JinkoSolar plans to triple its solar power capacity

JinkoSolar Holding Co. has plans to complete as many as 1 GW of solar projects in China where it currently owns 503 MW.

The company has also announced that it is preparing an initial public offering (IPO) of its project-development unit. According to the firm's Chairman Li Xiande, the comapny plans to use loans from China Development Bank Corp. and China Minsheng Banking Corp., along with a leasing model, to fund construction before the unit goes public.

Two days ago JinkoSolar signed a strategy cooperation agreement for the supply of 1 GW of solar PV modules with China Minsheng New Energy (CMNE). According to the terms of the agreement, CMNE will purchase a minimum of 1 GW of solar PV modules with priority given to JinkoSolar in case of same terms and conditions over the two years spanning 2015 and 2016 with the minimum amount allocated for 2015 being no less than 600 MW. Mr. Xiande Li commented:

“As an investment company approved by China’s State Council, CMIC has the advantage of analyzing government policy and deploying capital efficiently. As a global leader in the PV industry, we believe this strategy cooperation agreement marks the beginning of a long-term partnership between two leaders in their respective industries. CMIC has targeted and deployed its capital in key industries that are in line with China’s national strategy since its establishment and one of their focus points of investment is the solar industry. We look forward to developing a long-term relationship with CMIC as we jointly committed to promote the development of the solar industry in China.”

JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions.

JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 2.5 GW for silicon ingots and wafers, 2.0 GW for solar cells, and 3.2 GW for solar modules, as of December 31, 2014. JinkoSolar also sells electricity in China.