JinkoSolar Holding Co., Ltd
JKS
recently signed a strategic contract with Pakistan’s solar panel manufacturer, AE Power Pvt Ltd. The deal comprises a distribution agreement involving 100 megawatts (MW) of JinkoSolar’s Tiger and Tiger Pro 530 / 535W modules, which will be available in Pakistan in 2021.
The deal strengthens JinkoSolar’s position in Pakistan’s solar market, wherein it has already supplied up to 30MW Tiger Pro module to date.
Why Tiger Modules?
JinkoSolar’s Tiger modules come with transparent backsheet technology that can generate higher power compared with conventional modules, thereby reducing the levelized cost of electricity (LCOE). Tiger modules offer efficiency of 20.78%, while Tiger Pro modules, an updated version of Tiger modules, offer efficiency of 21.44%.
In addition, the bifacial transparent backsheet modules are about the same weight as mono-facial modules and are much lighter than conventional bifacial modules, which helps to save on logistics and labor costs for installation.
This cost effectiveness of Tiger module compared to other modules, coupled with its resistance to humidity must have encouraged AE Power to choose Tiger solar modules for the aforementioned project.
Solar Market Prospects in Pakistan
Pakistan’s installed PV capacity is estimated to increase from around 1.3 GW at the end of 2019 to 12.8 GW by 2030 and 26.9 GW by 2047, according to the Indicative Generation Capacity Expansion Plan, which was published by the National Electric Power Regulatory Authority (NEPRA).
Surely such an impressive solar market outlook offers expansion opportunities for solar panel manufacturers like JinkoSolar and the latest distribution agreement is a bright example of that.
In a similar line of business expansion strategy like JinkoSolar, another solar panel manufacturer,
Canadian Solar
CSIQ
also boasts strong presence in Pakistan’s solar market. Notably, Pantera Energy, one of the pioneer solar energy solution providers in Pakistan, uses all Canadian Solar’s modules in its installations.
Global Solar Boom: JinkoSolar & Others
The global solar market has been rallying over the past decade. Per a report by Fortune Business Insights, the global solar power market is projected to reach 4766.8 MW in 2026 from 2019, exhibiting a CAGR of 30.7%.
To reap the benefits of this expanding global solar market, JinkoSolar and other solar players are making every possible effort. Notably, during the third quarter of 2020, JinkoSolar shipped 5,117 MW of modules, which increased 53.8% year over year. For 2021, the company expects to witness rapid growth in its module shipments.
On the other hand, as of Dec 31, 2020,
Enphase Energy
ENPH
shipped more than 32 million microinverters worldwide. Looking ahead, the company is making good progress on launching the IQ 8 PV, the world’s first grid independent microinverter.
First Solar
FSLR
ended 2020 with net bookings of 5.5 gigawatts and current contracted backlog of 13.7 gigawatts. The company expects to increase its nameplate Series 6 manufacturing capacity to 9.4 GWDC by 2022-end.
Zacks Rank & Price Movement
JinkoSolar currently carries a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Shares of JinkoSolar have gained 131.4% in the past 12 months compared with the
industry
’s 122.9% rise.
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