrower;(v) The drawdown date shall be no later than /;(vi) The Lender believes that there has been no adverse change in the main economic and
technical parameters of the loan project and the loan project is progressing normally;(vii) No Acceleration Event hereunder has occurred;(viii) Other:
 All utilizations and settlements in connection with the 300 MW monocrystalline project
shall be handled through the account opened by the Borrower with the Lender.3.4
    
    The Borrower has designated the account set forth below as the disbursement account, which is
 ̈X is not  ̈Ö the special loan disbursement account opened by the Borrower with the
Lender.Account Name: Yingli Energy (China) Company Limited
Account Number: 131080270018010008870
Bank: Bank of Communications Co., Ltd., Hebei Branch, Beianjie SubranchIf a special loan disbursement account has been opened, the disbursement and payment of the loan shall be
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handled through such account. Such account shall only be used for the disbursement and outward
payment of the loan (for which only Settlement Business Notice certificate will be issued),
nor shall it be used to handle check, draft, bank acceptance draft businesses or any other
settlement. In the event of any transfer of loan fund handled by the Borrower on its own, it
must handle it at the counter of the office at which it opened the account. The interest on the
deposit in such account shall be included in the loan repayment settlement account.3.5
    
    Prior to each drawdown, the Borrower shall handle the relevant drawdown procedure at least
5 bank business days in advance, and indicate the payment method (entrusted payment
by the Lender or direct payment by the Borrower). For each drawdown, only one payment method
may be used.Entrusted payment by the Lender shall be used for any single payment of loan fund exceeding RMB
5 Million (the lowest of 5% of the total amount of investment in the project, RMB 5
Million or any other amount as required by the Lender). Direct payment by the Borrower shall be
used for any payment of loan fund not exceeding the foregoing threshold.3.6
    
    Entrusted payment shall mean the direct payment of the loan fund by the Lender pursuant to
the Borrowers entrusted payment authorization letter through the Borrowers account to the
Borrowers counterpart in compliance with the purpose set forth herein upon disbursement of
loan hereunder.In the event of any entrusted payment by the Lender, the Borrower shall submit to the Lender
the drawdown request, entrusted payment authorization letter in the form prescribed by the
Lender, borrowing certificate, the relevant settlement business application letter/check/credit
certificate and other information required by the Lender, indicating the loan drawdown amount
as well as the recipient and amount of the payment. The loan drawdown amount shall be the same
as the amount to be paid.The Lender shall have the right to request the Borrower, independent intermediaries and
contractors to jointly inspect the equipment construction or engineering construction progress,
and shall make loan disbursements based on a joint verification certificate issued and
indicating that the conditions set forth herein have been satisfied. The relevant conditions
are as follows:          /.If any payment proposed by the Borrower is not in compliance with this Contract, the Lender
shall have the right to reject such payment and return the entrustment payment authorization
letter submitted by the Borrower.If the Lender has agreed to make the payment, in the event of any failure to make the outward
payment or any return of payment due to any false information provided by the Borrower, the
Borrower shall resubmit the relevant certificates and materials with correct information within
a period of time prescribed by the Lender.3.7
    
    Direct payment by the Borrower shall mean the direct payment of the loan fund by the Borrower
to its counterpart in compliance with the purpose set forth herein upon disbursement of loan
by the Lender to the Borrowers account pursuant to this Contract.In the event of any direct payment by the Borrower, the Borrower shall submit to the Lender the
drawdown request, borrowing certificate, explanation of the fund utilization and other
information required by the Lender. The Borrower shall summarize and report the loan fund
payment information by  (Date). The Lender shall have the right to check whether the
loan disbursed has been used for the purpose set forth herein by way of account analysis,
certificate verification and site investigation, etc, and the Borrower shall cooperate with
such check.3.8
    
    The actual disbursement date and disbursed amount shall be subject to the borrowing certificate.
 Article 4
    
    Repayment of the Loan
 4.1
    
    The fund sources for loan repayment shall include but not limited to, the sales revenue
generated from the loan project, subsidies, depreciation and other revenues of the Borrower.
In no event shall the agreement on the fund sources for loan repayment set forth herein have
any effect on the obligation of the Borrower to repay the principal of and interest on the
loan pursuant to this Contract.
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4.2
    
    The Borrower shall repay the principal of and interest on the loan on the maturity date set
forth in Article 1.4 hereof and based on the following provision. In the event of any
inconsistency between the maturity date set forth in the borrowing certificate and that set
forth herein, the borrowing certificate shall prevail:
 Time of Repayment
    
