A leading global solar photovoltaic (“PV”) power product manufacturer, JinkoSolar Holding Co., Ltd. (JKS - Free Report) has supplied high-efficient solar PV modules for the first private solar park in India. The modules have a total electric generation capacity of 25.8 megawatt (MW).
This solar park is located in Solapur District, Maharashtra. The park is developed by Enrich Energy Pvt Ltd. under the Average Pooled Purchase Cost and Solar Renewable Energy Certificates Mechanism. Enrich Energy is engaged in developing large scale private solar parks in India. The high efficiency, polycrystalline solar modules from JinkoSolar are economical in the sense that they cut down on the use of land, providing both reliable and clean solar power as compared to its peers.
JinkoSolar’s modules are now finding their way in the fast developing Indian energy market. Last month, JinkoSolar completed the supply of 5 MW modules to Sunkon Energy (P) Ltd’s PV solar project. Located in Gujarat, India, Sunkon Energy develops, finances, constructs, owns, and operates utility-scale solar PV power plants.
Like JinkoSolar, other solar companies in the space are also busy supplying their products to India. In Nov 2012, ReneSola Ltd. (SOL - Free Report) brought its new Virtus II multi crystalline modules to the Indian market at the sixth Renewable Energy India 2012 Expo, held in New Delhi. Also, the company has started providing PV modules produced in its local market to the Indian market. Considering the pace of demand for PV modules, ReneSola intends to provide 250 MW of India-made ReneSola modules over a two-year period to the Indian market.
JinkoSolar is also busy expanding its footprint all over the world by supplying its panels and modules. In April this year, the company supplied 804 kilowatt (KW) of highly efficient solar panels for a rooftop PV solar installation located in Murcia, Spain. Other companies that are also in the geographical expansion race are Canadian Solar Inc. (CSIQ - Free Report) and LDK Solar Co. Ltd. . In February this year, Canadian Solar inked an agreement for the supply of 85 KW of solar PV modules to Tanzania-based, Zara Solar. LDK Solar clinched a large-scale contract for the delivery of 63 megawatts MW of PV modules to Thailand's premier developer of PV projects, EA Solar Nakornsawan Co., Ltd in April.
Recently, JinkoSolar reported first quarter 2013 results with an adjusted loss per American Depositary Share of 56 cents, narrower than the Zacks Consensus Estimate of a loss of $1.66 per share. Loss was also well below the year-ago adjusted loss per ADS of $2.36. The results reflect a diversified customer base and improvement in operational efficiency in a rapidly changing solar power environment.
With its expanding footprint and its diversified business, we expect the company to continue to continue to perform well. The company presently retains a short-term Zacks Rank #2 (Buy).