JinkoSolar Holding Co., Ltd. JKS announced that it has supplied 351 megawatt (“MW”) of solar modules to Power Construction Corporation of China. These modules were installed at Vietnam’s Hong Phong solar PV plant, one of the largest PV projects in the Asia Pacific region to date.
Phase 1A and 1B of the project were recently integrated into the national grid and will generate an estimated annual supply of 520 million kWh of electricity from solar energy. This solar energy project supports the Vietnamese government's long-term plan to build a solid foundation for the renewable energy sector and lower emission in the process.
High-Efficiency Solar Modules
Courtesy of the R&D team, the company is able to improve the conversion efficiency of solar modules. Recently, JinkoSolar announced that its cheetah size and N-type cells — which are the best in the world in this category — reached 24.38% and 24.58%, respectively, during testing.
The high-efficiency modules are helping it to bring down the cost of utility scale solar projects and making solar energy projects competitive against the likes of conventional energy source power projects.
The high-quality solar modules developed by the company are supplied to a diversified international utility and for use by commercial and residential customer base.
Increase in Renewable Energy Usage
The usage of renewable energy will increase in a global scale, going forward. The current report of International Renewable Energy Agency (IRENA) indicates that the share of renewable energy in primary energy supply would grow from the current level of less than one-sixth to nearly two-thirds by 2050. This report also projects that solar energy will take the center stage among renewable sources and provide clean energy to fulfill customers’ growing needs.
The increasing usage of solar energy will not only benefit JinkoSolar but also companies like SunPower Corporation SPWR, Canadian Solar Inc. CSIQ and First Solar Inc. FLSR, among others.
Shares of the company have outperformed its industry in the past 12 months.
JinkoSolar currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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