One of the largest solar panel manufacturers Yingli Green Energy Holding Company Limited YGE or Yingli Solar announced that it has signed several agreements with Qingdao New Energy Solutions Inc. to supply 130 megawatts (MW) of high quality solar panels.

The panels will be used in utility scale solar projects, industrial rooftop systems as well as BIPV agricultural solutions in Zhejiang, Inner Mongolia, Shandong and other provinces in China. Yingli Solar has begun to deliver the first 30 MW and expects to complete the delivery by the end of Sep 2015. Yingli Solar will supply the remaining 100 MW of solar panels by the end of the second quarter of 2016.

Yingli Solar will overall supply more than 500,000 multicrystalline YGE 60 Cell Series solar panels that are expected to generate nearly 150,000 megawatt-hours (MWh) of clean energy per year once operational. The green power generated from these panels will offset around 120,000 tons of carbon emissions annually.

Yingli Solar continues to expand its domestic operations. This July, the company through its subsidiary, Yingli China, has started to build a 50 MW solar power plant in Datong City, Shanxi Province, China.

On Sep 17, 2015, the company entered into a contract with CFC Group Construction Limited to supply 170 MW of solar panels for utility-scale power plants in China's Hebei province.

Chinese and Indian Solar Installation Goals

Both China and India have laid out plans to add massive solar power generation to address rising electricity demand and curtail pollution. China aims to add 100 GW of solar energy by 2020, while India targets 100 GW by 2022.  

So, the emphasis to add solar generation and lower emission will help the Chinese solar module manufactures. Having a locational advantage over their North American peers, these high quality module manufactures are expected to supply the major share of the modules needed to develop utility scale solar plants in these two countries.

Zacks Rank

Yingli Green Energy currently has a Zacks Rank #4 (Sell). Some better-ranked stocks in the solar industry are JA Solar Holdings Co., Ltd. JASO, ReneSola Ltd. SOL and SolarEdge Technologies, Inc. SEDG. All three stocks currently sport a Zacks Rank #1 (Strong Buy).

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