Yingli, Trina Sparkle With Big New Orders 英利和天合光能突出重围

By newsdoug on June 30, 2011

After a steady stream of bad news in one of their industry’s worst-ever downturns, solar panel makers Yingli (NYSE: YGE) and Trina (NYSE: TSL) have at least temporarily broken out of the gloom with announcements of two major new deals. The more significant of the two has come from Yingli, which said it will sell 110 megawatts worth of modules to a state-owned Chinese hydropower producer. (English announcement) This deal comes just a month after Yingli secured a $180 million loan from two Chinese state-owned banks. (previous post) These two announcements in such close succession seem to be telling the market that China is finally stepping up to assist its carefully nurtured but struggling solar sector, and that Yingli is perhaps particularly well connected to take advantage of future government support. Investors certainly seem to have liked the news, bidding up Yingli shares by 7 percent in Thursday trade in New York, though they are still down by about a third from their levels in March and April. In the other deal, Trina announced it will sell 55 megawatts worth of modules to be used at an auto-making plant in France. (company announcement) This deal looks much more typical of normal sales in the market, which have tended to go to European and American buyers who now account for the lion’s share of global solar panel sales. Investors also welcomed the Trina news, bidding its shares up by a more modest 3.5 percent, amid a broader rally that saw most solar shares gain 1-2 percent. Look for more solar deals to come from Chinese buyers a in the months ahead, as Beijing ratchets up its buying to support this sector. It will be especially interesting to see who wins those deals, as those companies will be the best-connected ones with the greatest chance of weathering the current downturn.

Bottom line: A new major deal for a domestic hydropower maker to purchase solar modules from Yingli shows Beijing is turning up its efforts to support its struggling sector.

在经历行业有史以来经历的最严重衰退之际，英利<YGE.N>和天合光能<TSL.N>公布了两项新签署的重大协议，至少是暂时突出重围了。其中英利所签署的这一项协议尤为重要——将向中国一家水电开发商供应11万千瓦组件。而此前一个月，英利从两家国有银行获得了1.8亿美元贷款。这麽短时间内的这两件事，似乎是在告诉市场，中国终於开始悉心培养举步艰难的太阳能产业，而有着广泛关系网的英利公司尤其能利用好政府的支持。投资者肯定喜欢这个消息——周四英利在纽约的股价上涨7%，不过经历过3月份和4月份暴跌三分之一後，该公司股价依然较低。而天合光能获得的协议则是向法国一家汽车制造商供应5.5万千瓦组件。这看起来是市场中很正常的一笔交易，因为如今欧洲和美国制造商购买了全球大部分的太阳能电池板。投资者也对天合光能的这个新消息感到振奋——在大多数太阳能公司股价上升1%-2%之际，天合光能的股价上升了3.5%。随着中国政府积极扶持下，未来一个月期待会有更多来自中国买主的太阳能协议。看看谁会赢得合约是很有意思的一件事情，看上去关系网强大的企业最有希望赢得协议，抵御住目前的市场严寒。

一句话：国内一家水电开发商从英利购买太阳能组件的消息说明，中国政府开始扶植太阳能产业。

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