Yingli Green Energy has become the first Chinese company and the first photovoltaic (PV) manufacturer to join Climate Savers, a program created by the World Wildlife Fund (WWF) to encourage corporations to make major contributions to addressing climate change.
“We look forward to working more broadly with WWF and joining hands with other Climate Savers to lead the world’s transition to a low carbon economy,” said Liansheng Miao, Chairman, and CEO of Yingli Green Energy.
Corporate participants in the Climate Savers program must set ambitious targets for reducing greenhouse gas (GHG) emissions across their operations.
“The Climate Savers program is a very exclusive club,” said Peter Beaudoin, CEO of WWF-China.
Initiated by WWF in 1999, Climate Savers now includes 30 members companies including Hewlett-Packard, IBM, Johnson & Johnson, Nike, Novo Nordisk, and Sony.
“Only companies agreeing to be industry leaders in cutting CO2 emissions and supporting the growth of clean, renewable energy are accepted as members,” added Beaudoin.
To join the ranks of Climate Savers member companies, Yingli Green Energy made a number of major environmental commitments. For instance, the company has pledged to significantly reduce GHG emissions across its supply chain, production, and transportation by 2015.
“We have been constantly reducing energy consumption and GHG emissions in our production and operation in order to provide greener and cleaner PV products to our customers,” said Jingfeng Xiong, Vice President and Chief Climate Officer of Yingli Green Energy.
By 2015, the company plans to launch a Global Green Solar PV Manufacturing Standard that will aim to promote energy efficiency and encourage the adoption of renewable energy technologies.
In becoming the first Chinese company to join Climate Savers, Yingli Green Energy has positioned itself as a leader in China’s uphill battle to reduce its carbon emissions.
“China has global manufacturing leaders, is beginning to have global innovation leaders, and now is beginning to have global leaders in the fight against climate change as well,” said Beaudoin.
With a steadily growing economy and the world’s largest appetite for coal power, China’s contribution to global warming is significant. In 2007, China passed the United States in its annual contribution to atmospheric carbon dioxide, a major contributor to climate change.
China has ratified the Kyoto Protocol, an international accord to control climate change, but the agreement does not force China to limit GHG emissions because it is still a developing economy.
Headquartered in Baoding, China, a city of over 1 million residents that lies less than 100 miles southwest of Beijing, Yingli Green Energy sells PV modules in Europe, North America, and Asia.
The company, which markets its products under the brand “Yingli Solar,” has sold nearly 6,000 megawatts (MW) of PV modules to customers worldwide, the equivalent of powering around 800,000 homes with green electricity annually.
With an annual production capacity of 2,450 megawatts, Yingli Green Energy is one of the world’s largest vertically integrated PV manufacturers. The company, which is publicly listed on the New York Stock Exchange, has a market capitalization of over $400 million.
Original Article on Justmeans
Yingli Green Energy subsidiary Yingli Spain has supplied more than 5 MW of solar panels for Bolivia’s first solar power plant.
Isotron, a subsidiary of Spanish energy company Isastur and a global PV project developer and engineering, procurement, and construction (EPC) services provider, installed more than 17,000 solar panels for the plant — Bolivia’s largest solar installation and one of the world’s largest storage-equipped hybrid PV-diesel projects. Isotron is one of Yingli Spain’s long-term strategic partners.
Occupying 15 hectares (37 acres) of land near the remote city of Cobija in the state of Pando, the 5 MW plant will supply energy to more than 49,000 people when completed. Cobija has until now relied on diesel power generation because it is not connected to Bolivia’s national utility grid. Empresa Electrica de Guaracachi S.A (EGSA), a subsidiary of the national electric company Empresa Nacional de Electricidad (ENDE), carried out preliminary studies and basic engineering for the project.
Yingli Green Energy (YGE) is erasing Friday’s losses after CollinsStewart maintained its Buy rating and raised the price target from $10to $11 and Lazard Capital upgraded the stock from Hold to Buy this morning.
Here are the comments from Collins according to Street Insider. Not exactly bullish comments!
“YGE’s 1Q09 revenues were $146M, 20% below our $181M forecast and the $194M consensus. Revenues were down 36% yr/yr and 43% sequentially. We estimate that shipments were 53MW and ASP was $2.78/watt. Gross margin of 15.3% was a bright spot, up 210 bps sequentially Ltd., and above our 14.6% forecast. Limited shipments led to a weak operating margin of just 2.0%. A variety of charges, including a $13.7M charge for Forex losses weighed on EPS, leading to a loss of $0.16, well below our breakeven forecast and the ($0.01) consensus.”
“The $0.16 1Q09 EPS miss and higher expense assumptions drive ourFY09 EPS forecast to $0.40 from $0.66. Our revenue forecast is reduced by 5%. Minor changes were made to our CY10 forecast, with EPS revised to $1.12 from $1.13 and revenue increased $20M to $1.24B.”
