Stock Update (NYSE:YGE): Yingli Green Energy Holding Co Ltd (ADR) Signs an Exclusive Solar Panel Supply Agreement for PV Projects in the Dominican Republic
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 entered into an exclusivity agreement with an European EPC Partner (“Partner”) to supply solar panels to PV projects that are expected to be developed and constructed in the Dominican Republic. According to the exclusivity agreement, Yingli Europe expects to supply up to 200 megawatts (“MW”) of solar panels to the Partner. The exclusivity period will run until mid-2019, during which the commercial terms are also fixed by the agreement. To date, 50 MW of projects are at the advanced stage with anticipated construction during 2017 and the balance of 150 MW is at the preliminary stages of the development.
“With the European market facing headwinds,” said Norman Luth, Project Manager at Yingli Europe, “we have continued to work alongside our long-term European Partners to help support the export of European know-how and experience to emerging markets around the world. This agreement illustrates the success of this approach underpinned by strong, flexible and transparent commercial relationships we have invested in for many years within the European arena.”
“The combination of European EPC technical and economic efficiency, honed over many years in a challenging European market, and Yingli’s leading brand with over 14 gigawatts of proven product performance in the field creates a potent force for the diffusion of solar electricity generation infrastructure in emerging markets,” commented Mr. Liansheng Miao, Chairman and CEO of Yingli. “Such collaborations set the foundations for a cleaner and greener energy future.” (Original Source)
Shares of Yingli Green Energy Holding closed yesterday at $4.92, up $0.39 or 8.61%. YGE has a 1-year high of $21.30 and a 1-year low of $2.93. The stock’s 50-day moving average is $4.60 and its 200-day moving average is $5.28.
Yingli Green Energy Holding Co. Ltd. manufactures photovoltaic module. The company manufactures photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. It markets its products under the brand Yingli Solar. The company was founded in August 1998 and is headquartered in Baoding, China.