JinkoSolar Holding Company Limited (JKS - Free Report) announced that its subsidiary, JinkoSolar Canada Co. Ltd., has received an order to supply 17 Megawatts (MW) solar PV modules to Borea Construction ULC. These solar modules will be used for the construction of the Brooks Solar Project located in Brooks, Alberta, in Canada.
Brooks Solar Project is the first utility-scale solar project in western Canada. Borea Construction stated that more than 48,500 of JinkoSolar's high-efficiency Mono PERC modules are going to be used for the project. Brooks Solar Project is Canada’s first solar project that utilises Mono PERC solar PV modules.
Recent Solar Project by JinkoSolar
The company has been on the receiving end of regular contracts from various clients over the last few months. Last month, JinkoSolar sold photovoltaic (PV) modules to Gransolar, a renewable energy construction company, for a PV project in Mexico. Per the terms of the agreement, JinkoSolar supplied high efficiency solar modules of 35.46 MW that will be installed on a solar plant of Mexico’s northern state of Chihuahua, located in Camargo. (Read More: JinkoSolar Holding Supplies Solar Modules to Gransolar)
Solar Additions Across Globe
JinkoSolar has a widespread customer base outside the U.S. territory, especially in countries like China, Japan, Chile, South Africa, India, Mexico, Brazil, Italy, Spain, France and Belgium. This ensures consistent orders for the company.
Much like JinkoSolar, other companies in the solar industry are also trying to expand their footprint in order to lessen dependency on the domestic market. One of them is Canadian Solar Inc. (CSIQ - Free Report) , which earlier reported that its 27.3 MWpsolar photovoltaic (PV) power plant in Tottori Prefecture, Japan has initiated commercial operations from Aug 10, 2017. (Read More: Canadian Solar Energizes New PV Solar Plant in Japan)
In the last week of August, Renesola Ltd. (SOL - Free Report) successfully secured funding worth $18 million from China Kangfu International Leasing Co., Ltd, an affiliate of State Power Investment Corporation ("SPIC"). The project funding will aid in advancing the company’s 30 MW solar generation projects in Henan Province of China. (Read More: ReneSola Secures Project Financing Worth $18 Million)
First Solar Inc. (FSLR - Free Report) also won a contract from RCR Tomlinson Ltd in August. Per the agreement, the company will act as the engineering, procurement and construction contractor for Australian renewable energy group, Edify Energy’s Daydream solar project, with a capacity of 180.7 MW and 60.2 MW Hayman solar project in Queensland, Australia. (Read More: First Solar Wins Deal to Supply 241 MW Modules in Australia)
Solar is the Future
Though the current government of the United States has decided to cut a slack for electricity providers in terms of emission, there is no denial that alternative energy, primarily solar and wind, is the future of power generation. Most companies are trying to broaden their clean energy portfolio to reduce carbon emission.
According to a U.S. Energy Information Administration (“EIA”) report, the utility-scale solar power capacity will continue to grow to 31 Gigawatt (GW) at 2018 end from 21 GW at the end of 2016.
This is good news amid rising concerns of global warming among the scientists across the world and the reports of thinning ice caps.
Shares of JinkoSolar have returned 60.5% in the last 12 months compared with the industry’s gain of 9.1% in the same time period.
This outperformance can be attributed to the company’s widespread customer base around the world and the consistent new order inflow.
JinkoSolar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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