JinkoSolar Holding Co., Ltd. (JKS - Free Report) recently announced that it has supplied 5 Megawatt (MW) photovoltaic (PV) solar modules to Juwi Hellas S.A for Mesokomo Project in Northern Greece. The project is owned by ETVA VIPE S.A and was successfully connected to the grid in December 2018.
Increasing Demand in Europe
China-based JinkoSolar offers solar modules, solar system integration services and photovoltaic products to clients spread across 80 countries. During the third quarter, most of the shipments went to the emerging markets of Asia Pacific, China, North America and Europe. Driven by grid parity, European markets are expected to show an increase in demand for solar PV modules.
Global Solar Market Expansion
Realizing the need to reduce greenhouse gas emissions, utility operators are gradually adopting alternative energy sources. The global renewable energy industry has witnessed significant growth in the last several years. A key area of the renewable space is solar energy. JinkoSolar is gaining from increasing demand for its high-quality solar modules in the global markets.
The company’s subsidiary has entered into a three-year agreement with sPower, an affiliate of AES Corp (AES - Free Report) to supply 13 gigawatt (GW) of high-efficiency solar modules. With NextEra Energy (NEE - Free Report) , it signed an agreement to supply 2.75 GW of modules. JinkoSolar supplied 275.4 Megawatt-dc (MWdc) high-efficiency solar modules to Green Light Contractors Pty Ltd, which will be installed in Australia’s Bungala solar project. Recently, the company supplied 55.7 MW high-efficiency solar modules to the Garissa Solar Power Plant, which is located in Kenya, Africa.
As of Sep 30, 2018, the company has supplied 10 GW of solar modules to customers across the globe.
JinkoSolar’s shares have surged 109.9% in the past three months compared with the industry’s rise of 20.4%.
Zacks Rank & Key Pick
JinkoSolar currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the same industry is Canadian Solar Inc (CSIQ - Free Report) . The stock holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Canadian Solar delivered an average positive earnings surprise of 49.66% in the last four quarters. The Zacks Consensus Estimate for 2019 earnings has risen by 29.7% to $2.40 in the past 90 days.
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