Yingli Green Energy (YGE) posted mostly strong earnings report this morning, beating on the EPS side and posting record revenues, but missing Wall ST revenue estimates just a bit. Like most solar companies this quarter, the company posted results much better sequentially but flat compared to the year-ago quarter. Granted, the year ago quarter was typically the best quarter for most solar companies, so starting next quarter the quarter over quarter growth should pick up substantially.
Yingli reported .18/share which beat analyst estimates of .17/share but is lower than the .20/share they posted a year earlier. On the revenue side, the company posted a record $326 million vs the analyst estimate of $328 million which is a slight improvement over the year-ago quarter (the previous record)
The CEO commented on the results saying the success in the quarter was driven by increased demand for its products due to an improvement in the solar project financing environment. He also noted the continued improvement of the margins by reducing processing costs.
He also commented on the future:
I am pleased to report that Project PANDA has achieved its first phase target ahead of schedule, producing next-generation cells with an average conversion efficiency rate of 18% or higher on our pilot production line. Also of note, our in-house polysilicon manufacturing plant, Fine Silicon, is set to begin trial production in December 2009. With Fine Silicon online, we will become one of a limited number of PV manufacturers in the world with a fully vertically integrated business model, covering the manufacturing process from polysilicon to PV modules. In addition, we will be the first vertically integrated PV product manufacturer in the world to have all of our production facilities located on one site. We believe this will enable us to further optimize our cost structure and capture profit at nearly every stage of the PV industry value chain, thus driving profitability and allowing us to better serve our global customer base.”
Shares of Yingli are up about 4% in premarket trading.
Yingli Green Energy Holding Co. Ltd, one of the world’s leading vertically integrated photovoltaic product manufacturers, recently received awards recognizing the Company’s growth, business prospects and competitiveness from Deloitte, The Asset magazine, and the Institute of Industrial Economics of the Chinese Academy of Social Sciences.
“These awards are recognition of our leading position in the fast growing China market,” Liansheng Miao, Chairman, and CEO of Yingli Green Energy, commented. “2009 has been another remarkable year for us. During the year, we successfully expanded our annual capacity to 600 MW, continued to increase our market share in established markets and raise recognition in emerging markets as well as achieved substantial progress on Project PANDA and the construction of Fine Silicon, our own polysilicon manufacturing plant. We expect to deliver continued growthand innovation in the years to come.”
Deloitte Technology Fast 50 China
YingliGreen Energy has been ranked by Deloitte among its “Technology Fast 50China” companies for the second time since 2007. The DeloitteTechnology Fast 50 China program ranks leading companies in the technology, media, and telecommunications sectors based on their average revenue growth rates over the last three years.
Winners of the Deloitte Technology Fast 50 China program will automatically qualify for the Deloitte Technology Fast 500 Asia Pacific Program, which is regarded as one of the most established and objective ranking programs of fast-growing technology companies in the Asia Pacific Region, with results to be announced in December 2009.
The Asset China’s Most Promising Companies 2009
TheCompany has been named one of the most promising companies in the energy sector as part of The Asset China’s Most Promising Companies2009 award by The Asset magazine, an Asia-based financial publication delivering authoritative coverage and the independent research of Asia’sfinancial industry. The winners are selected from 300 China-based companies listed on stock exchanges worldwide by investment professionals and research analysts.
The Institute of Industrial Economics of CASS – 2009 Top 10 Most Competitive Overseas Listed Companies of China
TheCompany has been ranked among “2009 Top 10 Most Competitive OverseasListed Companies of China” by the Institute of Industrial Economics, a branch of The Chinese Academy of Social Sciences (“CASS”) and ChinaBusiness, one of the leading economic and management newspapers inChina. The Top 10 companies were selected from China-based overseas-listed companies based on management capabilities, brand recognition and financial strength.
Yingli Green Energy is slated to receive a tax credit of $4.5million for building a manufacturing facility in the US. The company plans to build a 100MW facility in the US, though it has not yet settled on a site. A location is expected to be announced in the next few weeks and the facility is expected to be up and running by the end of the year.
In a press release, Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented on the tax credit:
“We are pleased to have been selected as a recipient of tax credits under the MITC program. Establishing a manufacturing presence in theUnited States will enable our company to better serve our local customers and build upon our existing commercial relationships. The tax credits we received will positively contribute towards making these domestic operations sustainable for our customers, employees and community.”
Yingli Green Energy Holding Company, one of the world’s largest photovoltaic solar cell manufacturers, has announced it will increase its production capacity by four times as a result of intensified demand.
A Chinese manufacturer, Yingli exports 90% of its solar modules overseas to Europe and the United States. Last year Yingli owned 10% of the German solar cell market.
Growing demand has pushed 2011 orders for Yingli PV solar panels to4-gigawatts. Currently, the company has a manufacturing capacity of1-gigawatt. The company will bring a new 100-megawatt manufacturing plant online in May 2010. It also plans to meet the increased demand by employing sub-contractors.
Yingli has also announced it will increase the prices of its solarmodules between 3% and 5% in order to mitigate the financial losses caused as a result of the struggling currency of its largest market, Europe. The Euro has dropped 15% against the U.S. dollar in 2010.
