Jinko Power Signs Project Investment Agreement for 100 MW PV Power Plants with Local Government of Hengfeng County, Jiangxi Province
SHANGHAI, August 22, 2014 -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that JinkoSolar Power Co., Ltd.("Jinko Power"), a subsidiary of the Company has signed project investment agreements with the local government of Hengfeng county in Jiangxi Province to develop totally 100 MW PV projects. Jinko Power will own the projects and will manage the project investment and EPC as well as operations and maintenance.
According to the terms of the agreement, Jinko Power will invest approximately RMB 800 million for the projects, and the project will receive subsidies of RMB1.2 per kWh. Construction has begun in the third quarter and is expected to complete in the fourth quarter of this year. After the completion, those projects will generate around 110 million kWh electricity annually, generating approximately RMB132 million revenue per year.
“Our power plant development has traditionally been in northwestern China but is now gradually moving towards China’s southern and eastern coasts resulting in a more balanced geographic mix,” commented Mr. Xiande Li, Chairman of JinkoSolar. “By diversifying the geographic mix of our downstream business, we are working to maintain our leading position in the industry. Each year, the development of projects in western China is impacted by the region’s severe cold winter. Weather in China’s East and South however, is much more moderate by comparison. By continuously enhancing our cooperation with local governments, as well as our excellent development capabilities, JinkoSolar has built an extensive project pipeline. Our strong financial position and technological know-how will allow us to construct projects all year round. With these agreements, we will provide clean energy, create local job opportunities, improve the environment, and contribute to local economic development.”
About JinkoSolar Holdings Co., Ltd.
JinkoSolar is a global leader in the solar PV industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan and Cape town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 2.0 GW each for silicon ingots, wafers and solar cells and approximately 2.1 GW for solar modules, as of March 31, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.