Solar panel manufacturer Yingli Green Energy Holding Company Limited (YGE), also known as Yingli Solar, announced that its subsidiary Yingli Energy (Beijing) Co., Ltd. has started to build a 20 megawatt (“MW”) solar power plant in China's Xinjiang Province. Yingli Solar already has more than 100 MW of solar plants in this province.
This Xinjiang Province supplies in excess of 40% of China’s coal requirement and is one of the most heavily industrialized regions, adding to the country’s greenhouse gas burden. The increasing concerns regarding the impact of greenhouse gas emissions have prompted the development of eco-friendly power plants. These plants have multiple benefits and the most immediate of them is the sharp reduction in the region’s air pollution.
Recently, Trina Solar Limited (TSL) successfully connected a 90 MW solar power plant to the grid. This large-scale solar power facility is located in Toksun, Xinjiang Province, China. Last year another solar company, Focusic (China) New Energy Holding Co., Ltd, brought online a 20 MW solar plant in this province.
The addition of green energy to the grid will allow the Chinese government to achieve its renewable energy target scheduled for 2030. China aims to generate 20% to its total energy consumption from renewable sources by 2030.
Yingli Solar is among the premier solar panel manufacturers in China and has a wide presence in the domestic market besides its extensive international exposure. The company has recently completed a 10 MW solar project in Hebei Province (read: Yingli Completes 10MW Solar Project in Hebei Province)
Yingli Solar and other local solar panel producers are set to benefit from the Chinese government’s decision to add more green power to the system. China is a major emitter of greenhouse gas and still has a long way to go to fulfill its ambitious aims.
Yingli Solar currently has a Zacks Rank #4 (Sell). Other better-ranked stocks in this space include JA Solar Holdings Co., Ltd. (JASO) and STR Holdings, Inc. (STRI). JA Solar sports a Zacks Rank #1 (Strong Buy) while STR Holdings has a Zacks Rank #2 (Buy).
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