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JinkoSolar's 611MW Tiger Modules Get Installed in Vietnam
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JinkoSolar Holding Co., Ltd (JKS - Free Report) recently announced that 611 megawatts (MW) of its Tiger bifacial solar modules have been installed in Vietnam’s Thuan Nam solar power plant project. With this, one of the largest solar power projects by capacity, which is using bifacial modules in both Vietnam and Southeast Asia, has incorporated JinkoSolar’s modules.
Why Tiger Module?
JinkoSolar’s Tiger modules come with transparent backsheet technology that can generate higher power compared with conventional modules, thereby reducing the levelized cost of electricity (LCOE). Moreover, the Tiger 163mm wafer size modules are able to generate 20W-25W more power than the 166mm modules and save more on Balance of System (BOS) cost.
In addition, the Tiger bifacial transparent backsheet modules are about the same weight as mono-facial modules and are much lighter than conventional bifacial modules, which helps to save on logistics and labor costs for installation.
This cost effectiveness of Tiger module compared to other modules, coupled with its resistance to humidity must have encouraged Trung Nam Group to choose Tiger solar modules for the aforementioned project.
Growing Solar Market in Vietnam
Per a report released by the World Bank in February 2020, Vietnam is lately considering moving from a feed-in-tariff (FIT) policy to a competitive bidding scheme for solar projects to reduce the cost of solar generation. In this context, the report has recommended new approaches to bidding and deployment for solar projects that will help Vietnam substantially boost and effectively manage its abundant solar energy resources.
Such approaches are expected to boost Vietnam’s solar generation capacity from the current 4.5 gigawatts (GW) to 10 GW in 10 years. This indicates the ample growth opportunities that the Vietnamese solar market offers to players like JinkoSolar.
Notably, in June 2019, JinkoSolar had announced the supply of 351 MW of its solar modules to Power Construction Corporation of China. These modules were installed at Vietnam’s Hong Phong solar PV plant, one of the largest PV projects in the Asia Pacific region. The latest announcement mentioned above is yet another attempt by JinkoSolar to expand its market share in this nation.
And not only JinkoSolar, another prominent solar player, Canadian Solar (CSIQ - Free Report) has also been expanding its presence in this nation. In July 2019, the company announced that its first third-party Engineering, Procurement and Construction (EPC) project in Vietnam has started commercial operation. Notably, the company supplied solar modules, inverter stations and EPC services tothis 15 megawatt-peak (MWp) Chu Ngoc Solar Project.
Global Solar Boom: JinkoSolar & Others
While Vietnam remains a lucrative market for solar players, the global solar market as a whole has been rallying over the past decade. Per a report by Fortune Business Insights, the global solar power market is projected to reach 4766.8 MW in 2026 from 2019, exhibiting a CAGR of 30.7%.
To reap the benefits of this expanding global solar market, JinkoSolar and other solar players are making every possible effort. Notably, in 2019, JinkoSolar reported record high solar module shipment of 14.3 GW. For 2020, it projects total solar module shipments of 18-20 GW, indicating an improvement of 35% year over year.
On the other hand, as of Jun 30, 2020, Enphase Energy (ENPH - Free Report) shipped more than 28 million microinverters worldwide. It is also launching IQ 8 PV, a grid-agnostic microinverter on the roof, which should expand its market share.
First Solar (FSLR - Free Report) ended 2019 with net bookings of 6.1 gigawatts and current contracted backlog of 12.4 gigawatts. Given the growing demand for solar modules, First Solar expects to increase its nameplate Series 6 manufacturing capacity to 6 GW by 2020 and 8 GW by year-end 2021.
Price Performance & Zacks Rank
In a year’s time, shares of JinkoSolar have gained 12.4% compared with the industry’s rise of 87.3%.
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
JinkoSolar's 611MW Tiger Modules Get Installed in Vietnam
JinkoSolar Holding Co., Ltd (JKS - Free Report) recently announced that 611 megawatts (MW) of its Tiger bifacial solar modules have been installed in Vietnam’s Thuan Nam solar power plant project. With this, one of the largest solar power projects by capacity, which is using bifacial modules in both Vietnam and Southeast Asia, has incorporated JinkoSolar’s modules.
Why Tiger Module?
JinkoSolar’s Tiger modules come with transparent backsheet technology that can generate higher power compared with conventional modules, thereby reducing the levelized cost of electricity (LCOE). Moreover, the Tiger 163mm wafer size modules are able to generate 20W-25W more power than the 166mm modules and save more on Balance of System (BOS) cost.
In addition, the Tiger bifacial transparent backsheet modules are about the same weight as mono-facial modules and are much lighter than conventional bifacial modules, which helps to save on logistics and labor costs for installation.
This cost effectiveness of Tiger module compared to other modules, coupled with its resistance to humidity must have encouraged Trung Nam Group to choose Tiger solar modules for the aforementioned project.
Growing Solar Market in Vietnam
Per a report released by the World Bank in February 2020, Vietnam is lately considering moving from a feed-in-tariff (FIT) policy to a competitive bidding scheme for solar projects to reduce the cost of solar generation. In this context, the report has recommended new approaches to bidding and deployment for solar projects that will help Vietnam substantially boost and effectively manage its abundant solar energy resources.
Such approaches are expected to boost Vietnam’s solar generation capacity from the current 4.5 gigawatts (GW) to 10 GW in 10 years. This indicates the ample growth opportunities that the Vietnamese solar market offers to players like JinkoSolar.
Notably, in June 2019, JinkoSolar had announced the supply of 351 MW of its solar modules to Power Construction Corporation of China. These modules were installed at Vietnam’s Hong Phong solar PV plant, one of the largest PV projects in the Asia Pacific region. The latest announcement mentioned above is yet another attempt by JinkoSolar to expand its market share in this nation.
And not only JinkoSolar, another prominent solar player, Canadian Solar (CSIQ - Free Report) has also been expanding its presence in this nation. In July 2019, the company announced that its first third-party Engineering, Procurement and Construction (EPC) project in Vietnam has started commercial operation. Notably, the company supplied solar modules, inverter stations and EPC services tothis 15 megawatt-peak (MWp) Chu Ngoc Solar Project.
Global Solar Boom: JinkoSolar & Others
While Vietnam remains a lucrative market for solar players, the global solar market as a whole has been rallying over the past decade. Per a report by Fortune Business Insights, the global solar power market is projected to reach 4766.8 MW in 2026 from 2019, exhibiting a CAGR of 30.7%.
To reap the benefits of this expanding global solar market, JinkoSolar and other solar players are making every possible effort. Notably, in 2019, JinkoSolar reported record high solar module shipment of 14.3 GW. For 2020, it projects total solar module shipments of 18-20 GW, indicating an improvement of 35% year over year.
On the other hand, as of Jun 30, 2020, Enphase Energy (ENPH - Free Report) shipped more than 28 million microinverters worldwide. It is also launching IQ 8 PV, a grid-agnostic microinverter on the roof, which should expand its market share.
First Solar (FSLR - Free Report) ended 2019 with net bookings of 6.1 gigawatts and current contracted backlog of 12.4 gigawatts. Given the growing demand for solar modules, First Solar expects to increase its nameplate Series 6 manufacturing capacity to 6 GW by 2020 and 8 GW by year-end 2021.
Price Performance & Zacks Rank
In a year’s time, shares of JinkoSolar have gained 12.4% compared with the industry’s rise of 87.3%.
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>