*Yingli secures additional financing to expand business
*Chinese bank to provide 1 billion yuan credit line

LOS ANGELES, April 16 (Reuters) - Chinese solar power company Yingli Green Energy Holding Co Ltd (YGE.N) said on Thursday that it secured additional financing that would allow it to expand its business.

In a statement, Yingli said it would draw down $50 million under a three-year loan facility. The facility is provided by a fund managed by Asia Debt Management Hong Kong Ltd, or ADM Capital.

In addition, the company said it renewed credit lines of up to 1 billion yuan with the Export-Import Bank of China, a bank owned by the Chinese government.

Yingli Chief Financial Officer Zongwei Li said the funding would strengthen the company's capital position and enable it to expand its business despite the weak economy.

Since the end of last year, solar power companies have struggled with a lack of access to funding due to the global credit crunch.

Lending from government-owned Chinese banks, however, is emerging as a bright spot for that nation's growing solar industry. Last month the Chinese government said solar projects would be eligible for a new subsidy, prompting a broad rally in Chinese solar stocks.

Yingli's announcement came a day after Chinese solar wafer maker LDK Solar Co Ltd (LDK.N) said it secured a 200 million yuan loan from the China Development Bank and a 1 billion yuan credit line from the Agricultural Development Bank of China.

Yingli shares were down 19 cents, or 2.6 percent, at $7.16 in afternoon trade on the New York Stock Exchange. (Reporting by Nichola Groom, editing by Gerald E. McCormick)