    Currency
    
    Amount of RepaymentDecember 10, 2011
    
    RMB
    
    Seventy Million
    
    (in word)December 10, 2012
    
    RMB
    
    One Hundred and Forty Million
    
    (in word)December 10, 2013
    
    RMB
    
    One Hundred and Seventy Million
    
    (in word)December 10, 2014
    
    RMB
    
    One Hundred and Twenty Million
    
    (in word)
 **4.3
    
    Without the written consent of the Lender, the Borrower shall not make any prepayment for
the loan.4.4
    
    If a special loan disbursement account has been opened, the Borrower hereby designates the
following account as the repayment settlement account for handling the settlement of the loan
repayment and transfer expenses of the loan funds.Account Name:          Yingli Energy (China) Company Limited
Account Number: 131080270018010008815
Bank: Bank of Communications Co., Ltd., Hebei Branch, Beianjie Subranch4.5
    
    The Borrower has  ̈X has not  ̈Ö opened a special repayment reserve account with the Lender.
 Account Name:     /.
Account Number:/.
Bank:/.
 4.6
    
    The Borrower has  ̈Ö has not  ̈X opened a special project revenue account with the
Lender. Prior to repayment of principal of and interest on the loan in whole, all project
revenue shall be deposited into such account, and all settlement business relating to the
project shall be handled at the Bank of Communications.Account Name:     Yingli Energy (China) Company Limited
Account Number: 131080270018010012254
Bank: Bank of Communications Co., Ltd., Hebei Branch, Beianjie Subranch
The terms and conditions for any outward payment from such account shall be as follows:The Borrower must obtain the Lenders consent to any outward payment from such account for
salaries, taxes and any other amounts as required by laws and regulations.
 ** Article 5
    
    Representations and Warranties of the Borrower
 5.1
    
    The Borrower is an entity duly established and validly existing under law, has all necessary
power and capacity to perform the obligations under this Contract in its own name and bear
civil liability, and has met the investment entity qualification and operation qualification
requirements for the loan project.5.2
    
    Execution and performance of this Contract is a true expression of intent of the Borrower and
has all required consent, approval and authorization without any legal defect.5.3
    
    All documents, statements, materials (including the transaction materials of its counterpart)
and information provided by the Borrower to the Lender in the course of loan application and
execution and performance of this Contract are true, accurate, complete and valid. No
information has been omitted or concealed that could have an effect on the assessment by the
Lender of the Borrowers financial condition, repayment capability and the project situation.5.4
    
    The loan project is in compliance with the States industry, land and environmental
protection policies, and has gone through the legal administration procedures for fixed assets
investment project as required.
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5.5
    
    Upon execution of this Contract, the Borrower is not a shareholder or the actual controlling
person (within the meaning of the Company Law) of the guarantor, nor does it intend to become
a shareholder or actual controlling person of the guarantor.
 Article 6
    
    Rights of the Lender
 6.1
    
    The Lender shall have the right to, in accordance with this Contract, recover the principal
of and interest on the loan (including compound interest, default interest on overdue and
misappropriated loan), collect the sums payable by the Borrower, and exercise other rights
required by law or under this Contract.6.2
    
    The Lender shall have the right to manage and control the payment of the loan funds in
accordance with the relevant regulatory provisions and this Contract, and monitor the relevant
accounts in accordance with this Contract.
 Article 7
    
    Obligations of the Borrower
 7.1
    
    The Borrower shall repay the principal of and interest on the loan hereunder in accordance
with the time, amount and currency for loan drawdown as provided herein.7.2
    
    The Borrower shall use the loan for the purpose set forth herein, and shall not
misappropriate the loan hereunder for any other purpose. The Borrower shall utilize the loan
funds as provided herein, and shall not divide it into smaller pieces in order to avoid
entrusted payment by the Lender; and in the case of direct payment by the Borrower, no single
payment of loan fund shall exceed the threshold set forth herein.**7.3
    
    The Borrower shall bear the costs and expenses hereunder, including but not limited to
notarization fees, appraisal fees, evaluation fees and registration fees.The Borrower shall bear the settlement expenses related to the payment of the loan funds
(including entrusted payment by the Lender and direct payment by the Borrower itself) and shall
timely and fully pay applicable expenses in accordance with the scope, rate and time prescribed
by the Lender.Where a special loan disbursement account is opened, payment of loan funds (including entrusted
payment by the Lender and direct payment by the Borrower itself) will be processed through the
payment system of the Peoples Bank of China if the relevant payee account is not maintained
with the Bank of Communications.If the loan disbursement account is not a special loan disbursement account, payment of loan
funds (including entrusted payment by the Lender and direct payment by the Borrower itself)
will be processed through the payment system of the Peoples Bank of China if the relevant
payee account is maintained with a different bank in a different city.**7.4
    
