JinkoSolar Holding Co., Ltd. JKS announced that it will supply photovoltaic (“PV”) solar panels of a capacity of 20 megawatts (“MW”) to Else Enerji, a leading solar engineering, procurement and construction company based in Turkey. The delivery is scheduled to complete by Oct 2015.
Else Enerji boasts of the highest quality of products, which has allowed the company to expand its base in Turkey.
This agreement marks another successful attempt by JinkoSolar to enter into the Turkish market. On May 2015, the company signed an agreement to supply 50 MW of solar PV panels to Tegnatia, one of the leading renewable energy developers in the country.
JinkoSolar is a global leader in the solar industry with a wide consumer base spread across the globe. Since the U.S. Department of Commerce has imposed anti-dumping duties on the import of Chinese solar products, the company has shifted its focus toward expanding its business to other non-U.S. markets. JinkoSolar is also planning to supply solar modules for various projects in China and Honduras.
The U.S. Energy Information Administration projects that global electricity generation from renewable sources will account for nearly 25% of the total production by 2040. Use of solar energy for non-residential applications is also expected account for more than 20% of the total requirement in the next six years, especially in countries like India, China and Japan as they are continually substituting conventional sources of energy with renewable sources, primarily solar. Apart from JinkoSolar, Canadian Solar Inc. CSIQ, ReneSola Ltd. SOL and Yingli Green Energy Holding Co. Ltd. YGE are trying to tap the growing global solar market.
JinkoSolar currently has a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
CANADIAN SOLAR (CSIQ): Free Stock Analysis Report
RENESOLA LT-ADR (SOL): Free Stock Analysis Report
JINKOSOLAR HLDG (JKS): Free Stock Analysis Report
YINGLI GREEN EN (YGE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research