Yingli Green Energy Holding Company Limited (NYSE:YGE), one of the world’s leading solar panel manufacturers, today announced that it has sold an 18.8 megawatt (MW) solar power plant in Essex, United Kingdom, to NextEnergy Solar Fund, a specialist investment company listed on the London Stock Exchange and a leading owner of operating solar power plants in the UK.
The solar power plant is located on the former Boxted Airfield in the north of Colchester and covers more than 50 acres of land. It was completed and connected to the grid in March 2015, and is expected to produce enough energy to power nearly 5,700 average UK households each year.
“The sale of this project is in line with Yingli’s global strategy to move downstream by developing and selling power generation assets at an attractive return, and provides us with additional capital to fund our growing global project development business, which includes a qualified utility-scale project pipeline of nearly 300 MW outside of China,“ commented Mr.Liansheng Miao, Chairman and Chief Executive Officer of Yingli. “Through strong cooperation with our partners we are committed to push the project development business forward with the core principles of ‘less capital investment and a diversified service portfolio.” (Original Source)
Shares of Yingli Green Energy Holding closed yesterday at $0.78. 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 $1.05 and its 200-day moving average is $1.64.
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 92.1% 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 -12.8% and -11.5% respectively. Shah has a success rate of 26.6% and is ranked #3688 out of 3727 analysts, while Shen has a success rate of 30.4% and is ranked #3683.
The street is mostly Bearish on YGE stock. Out of 5 analysts who cover the stock, 3 suggest a Sell rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $1.60, which represents a potential upside of 104.9% from where the stock is currently trading.
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.