    The Borrower shall comply with the loan business processing-related business rules and
operating practices of the Lender and shall, among others, cooperate with the supervision and
control by the Lender respecting the loan use and operating conditions of the Borrower, timely
provide all such financial statements and other materials and information as required by the
Lender and ensure the truthfulness, completeness and accuracy of such documents, material and
information.**7.5
    
    In the event of any of the following, the Borrower shall give the Lender a no less than 30
days written notice, and shall not proceed with any such action before full settlement of the
entirety of the loan principal and interest hereunder or receipt by the Lender of such
repayment schedule and securities as are acceptable to the Lender:
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Omitted. N/A
 **7.6
    
    The Borrower shall notify the Lender in writing within 7 days of the occurrence or likely
occurrence of any of the following:
              **7.7
    
    If the security provided hereunder suffers any change adverse to the claims of the Lender,
the Borrower shall timely provide at the request of the Lender other security(ies) acceptable
to the Lender.For the purpose hereof, the term change includes without limitation: any consolidation,
spin-off, cessation of production, closing-down, cessation of operations for rectification , or
deregistration of the guarantor, or any revocation of business license or any voluntary or
involuntary filing of bankruptcy of the guarantor; any material change in the operating or
financial conditions of the guarantor; involvement of the guarantor in any material suit,
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arbitration or administrative measure, or, the taking of any conservatory measure or other
enforcement measures in respect of its principal assets; diminution or likely diminution in
value of, or imposition of conservatory measures on, the security(ies) hereunder; involvement
of the guarantor or its legal representative (responsible person) or key executives in any
breach of law or regulation or any applicable rules of any exchange; the missing or death
(declared death) of the guarantor (where the guarantor is an individual); breach of the
security contract by the guarantor; occurrence of a dispute between the guarantor and the
Borrower; the request by the guarantor of terminating the security contract; the
ineffectiveness, voidance or revocation of the security contract; failure to create, or
invalidity of, the security interest; other events affecting the safety of the claims of the
Lender.7.8
    
    The Borrower warrants that from the date hereof till full settlement of the entirety of the
loan principal and interest and relevant expenses hereunder, its financial indicators shall
remain bound by the following:
 crossed-out;N/A
 crossed-out;N/A
 crossed-out;N/A
 7.9
    
    Before full settlement of the entirety of the loan principal and interest, the Borrower
warrants that the project financed by the loan shall always satisfy the following:
      Article 8
    
    Insurance
 8.1
    
    The Borrower shall in accordance with the request of the Lender take out commercial insurance
for the fixed assets of the project and shall name the Lender as a first order insurance
proceeds claimant in such commercial insurance. Upon completion of the insurance procedures,
the Borrower shall deliver the original policy to the Lender for custody.8.2
    
    During the term of this Contract the Borrower shall timely pay all insurance premiums and
shall fulfill other obligations necessary for the continuing existence of such insurance.8.3
    
    If the Borrower fails to take out or renew such insurance, the Lender shall be entitled to
take out or renew the same on its own and pay the premium or take other insurance maintenance
measures in lieu of the Borrower, provided that the Borrower shall provide necessary
assistance and shall assume the insurance costs and relevant expenses incurred by the Lender
in connection therewith.
 Article 9
    
    Other Agreements
 The Borrower warrants that:
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**Article 10
    
    Loan Acceleration
 10.1
    
    Any of the following will be deemed an Acceleration Event:
     10.2
    
    In the event of any Acceleration Event, the Lender shall be entitled to take any, or more
than one, or all of the following actions:
      **Article 11
    
    Breach of Contract
 11.1
    
    If the Borrower fails to timely and fully repay any the principal or interest of the loan or
to utilize the loan in accordance with the purpose set out herein, the Lender shall charge
interest at the default interest rate applicable to the defaulted loan or at the default
interest rate applicable to the misappropriated loan, and all due but unpaid interest will
accrue on a compound basis.11.2
    
    If the Borrower fails to timely and fully repay the principal or interest of the loan, the
Borrower shall assume the costs for repayment request(s), litigation costs (or arbitration
costs), expenses for conservatory measures, expenses for public announcements, expenses for
enforcement, attorneys fee, travel and accommodation costs and other costs and expenses
incurred by the Lender for the purpose of realizing its claims.11.3
    
