Are the tides turning for the solar industry? After months of doom and gloom forecasts, downgrades and price target cuts some upgrades and positive notes are beginning to slowly trickle in from analysts. Ah oh, time to sell!
Barron’s reported today that Merrill Lynch came out with a report today saying that improving second derivative trends suggest the industry is headed for a cyclical bottom. They went on to say that while demand won’t recover … Read the rest
Yingli Green Energy (YGE) posted flat earnings growth over the year ago quarter with a non GAAP EPS of .15/share in the latest quarter on revenues of 258 million (about a 25% increase over the year ago quarter.
YGE reaffirms that its PV module shipment target is expected to be in the estimated range of 550 MW to 600 MW for fiscal year 2009, which represents an increase of 96.1% to 113.9% compared to fiscal … Read the rest
According to StreetInsider.com, Citi is out maintaining it’s HOLD rating on Evergreen Solar (ESLR) but cut the price target from $6 to $3.
Says Citi:
“We applaud ESLR’s new strategy to focus on its competitive advantage making wafers that use less silicon. But even with much lower capital intensity, it still faces a tradeoff between slowing capacity expansion to preserve cash or gunning it, hoping to raise money. While this move makes this stock … Read the rest
Yingli Green Energy Holding Co Ltd announced that Yingli Energy (China) Co. Ltd, a wholly owned subsidiary, has signed an agreement for a three year loan facility with ADM Capital. The agreement will provide Yingli Green Energy with more capital to fuel its business growth.
RTT News has addition details on the terms of the loan:
… Read the restADM Capital has agreed to provide a three-year loan facility of up to US$80.0 million to Yingli China for
Yingli Green Energy announced last week that it just acquired a polysilicon producer to further its vertical integration strategy. Negotiations are complete, and Yingli now owns Cyber Power Group Limited, the parent company of Fine Silicon Co, Ltd. Yingli paid $77.6 million for the company, which is expected to begin producing polysilicon in the second half of this year. According to JLM Pacific Epoch, Yingli chief financial officer Zongwei Li advised that this purchase … Read the rest
Yingli Green Energy (YGE) is announcing this morning that it will supply Goldbeck Solar of Germany with 15MW of solar modules to be used in industrial buildings in 2009 with the option of an additional 58MW to be purchased by Goldbeck. Goldbeck specializes in turnkey industrial PV rooftop and ground mounted systems.
“We look forward to working closely with GOLDBECK Solar in 2009,” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green … Read the rest
According to StreetInsider.com, Piper Jaffray is out cutting estimates on the solar sector due to poor visibility. Piper analyst Jesse Pichel lowered industry estimates for the 1st half of 09 and downgraded their rating of Canadian Solar (CSIQ) to Sell and ReneSola (SOL) to Neutral due to low order visibility for Q1 in Germany and zero visibility in other markets but expects some recovery in late spring, early summer but only if credit markets … Read the rest
In the midst of a credit crisis, Yingli Green Energy (YGE) isn’t having a problem getting a loan to expand operations. The company has announced that China Development Bank, which is owned by the Chinese government, has provided the company with a conditional $70 million, 8 year loan agreement.
“We are pleased to receive financing support from CDB,” Said Yingli CFO Mr.Zongwei Li. “As one of the world’s leading vertically integrated PV product manufacturers, … Read the rest
Yingli Green Energy announced today that is has signed a sales contract with IBC Solar. Under the terms of the contract, Yingli Green Energy will supply IBC with 91 MW of their PVC modules starting in December 2008 and ending in October 2009. The price of the PVC modules is fixed, but can be adjusted if the market price falls below the fixed price.
Mr. Liansheng Miao, Yingli’s Chairman and CEO, commented on the deal … Read the rest
Yingli Green Energy released its 3rd quarter results last week. Net revenue went up quite a bit, increasing to RMB 2,209.8 million (USD $325.5 million) from RMB 1,987 million in the 2nd quarter of 2008 and RMB 1,276.5 million in the 3rd quarter of last year. However, due to the depreciation of the euro against the Renminbi, gross profits actually declined from the 2nd quarter. Gross profit came in at RMB 492.6 million (USD $72.6 … Read the rest