JinkoSolar Holding Company Ltd. (JKS - Free Report) recently announced that will supply 86 megawatt (MW) of solar modules to Colombia’s largest Photovoltaic (PV) Plant. Per the terms of the deal, Jinko Solar’s 250,000 Monocrystalline Standard Modules with the capacity of 345 Watt – 1500 V will generate 176 Gigawatt hours (GWh) of clean energy on average every year.
JinkoSolar as a Global Solar Module Supplier
China-based JinkoSolar offers solar modules, solar system integration services and photovoltaic products in the global market. Of late, the company has singed a few agreements with international companies to supply solar modules. In June , JinkoSolar’s U.S.-based subsidiary entered into a three-year agreement with sPower — an affiliate of AES Corp (AES - Free Report) — to supply 13 gigawatt (GW) high-efficiency solar modules.
In March, JinkoSolar signed an agreement to supply 2.75 GW of modules to NextEra Energy (NEE - Free Report) . It has also supplied 275.4 Megawatt-dc (MWdc) high-efficiency solar modules to Green Light Contractors Pty Ltd. for the Bungala solar project in Australia. These contracts along with the latest one indicate the growing popularity and acceptance of JinkoSolar’s modules in the global solar market.
Prospects in Colombia
With the world making a dramatic shift to adopting renewables as their desired source for energy generation in order to reduce carbon emission, Colombia is fast catching up. In this context it is imperative to mention that the Colombian government’s Generation and Transmission Expansion Plan 2015-2029 projects expansion of 4,208 to 6,675 MW in the nation’s renewable resources over the said period.
Meanwhile solar, being the least expensive alternative power generation option combined with improved technology, has emerged as a key area in the renewable space. Considering Colombia’s renewables expansion plan for the next decade, we believe JinkoSolar has wider opportunities to sell modules in the country, which in turn should bolster growth.
JinkoSolar’s shares have gained 15.5% in the past month outperforming the industry’s rise of 5.6%. The upside can be attributed to the recent international module supply deals signed by the company.
Zacks Rank & Another Key Pick
JinkoSolar currently carries a Zacks Rank #2 (Buy). Another top-ranked stock in the same industry is SolarEdge Technologies, Inc (SEDG - Free Report) , with a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SolarEdge Technologies delivered an average positive earnings surprise of 29.11% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has risen 9.6% to $3.31 in the last 90 days.
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