    If the Borrower evades the supervision of the Lender, or defaults on the repayment of loan
principal and interest, or avoids or disowns debts in bad faith or is otherwise guilty of
similar actions, the Lender shall be entitled to report such actions of the Borrower to
relevant authorities and publish the same in the news media.
 ** Article 12
    
    Provisions on Fund Deduction and Transfer
 12.1
    
    The Borrower hereby authorizes the Lender to deduct and transfer from any account opened by
the Borrower with the Bank of Communications funds equal to any due and payable loan principal
or interest or any default interest, compound interest or other expense in connection
therewith.12.2
    
    Upon such deduction and transfer, the Lender shall notify the Borrower of the account
number(s), the loan contract number(s) and the Borrowing Certificate number(s) related to such
deduction or transfer, the amount deducted or transferred as well as the balance of the
relevant debt.12.3
    
    If the amount deducted or transferred is not sufficient to settle all of the debt of the
Borrower, such amount shall first be applied towards the payment of due but unpaid expenses.
Afterwards, the remaining amount after such expense payment shall: (a) first be applied
towards the payment of due but unpaid interest , default interest, or compound interest, and
then towards the payment of due but unpaid principal, if the principal and interest has been
defaulted for less than 90 days; or (b) first be applied towards the payment of due but unpaid
principal, and then towards the payment of due but unpaid interest, default interest, or
compound interest, if the principal and
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interest has been defaulted for 90 days or above.12.4
    
    If the amount deducted or transferred is denominated in a different currency from that of the
debt subject to such set-off, it shall be converted into an amount denominated in the currency
of such debt at the exchange rate published by the Bank of Communications at the time of such
deduction or transfer.
 Article 13
    
    Notice
 13.1
    
    The contact details provided by the Borrower herein (including the postal address, the phone
number, the fax number, etc.) are true and valid. The Borrower will immediately notify the
Lender in writing of any change of any such contact detail by mailing or sending the changed
information to the postal address of the Lender set out herein. Such change to such
information will become effective only upon actual receipt by the Lender of such change notice
and revision by the Lender of relevant records.13.2
    
    Unless otherwise expressly stated herein, the Lender shall be entitled to give any of its
notices to the Borrower in any of the following manners. The Lender shall have the right to
select any means of notification as it deems fit and shall in no event be held liable in
whatsoever manner for any transmission error, omission or delay with the postal service, fax,
telephone or any other communication system. Where the Lender uses at the same time more than
one means of notification, the Borrower shall be deemed to have been notified by the means of
communication through which the notice first reaches the Borrower. A notice will be deemed to
have been given to the Borrower at the following times:
     Article 14
    
    Information Disclosure and Confidentiality
 14.1
    
    The Lender shall maintain in confidence the business secrets and other information and
materials of the Borrower marked in writing as confidential, provided that the Lender may
disclose the same if:
     14.2
    
    The Borrower agrees that the Bank of Communications may use or disclose, in the circumstances
set forth below, any and all information and materials related to the Borrower (including
without limitation the basic information, loan transaction information and other relevant
information and materials of the Borrower) and the Borrower will assume all consequences
arising therefrom:
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Article 15
    
    Dispute Resolution
  Article 16
    
    Miscellaneous
 **16.1
    
    The Borrower agrees that the Lender may search and retain its
credit information in connection with the loan application
and post-lending management processes.16.2
    
    The drawdown request form hereunder, and any drawdown request, entrusted payment
authorization letter or borrowing certificate executed by the parties, and relevant documents
and materials mutually confirmed by the parties are all an integral part of this Contract.16.3
    
    This Contract shall become effective once it has been executed (or affixed with the personal
seal) and affixed with the corporate seals by the legal representative (responsible person) or
authorized representative of the Borrower and the responsible person or authorized
representative of the Lender, respectively.16.4
    
    This Contract shall be made in 3 copies. The two parties and the guarantor (if any) shall each
hold one copy.
 The Borrower has thoroughly read the foregoing provisions and the Lender has at the
request of the Borrower provided relevant clarifications. The Borrower has no
objection to the content of any of such provisions.Borrower (Corporate seal):
Yingli Energy (China) Company
    Lender (Corporate seal):
Bank of Communications Co. LtdLimited
    Hebei Branch/s/ Liansheng Miao
Legal Representative(Responsible Person)
    /s/ Jian Wang
Responsible Person
OrOr Authorized Representative:
    Authorized Representative:(Signature or seal)
    (Signature or seal)Date of Execution:June 10, 2010
    Date of Execution:June 10, 2010
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Drawdown Request
 
 
 
   
           
   
 
  12