Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE), one of the world’s leading solar panel manufacturers, today announced that its holding subsidiary, Yingli Energy (Beijing) Company Limited has entered into an agreement with CFC Group Construction Limited(“CFC Construction”) to supply 170 megawatts (MW) of solar panels for utility-scale power plants in China’s Hebei province. It is Yingli’s largest solar panel supply agreement to date in China.
According to the agreement, Yingli will deliver over 650,000 multicrystalline YGE Series solar panels to CFC Construction during the third quarter and fourth quarter of 2015. The panels will be installed in power plants located in the city of Zhangjiakou, one of Hebei province’s largest municipalities. Once operational, the panels are expected to generate more than 200,000 megawatt-hours of clean energy, offsetting approximately 120,000 tons of carbon emissions.
Zhangjiakou is an ideal location for the development of solar power plants due to its abundant solar resources, large industrial base, and high demand for electricity, so it was selected byChina’s State Council to be the site of the country’s first renewable energy pilot zone. Zhangjiakou also recently won the rights to host the 2022 Winter Olympic Games together withBeijing, and these new solar power plants will help provide clean solar power for a green, low-carbon Olympics.
“CFC Construction is committed to the construction, operation, maintenance and innovation of solar and wind power plants. To ensure our power plants’ high quality, we only select leading manufacturers for both solar panels and balance-of-system components. We have partnered with Yingli for these power plants because, as one of the world’s leading solar panel manufacturers, Yingli’s products meet CFC’s demanding product quality requirements,” commented Mr. Chen Jiguang of CFC Construction.
“We are pleased to enter into our largest supply agreement to date in China with CFC Construction, one of China’s most competitive construction contractors,” commented Mr.Liansheng Miao, Chairman and Chief Executive Officer of Yingli. “Our highly durable Yingli Solar panels deliver superior performance in the harsh weather conditions that characterize Zhangjiakou and its surroundings, and we look forward to broadening access to solar power in communities across the region thanks to our partnership with CFC Construction.” (Original Source)
Shares of Yingli Green Energy closed yesterday at $0.54. YGE has a 1-year high of $3.82 and a 1-year low of $0.54. The stock’s 50-day moving average is $0.78 and its 200-day moving average is $1.37.
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 implies an upside of 38.9% from current levels. 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 0.0% and -14.1% respectively. Jobin has a success rate of 35.7% and is ranked #2563 out of 3765 analysts, while Shen has a success rate of 24.8% and is ranked #3737.
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.