JinkoSolar (JKS) Signs MoU for 200MW N-Type Tiger Neo Modules
JinkoSolar Holding Co., Ltd. JKS signed a Memorandum of Understanding (MoU) with Failte Energy Solutions Limited to supply 200 megawatts (MW) of its N-Type Tiger Neo modules. The partnership can be expected to strengthen JKS’ position in the Irish solar market.
Rationale Behind the Move
With a rapid adoption of renewable energy across industries, the market for distributed generation is expanding significantly in Europe. Amid this, JinkoSolar is well positioned to be a valuable supplier of high-quality goods and services to Failte Solar’s distribution partners.
Per the terms of the agreement, JinkoSolar and Failte Solar will work together toward developing the high-end distributed PV market in Ireland, through comprehensive cooperation in complementary areas, including products and regionalized services. High-quality N-Type Tiger Neo Solar Modules from JinkoSolar will be provided to installers by Failte Solar for solar rooftop installations on residential and commercial buildings.
Benefits of N-Type Tiger Neo Modules
JKS’ Tiger Neo are well-known modules used in the solar market. In January 2023, the company 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, will be available in three series — 445 watt-peak (Wp) for 54-cell, 615 Wp for 72-cell and 635 Wp for 78-cell with module efficiency of up to 22.27%, 23.23% and 22.72%, respectively.
In June 2023, JinkoSolar supplied more than 220,000 Tiger Neo bifacial 72 solar modules to Bulgaria’s largest photovoltaic solar project, Verila. The Verila plant, with a total generation capacity of 123 MW, is anticipated to boost Bulgaria’s solar energy production by 7%.
Higher power, bifaciality, efficient production under extreme conditions, combined with the lower degradation, no LID and LeTID effects, and a glass-glass structure of Jinkosolar's N-type Tiger Neo allow its users to generate significantly more power per watt (kWh/kW) over 30 years of use compared to PERC panels.
Growth Prospects
In the European Union, solar energy is the fastest growing energy source. According to a report from Mordor Intelligence, Europe’s solar photovoltaic market is anticipated to witness a CAGR of 12% during 2019-2028. JinkoSolar is all set to take advantage of this growing market, with its Tiger Neo leading the global market of top-selling N-type panels.
Apart from JKS, other players like Emeren Group Ltd. SOL, First Solar FSLR and Canadian Solar CSIQ are also expanding their footprint in the European region to reap the benefits of the expanding solar market.
In June 2023, Emeren Group 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 (EPS) implies a year-over-year improvement of 462.5%. It delivered an average earnings surprise of 78.75% in the last four quarters.
First Solar acquired Evolar AB, a European leader in perovskite technology, in May 2023. This buyout is expected to strengthen FSLR’s capability in developing next-generation PV modules, and expand its footprint in Europe.
The Zacks Consensus Estimate for FSLR’s 2023 EPS implies a year-over-year improvement of 1,970.7%. The same for sales implies a year-over-year increase of 35.3%.
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 2023 EPS implies a year-over-year improvement of 80.5%. CSIQ delivered an average earnings surprise of 107.38% in the last four quarters.
Price Performance
In the past month, shares of JKS have lost 9.3% compared with the industry’s 6.7% decline.
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Zacks Rank
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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