JinkoSolar Holding Company Limited JKS recently announced the supply of its monocrystalline solar panels to the Australian arm of Vena Energy — the largest renewable energy company in the Asia Pacific region. With a capacity of 95 megawatts (MW), these solar panels have been installed in the Tailem Bend Solar Project.
Notably, Tailem Bend is one of the first large-scale solar projects to light up South Australia, with a capacity of generating 200,000 MWh of renewable energy per year.
JinkoSolar’s Solar Modules
Thanks to JinkoSolar’s Cheetah technology and half-cell module configuration, increased power can be generated at a lower price. Its monocrystalline module's performance when compared to that of a common monocrystalline PERC module offers far more affordable power generation. In addition, JinkoSolar's PID-free series reduce hot-spots and lower losses under shading conditions, which in turn, strengthen their reliability and performance ratio in different environments.
These high-efficiency modules thus help JinkoSolar to reduce the cost of utility-scale solar projects and make solar energy projects competitive against the likes of conventional energy source power projects. As a result, the company is witnessing solid demand for these modules from commercial as well as residential customers worldwide.
As of Dec 31, 2018, JinkoSolar had an aggregate of more than 2100 customers for its solar modules globally including distributors, project developers and system integrators.
Solar Prospects in South Australia
South Australia has a well-developed rooftop solar PV industry, with about one in three households having solar PV panels. In fact, it is leading the nation in generating and storing large-scale renewable energy, including solar.
Per the Renewable Energy Atlas, South Australia has grown from virtually zero renewable energy production in 2003 to more than 730 MW of solar PV generating capacity in 2016-17, contributing 7.5% to the state’s total electricity generation.
Among South Australia’s other large-scale solar projects, the significant ones are the Bungala Solar Power project with a generation capacity of up to 300 MW and the Riverland solar project, which is a 330 MW solar generation plant along with 100 MW battery storage system.
Interestingly, the company supplied 275.4 Megawatt-dc (MWdc) high-efficiency solar modules for the Bungala Project, highlighting JinkoSolar’s prominence in the South-Australian solar market. Thanks to the rapidly increasing investment in solar energy projects throughout South Australia, the state’s generating capacity might expand manifold over the next decade, offering ample opportunity for JinkoSolar to acquire contracts in here.
In a year’s time, shares of JinkoSolar have surged 41.6% compared with the industry’s 30% rally.
Zacks Rank & Other Key Picks
JinkoSolar currently carries a Zacks Rank #2 (Buy). A few similar-ranked stocks in the same industry are Canadian Solar Inc CSIQ, Azure Power Global Ltd AZRE and Enphase Energy, Inc. ENPH. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Canadian Solar delivered average positive earnings surprise of 51.66% in the last four quarters. The Zacks Consensus Estimate for 2019 earnings has moved 2.1% up to $2.45 over the past 90 days.
Azure Power delivered average positive earnings surprise of 75.14% in the trailing four quarters. The company’s fiscal 2020 earnings estimate of 29 cents reflects year-over-year growth of 123.1%.
Enphase Energy delivered average positive earnings surprise of 31.67% in the last four quarters. The Zacks Consensus Estimate for 2019 earnings has moved 44.4% north to 52 cents over the past 90 days.
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