Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), one of the world’s leading solar panel manufacturers, announced that its wholly owned subsidiary,Yingli Energy (China) Company Limited (“Yingli China”) was selected to develop and construct a 50 megawatt (MW) solar power plant in Datong City, Shanxi Province, China.
The power plant will be one of the key demonstration projects at the National Advanced PV Technology Demonstration Center, which is sited on reclaimed mining land in Datong City. Recently approved by the National Energy Administration as part of its “Top Runner” program, the new demonstration center plans to become China’s foremost national hub for PV technology research and development.
Datong City’s local government has tasked the demonstration center with installing 1,000 MW of solar PV across seven 100 MW projects, five 50 MW projects, and several additional, smaller PV facilities during the next 12 months. Over 35 companies applied for the rights to develop and construct the 100 MW projects, and over 20 companies applied for the rights to develop and construct the 50 MW projects. Yingli was selected to develop and construct one of the 50 MW projects.
“We are pleased to be selected for this high-profile demonstration power plant. With our strong track record of success in solar PV power plant development and construction, Yingli will make an ideal partner for the new PV demonstration center,” commented Mr. Gang Wang, Vice President of Project Development of Yingli. “This represents a major opportunity for us to leverage our advantages in project development and financing and to promote our growing presence in China’s downstream solar market.” (Original Source)
Shares of Yingli Green Energy Holding closed yesterday at $0.9501 . YGE has a 1-year high of $4.03 and a 1-year low of $0.72. The stock’s 50-day moving average is $1.15 and its 200-day moving average is $1.74.
On the ratings front, Yingli Green Energy Holding has been the subject of a number of recent research reports. In a report issued on June 8, Deutsche Bank analyst Vishal Shah maintained a Hold rating on YGE, with a price target of $1.50, which represents a potential upside of 57.9% from where the stock is currently trading. Separately, on the same day, Roth Capital’s Philip Shen reiterated a Hold rating on the stock and has a price target of $1.30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vishal Shah and Philip Shen have a total average return of -11.8% and -11.2% respectively. Shah has a success rate of 27.0% and is ranked #3671 out of 3711 analysts, while Shen has a success rate of 32.0% and is ranked #3668.
Overall, 3 research analysts have rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and . When considering if perhaps the stock is under or overvalued, the average price target is $1.60 which is 68.4% above where the stock closed yesterday.
Yingli Green Energy Holding Co Ltd along with its subsidiaries is engaged in the design, development, marketing, manufacture, installation and sale of photovoltaic products in China & overseas market.