Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE), one of the world’s leading solar panel manufacturers, today announced that its wholly owned subsidiary,Yingli Green Energy Europe GmbH (“Yingli Europe”) has partnered with Motif Proje ve Insaat Ltd. Sti (“Motif Proje”), one of Turkey’s first renewable energy consulting partners, to develop a 20 megawatt (MW) PV project pipeline in Turkey. Motif Proje focuses on developing solar projects and has already implemented several reference projects in the region.
The two companies’ first jointly developed 10 MW project portfolio is located across 4 sites covering approximately 18 hectares in western Turkey. Development is now underway and construction is expected to begin in Q2 of 2016. Yingli and Motif Proje also intend to collaborate on an additional 10 MW pipeline in Turkey, which they expect to complete by the end of 2016.
“Turkey is an extremely promising market for solar project development due to its growing demand for electricity, large population of over 75 million people, and high levels of solar irradiation. There are currently 200 MW of PV projects under construction and additional 5 GW under application in Turkey,” said Mr. Anian Schreiber, Turkey Project Manager of Yingli Europe. “With the support of Motif Proje, we can rapidly scale our development activities in this high-potential market.”
“We are delighted to partner with Yingli because of their expertise and strong track record of success in entering emerging markets as both a developer and PV supplier,” said Mr. Deniz Selkan Polatkan, Managing Director of Motif Proje. “Yingli is an ideal partner in our mission to build a sustainable solar business in Turkey. We are confident that patient and sustainable companies will be successful in the Turkish PV market.”
“Motif Proje’s deep understanding of the local market and country requirements will help Yingli strategically grow its presence in Turkey,” commented Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. “We are pleased to collaborate Motif Proje and look forward to further expanding our joint project pipeline.” (Original Source)
Shares of Yingli Green Energy are at 1.65, down $0.06 or 3.51%. YGE has a 1-year high of $3.08 and a 1-year low of $0.33. The stock’s 50-day moving average is $0.58 and its 200-day moving average is $1.02.
On the ratings front, Yingli Green Energy has been the subject of a number of recent research reports. In a report issued on September 10, Credit Suisse analyst Patrick Jobin maintained a Sell rating on YGE, with a price target of $0.75, which represents a potential upside of 6.4% from where the stock is currently trading. Separately, on September 9, Roth Capital’s Philip Shen downgraded the stock to Sell and has a price target of $0.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Patrick Jobin and Philip Shen have a total average return of -7.5% and -13.4% respectively. Jobin has a success rate of 37.9% and is ranked #3427 out of 3808 analysts, while Shen has a success rate of 28.9% and is ranked #3770.
The street is mostly Bearish on YGE stock. Out of 4 analysts who cover the stock, 3 suggest a Sell rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $0.08, which implies a downside of 88.7% from current levels.
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.