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JinkoSolar (JKS) Unit Inks Module Supply Contract with CED

Zacks Equity Research

JinkoSolar Holding Co., Ltd. JKS, a global leader in the solar photovoltaic (PV) industry, announced that its subsidiary, JinkoSolar (U.S.) Inc. has inked a Master Module Supply Agreement with Consolidated Edison Development, Inc. (CED), an owner and operator of large-scale renewable energy projects.

Details of the Deal

As per the agreement, JinkoSolar will provide high-efficiency polycrystalline 72-cell modules, totaling nearly 560 MW in capacity, to CED through Aug 2017.

The modules will be used to supply power to various CED projects across the U.S. and JinkoSolar has already started delivering the same to these locations.

JINKOSOLAR HLDG Price

 

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Recent International Contracts

Thanks to the high quality of its modules, JinkoSolar enjoys a steady stream of contacts from international customers. This month, the company provided modules to several mosques in Jordan as part of a PV project handled by JinkoSolar’s local partner, The Contractor for Renewable Energy LLC.

Also, last month, the company has supplied 5 MW of solar modules to TSK Electrónica y Electricidad, S.A.  (TSK), the first renewable project in Kuwait, for use in the Shagaya Renewables Park PV power plant. The project will generate over 9,624 MWh of clean energy annually. Going forward, JinkoSolar hopes to nab similar contracts in other emerging markets.

Clean Sources of Energy – Solar

Solar energy has been gaining popularity because of its environment-friendly nature. Recent report from Solar Energy Industries Association (SEIA) showed that during the second quarter of 2016, the U.S. added 2,051 megawatts (MW) of solar PV capacity to attain 31.6 gigawatts (GW) of total installed capacity. With more than 1.1 million residential solar installations nationwide, the industry is expected to nearly double in 2016 from 2015.

Zacks Rank & Key Picks

JinkoSolar carries currently a Zacks Rank #5 (Strong Sell). Better-ranked stocks in the solar industry include Sunrun Inc. RUN, Sunworks, Inc. SUNW and Vivint Solar, Inc. VSLR. While Sunrun sports a Zacks Rank #1(Strong Buy), both Sunworks and Vivint Solar carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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