JinkoSolar Holding Co., Ltd. (JKS - Free Report) announced that it is going to supply 300 megawatts (MW) of ultra-high efficiency Cheetah modules for a large-scale solar power plant in the municipality of Talaván, Caceres, Spain (Talasol Project). This marks the expansion of its operations on a global basis.
The Talasol Project can open up new opportunities for JinkoSolar in European countries, as the project will create a benchmark in Europe in terms of competitively-priced and subsidy-free solar power. This project will be among the largest utility scale renewable projects in Europe. The successful execution of this project can lead to installation of JinkoSolar modules in future European solar projects.
JinkoSolar has been investing consistently in research and development activities, resulting in high-quality Wafer, Cell and Modules, which are being installed in solar projects across the globe. In 2018, solar module shipment of the company touched 11.4 gigawatts (GW) and it expects module shipments in 2019 in the range of 14-15 GW.
The company has already shipped in excess of 6.4 GW of modules in first-half 2019 and expects to ship modules in the range of 3.2-3.5 GW in third-quarter 2019. It appears that the company is on course to meet the shipment target in 2019.
Rising Usage of Renewables Globally
Per a recent report from the International Renewable Energy Agency (“IRENA”), renewable energy share in global power generation could reach 86% in 2050 from 25% at 2018-end. The IRENA report also mentions that electricity generation from solar energy is expected to increase to nearly 360 GW per year in 2050 from the current level of 109 GW.
We expect the ongoing research and development in producing better-quality solar products will continue to lower the cost of installing utility scale solar projects. Resultantly, lesser space will be needed to produce higher volume of green electricity.
The ultimate goal of increasing renewable and clean sources to produce electricity is to lower emissions and limit global warming to 1.5C in the present century. In addition to JinkoSolar, companies like SolarEdge Technologies, Inc. (SEDG - Free Report) , SunPower Corporation (SPWR - Free Report) and Canadian Solar Inc. (CSIQ - Free Report) , among others, will continue to aid utility operators across the globe to develop solar projects.
Zacks Rank and Price Performance
JinkoSolar currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
JinkoSolar’s shares have outperformed its industry in the past 12 months.
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