JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar PV industry, today announced that it has entered into an agreement to supply up to one gigawatt (GW) of solar PV modules to sPower, a leading US independent power producer (IPP) company.
This agreement is JinkoSolar’s largest contract in the United States to date. JinkoSolar will supply over three million of its high efficiency solar PV modules to sPower for use in various projects that are to be built before the end of 2016.
“JinkoSolar is proud to be sPower’s strategic partner, a key player in the US solar development market,” commented Mr. Nigel Cockroft, General Manager of JinkoSolar US. “This agreement is evidence of the reliability of JinkoSolar’s operation and competitiveness of its advanced module technology. This deal affirms that JinkoSolar has quickly become one of the leading solar panel suppliers in the US.”
sPower develops solar and wind energy projects across the United States and the UK, including utility-scale solar projects in California over the last several years. The company recently announced the doubling of its operating portfolio in 2015 to 500MW and plans to bring an additional 700MW on line within the next twelve months.
“The timing of the agreement is significant in light of the recent extension by the US Federal Government of Investment Tax Credits for utility-scale solar development”, said Ryan Creamer, sPower CEO. “Strategic sourcing is an element of sPower’s plan to secure resources to ensure that we successfully achieve our aggressive development goals.”
About JinkoSolar Holdings Co., Ltd. JinkoSolar (NYSE: JKS) is a global leader in the solar industry. 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 3 GW for silicon ingots and wafers, 2.5 GW for solar cells, and 4.0 GW for solar modules, as of September 30, 2015. JinkoSolar also sells electricity in China, and has connected approximately 846 MW of solar power projects to the grid, as of September 30, 2015.
JinkoSolar has over 15,000 employees across its 5 productions facilities in Jiangxi and Zhejiang Provinces, China, Malaysia, Portugal and South Africa, 12 global sales offices in China, Spain, the United Kingdom, the United Arab Emirates, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Brazil, Costa Rica and Mexico and 11 oversea subsidiaries in Germany, Italy, Switzerland, the United States, Canada, Australia, Singapore, Japan, India, South Africa and Chile. www.jinkosolar.com
About sPower: Headquartered in Salt Lake City, with offices in San Francisco, Long Beach and New York City, sPower is a leading independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the U.S. and the UK. With 4.0 gigawatts between operating, construction and pipeline, sPower is actively buying select utility-scale renewable assets in virtually any stage of development in the United States. sPower is a portfolio company of Fir Tree Partners, a global investment fund. www.spower.com
Safe-Harbor Statement 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.