JinkoSolar To Partner With Tongwei For Investment And Industrial Chain Cooperation

• JinkoSolar Holding Co., Ltd. (NYSE: JKS) is looking to partner with China's food company Tongwei Co., Ltd. to invest in a high-purity crystalline silicon project with an annual capacity of 45,000 metric tons, a silicon wafer project with an annual production capacity of 15GW, and development of a more extensive industrial chain cooperation.

• JinkoSolar will have a 35% stake in the 45,000 tons high-purity crystalline silicon project, and Tongwei will have a 30% stake in the 15GW silicon wafer project under the agreement.

• Wafer products produced under the jointly invested silicon wafer project will be both cost-effective and price competitive.

• Additionally, JinkoSolar will supply Tongwei with 6.5GW of silicon wafer products for three years under the previous procurement contract for 93,000 metric tons of polycrystalline silicon.

• "Our Company has a vertically integrated production capacity with cumulative module shipments exceeding 70GW by the end of 2020. This strategic cooperation will benefit two companies from different segments of the solar industrial chain and strengthen resource sharing and integration within the PV industry, as well as increase industry leadership and dominance of both parties, and jointly create a win-win manufacturing ecosystem," said JinkoSolar CEO Kangping Chen.

• Price action: JKS shares are up 0.14% at $57.64 on the last check Friday.

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