Yingli shares rise on news of contract
Yingli shares rise on deal to supply photovoltaic modules for Malaysia solar project
NEW YORK (AP) -- Shares of Yingli Green Energy Holding Co. rose in heavy trading Friday after the Chinese company said it reached a deal to supply modules for a solar project in Southeast Asia.
THE SPARK: Yingli said its Singapore subsidiary will supply 10.269 megawatts of photovoltaic modules to a subsidiary of Amcorp Group Berhad, an investment holding company based in Malaysia. Financial terms weren't disclosed.
THE BIG PICTURE: The project, which is owned and managed by Amcorp, is the largest single site photovoltaic power plant in Malaysia. It will cover about 34 acres and utilize about 41,076 pieces of Yingli module.
The project's power plant will be able to generate an estimated 13.6 million kilowatt hours of electricity per year, Yingli said.
The business is good news for Yingli, which like other solar companies has struggled amid the steep global drop in solar prices.
THE SHARES: Up 14 cents, or 5 percent, to $3.17 in afternoon trading, after peaking at $3.54 earlier in the day. Over the past 52 weeks, the company's shares have traded between $1.25 and $4.83.
