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JinkoSolar (JKS) Gives 220K Modules to Bulgaria's Solar Farm
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JinkoSolar Holding Co., Ltd. (JKS - Free Report) recently announced that it has supplied more than 220,000 Tiger Neo bifacial 72 solar modules to Bulgaria’s largest photovoltaic (PV) solar project — Verila. The Verila plant, with a total generation capacity of 123 megawatts (MW), is anticipated to boost Bulgaria’s solar energy production by 7%.
The project is expected to become a benchmark solar farm, not only in Bulgaria but also across entire Europe, in terms of renewable energy transition.
Importance of Tiger Neo Modules
JinkoSolar’s Tiger Neo are well-known modules used in the solar market. In January 2023, the unveiled its second-generation Tiger Neo solar panel family.
The upgraded version, which the company claims to be the world's most efficient and powerful solar panel, was made available in three series. These are 445 watt-peak (Wp) for 54-cell, 615 Wp for 72-cell and 635 Wp for 78-cell, with a module efficiency of up to 22.27%, 23.23% and 22.72%, respectively.
Such enhancements to its impressive product lineup are likely to have resulted in the latest supply of modules to Bulgaria’s solar farm.
JinkoSolar’s Prospects in European Solar Market
In the European Union, solar energy is the fastest-growing energy source that is expanding at the fastest rate. According to a report from Mordor Intelligence, Europe’s solar PV market is projected to witness a CAGR of 12% over the 2023-2028 period.
Considering such abounding growth prospects offered by the European solar market and the latest supply announcement for its modules, we expect JKS to duly achieve the module shipment target, with N-type modules accounting for about 60% of total module shipments.
Peer Moves
Apart from JinkoSolar, other prominent players like Emeren Group Ltd. (SOL - Free Report) , First Solar (FSLR - Free Report) and Canadian Solar (CSIQ - Free Report) are also expanding their footprint in the European region to reap the benefit of the expanding solar market there.
Emeren Group recently joined forces with Matrix Renewables to build a portfolio of Battery Energy Storage Systems, with a capacity of up to 1.5GW, in Italy. The company is working on building Independent Power Producers (IPP) in the region and has plans to build a total of 100 MW of IPP assets in Europe by the end of 2023.
The Zacks Consensus Estimate for SOL’s 2023 earnings per share suggests an increase of 412.5% from 2022’s reported figure. The Zacks Consensus Estimate for 2023 sales implies a rise of 97% over 2022’s reported figure.
First Solar acquired Evolar AB, a European leader in perovskite technology, in May 2023. This buyout is expected to strengthen FSLR’s manufacturing capability in developing next-generation PV modules and expand its footprint in Europe.
The Zacks Consensus Estimate for its 2023 sales implies a rise of 32.1% over 2022’s reported figure. FSLR stock has gained 175.7% in the past year.
At the beginning of January 2023, Canadian Solar announced that its subsidiary CSI Energy Storage has agreed to deliver 49.5MW/99MWh of turnkey battery energy storage solutions to Cero Generation and Enso Energy, a leading European specialist in solar energy development, production and storage.
The Zacks Consensus Estimate for CSIQ’s 2023 EPS suggests an increase of 67.4% from 2022’s reported figure. The Zacks Consensus Estimate for its 2023 sales implies a rise of 24.4% over 2022’s reported figure.
Price Performance
Over the past six months, shares of JKS have gained 5.6% against the industry’s 14.3% decline.
Image: Bigstock
JinkoSolar (JKS) Gives 220K Modules to Bulgaria's Solar Farm
JinkoSolar Holding Co., Ltd. (JKS - Free Report) recently announced that it has supplied more than 220,000 Tiger Neo bifacial 72 solar modules to Bulgaria’s largest photovoltaic (PV) solar project — Verila. The Verila plant, with a total generation capacity of 123 megawatts (MW), is anticipated to boost Bulgaria’s solar energy production by 7%.
The project is expected to become a benchmark solar farm, not only in Bulgaria but also across entire Europe, in terms of renewable energy transition.
Importance of Tiger Neo Modules
JinkoSolar’s Tiger Neo are well-known modules used in the solar market. In January 2023, the unveiled its second-generation Tiger Neo solar panel family.
The upgraded version, which the company claims to be the world's most efficient and powerful solar panel, was made available in three series. These are 445 watt-peak (Wp) for 54-cell, 615 Wp for 72-cell and 635 Wp for 78-cell, with a module efficiency of up to 22.27%, 23.23% and 22.72%, respectively.
Such enhancements to its impressive product lineup are likely to have resulted in the latest supply of modules to Bulgaria’s solar farm.
JinkoSolar’s Prospects in European Solar Market
In the European Union, solar energy is the fastest-growing energy source that is expanding at the fastest rate. According to a report from Mordor Intelligence, Europe’s solar PV market is projected to witness a CAGR of 12% over the 2023-2028 period.
Considering such abounding growth prospects offered by the European solar market and the latest supply announcement for its modules, we expect JKS to duly achieve the module shipment target, with N-type modules accounting for about 60% of total module shipments.
Peer Moves
Apart from JinkoSolar, other prominent players like Emeren Group Ltd. (SOL - Free Report) , First Solar (FSLR - Free Report) and Canadian Solar (CSIQ - Free Report) are also expanding their footprint in the European region to reap the benefit of the expanding solar market there.
Emeren Group recently joined forces with Matrix Renewables to build a portfolio of Battery Energy Storage Systems, with a capacity of up to 1.5GW, in Italy. The company is working on building Independent Power Producers (IPP) in the region and has plans to build a total of 100 MW of IPP assets in Europe by the end of 2023.
The Zacks Consensus Estimate for SOL’s 2023 earnings per share suggests an increase of 412.5% from 2022’s reported figure. The Zacks Consensus Estimate for 2023 sales implies a rise of 97% over 2022’s reported figure.
First Solar acquired Evolar AB, a European leader in perovskite technology, in May 2023. This buyout is expected to strengthen FSLR’s manufacturing capability in developing next-generation PV modules and expand its footprint in Europe.
The Zacks Consensus Estimate for its 2023 sales implies a rise of 32.1% over 2022’s reported figure. FSLR stock has gained 175.7% in the past year.
At the beginning of January 2023, Canadian Solar announced that its subsidiary CSI Energy Storage has agreed to deliver 49.5MW/99MWh of turnkey battery energy storage solutions to Cero Generation and Enso Energy, a leading European specialist in solar energy development, production and storage.
The Zacks Consensus Estimate for CSIQ’s 2023 EPS suggests an increase of 67.4% from 2022’s reported figure. The Zacks Consensus Estimate for its 2023 sales implies a rise of 24.4% over 2022’s reported figure.
Price Performance
Over the past six months, shares of JKS have gained 5.6% against the industry’s 14.3% decline.
Image Source: Zacks Investment Research
Zacks Rank
JinkoSolar currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.