Read the full story at People’s Daily Online: Yingli scales up its output
Yingli Green Energy just announced that it will be expanding manufacturing capacity at its Baoding headquarters. The project will involve building PANDA mono-crystalline silicon-based manufacturing lines capable of producing 300 MW per year of mono-crystalline ingots and wafers, cells, and modules. The PANDA production lines use technology developed through Project PANDA, Yingli Green Energy’scollaboration with the Energy Research Centre of the Netherlands, and AmtechSystems, Inc.
To finance the project, Yingli also announced that it has been granted a project loan of RMB 1.5 billion and a working capital credit facility of RMB 250 million by the Bank of Communications Co., Ltd.
In a press release, Mr. Liansheng Miao, Chairman, and CEO of Yingli Green Energy, commented on the expansion:
“Shared anticipation of global PV industry growth, the robust flow of orders, and inquiries that we have already received in 2010, and our global growth strategy are the main motivations for this strategic capacity expansion plan. We believe this expansion will allow us to meet the increasing demand for our bankable, cost-effective products and further drive down costs through increased cell conversion efficiency and the larger scale of manufacturing. On the Project PANDApilot line, we have already successfully produced next-generation cells with an average efficiency rate of 18% or higher. Looking ahead, we expect to increase the average efficiency rate to at least 18.5% on the commercial production lines by the end of this year. Combined with the existing 600 MW production capacity in Baoding and the 100 MW capacity under construction in Hainan Province, this new expansion project is expected to bring our total production capacity to 1 GW by the end of2010. With this expansion in place, we will be better positioned than ever to solidify our leadership in the global PV market.”
Yingli Green Energy (YGE) To Expand Manufacturing Capacity
Yingli Green Energy (YGE) has signed a 10MW sales agreement with New Jersey-based SunDurance to supply them with PV modules through the 3rd quarter of this year. The companies have worked together before but this is the largest deal between the two as Yingli works to expand their business in the US.
Managing Director of Yingli Americas Robert Petrina commented: “Our growth strategy in the U.S. is focused heavily on the commercial and utility-scale markets, where we are pleased to have several projects already underway with SunDurance Energy and other large-scale developers. As today’s announcement signifies, we’re dedicated to not only building our customers’ loyalty and trust through our reliable products but also through our ongoing superior customer support.”
Shares are up about 2% in premarket trading but remain submerged below key resistance of both the 50 and 200-day moving averages.
Yingli Green Energy (YGE) chairman and CEO, Miao Liansheng, remarked in his earnings call of May 20 that ”As a result of policy changes, demand in Europe is shifting from ground-mounted segment toward rooftops.”
In 2010, 65 percent of global sales of 17 GW of solar modules were installed in Europe. The shifting of that much volume from solar farms to rooftops is going to require major technical changes, primarily because the sun’s position in the sky will change gradually over the course of a day and over the seasons throughout the year.
Anyone familiar with rooftop installations will observe that they are usually fixed to the roof, facing a particular direction. Solar farm installations utilize solar tracking systems to continually orient solar panels towards the sun. However, using tracking systems on rooftops in order to simulate the optimum efficiency of solar modules in a solar farm is hugely debated for several reasons.
- a) While a rigid, standalone solar installation is a very reliable and uncomplicated source because the panels don’t move, adding a solar tracking system means adding moving parts and gears, which will require regular maintenance of the solar system and repair or replacement of broken parts.
- b) Trackers are structurally less rigid than permanent mounts and hence can be vulnerable to storm damage.
- c) Most important for rooftop installations, there are high costs and long payback times.
A 2010 article in Solar Choice notes that a 10KW installation in Sydney, Australia has an upfront cost of AU$10,000 with a payback time of nine years. Nevertheless, looking at the shape of the output of the solar cell using a tracker versus a fixed installation, the benefits are obvious. Source: Solar Choice.
Privately-held SolarPA has shown that it can use a coating of its proprietary nano-materials on top of a completed cell to obtain a similar result, as shown in the graph below:Source: Solar Choice.
Not only is the efficiency higher by above 20 percent at grazing incidence of sunlight (such as dawn and dusk), but the efficiency of an uncoated cell at 90-degree incidence to the sun (such as noon) is higher by 9.4percent when coated with its NanoCoat.
Most important, the cost of the coating is only about 3 cents per watt, about 3 percent of the production cost of a solar cell, and insignificant compared to the upfront cost of a tracker.
The enhancement inefficiency is also going to be critical to the success of non-Chinese solar cell/module manufacturers. In 2010, while 65 percent of solar cells were installed in Europe 2010, only 13 percent of solar cells were manufactured there. Greater China manufactured nearly 60 percent of the worldwide solar cells in 2010 and exported more than 90 percent.
US and Taiwanese solar cell producers have reported large sequential drops in revenues in this latest quarter while foreign manufacturers Jinko Solar(JKS), Canadian Solar (CSIQ), and Yingli expect second-quarter shipments to exhibit double-digit growth.