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
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
Here’s a rundown of today’s analyst notes on several solar names according to StreetInsider.com
Downgrades
– Raymond James downgrades Suntech Power (STP) from Strong Buy to Outperform and has price target of $15
– FBR downgrades GT Solar (SOLR) from Outperform to Market Perform
– Credit Suisse downgrades JA Solar (JASO) from Outperform to Neutral
– Wedbush Morgan downgrades SunPower (SPWRA) from Strong Buy to Buy and slashed the price target from $100 to $32. … Read the rest
According to Barrons, Wedge Partners was out with a research note this morning saying that the China based solar companies are slowing production in anticipation of falling demand and prices.
Some highlights:
– Suntech (STP) is laying off about 10% of its employees, idled half its production lines and shelved plans to expand to 1.2GW by the end of the year
– JA Solar (JASO) is seeing customer orders down drastically and half of its … Read the rest
Yingli Green Energy (YGE) has secured a long term supply of polysilicon from Wacker Chemie which will supply Yingli with enough polysilicon to produce 380MW from 2010 to 2017
“Our business cooperation with Wacker Chemie, established in 2003, has developed over the years on the basis of the two parties’ long-term views of each other and of the PV industry. As of today, we have secured seven mid- to long-term virgin polysilicon supply agreements with … Read the rest
Here are some analyst notes in the solar notes that came out during trading today:
* Piper Jaffray downgraded CSIQ from Buy to Neutral, lowered estimates and cut the price target from 30 to 11 on euro weakness and supply chain dislocation
* Piper Jaffray also cut the price target and lowered estimates on Yingli Green Energy (YGE) but maintained their Buy rating. Price target lowered from $26 to $15
* Piper Jaffray cut estimates … Read the rest
Goldman Sachs is out this morning with several calls on solar stocks:
Upgrades
* Upgraded Applied Materials (AMAT) from Sell to Buy and added to their Conviction Buy List
* Upgrades Yingli Green Energy (YGE) from Neutral to Buy but cut price target from $20 to $9
* Upgrades Trina Solar (TSL) from Sell to Neutral but cuts price target from $24 to $12
Maintain
* Maintains Buy rating on Suntech Power (STP) but cuts … Read the rest
Yingli Green Energy announced that a Chinese subsidiary, Tianwei Yingli, came out on top in bidding contest to supply photovoltaic products to China’s biggest cell phone company, China Mobile Communications Corp. Tianwei Yingli will supply the cell phone company with 1.5 MW worth of PV modules, over 31% of China Mobile Communications Corp’s latest PV purchases. Yingli expects a supply contract with China Mobile Communications Corp to result from the deal, with the details to … Read the rest