JinkoSolar Holding Company Limited
JKS
recently announced that its high-efficiency modules power more than one-third of the combined capacity of solar PV installations in Australia’s utility sector, which itself stands at 1.5 Gigawatt (GW). Per a data available on the Australia National Electricity Market Dashboard, Google Data Studio, JinkoSolar’s modules are currently generating almost 550 megawatts (MW) alternating current (AC) in the nation.
What is Fueling JinkoSolar’s Growth in Australia?
The solar market in Australia is increasingly gaining momentum, courtesy of the plummeting installation costs along with improved technologies. Notably, per a
recent report by Australia’s Department of Industry, Science, Energy and Resources
, the nation registered the maximum uptake of solar energy globally, with 21% of homes installing rooftop solar PV. Consequently, more than 2.59 million rooftop solar power systems have been installed across Australia as of October 2020.
Being a prominent high-efficiency module supplier in the global solar space, JinkoSolar’s products are frequently preferred by countries across the world. Australia, on that note, has not been an exception either, as is evident from the company’s massive PV installations across utility projects in Australia. Toward the end of June 2020, JinkoSolar confirmed orders for its Cheetah Plus panels, totaling more than 100MW with specialist wholesale distributor Blue Sun Group.
Furthermore, JinkoSolar looks to strengthen its dominance in the Australian utility sector in the upcoming period, as the company intends to connect the Sunraysia, Glenrowan, Jemalong and Batchelor NT power plants to the grid. Once accomplished, the total capacity generated from its high-efficiency modules will hit 1 GW AC.
Other Solar Players Operating in Australia
Alongside JinkoSolar,
Canadian Solar
CSIQ
and
Enphase Energy
ENPH
are other solar players that have already set foot in Australia’s solar market and are expected to benefit from the market’s boom.
Last month, Enphase Energy unveiled its Enphase Installer Network (EIN) in the nation, which is designed to help Enphase installers grow their business with a range of innovative digital tools and exclusive benefits. Earlier, in March 2020, Canadian Solar announced that its subsidiary, Canadian Solar Australia, has signed a power purchase agreement (PPA) with Amazon.
Price Performance
JinkoSolar’s stock has soared 188.2% in the past six months, outperforming the
industry
’s growth of 141.2%.
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Zacks Rank & A Key Pick
JinkoSolar currently carries a Zacks Rank #4 (Sell).
A better-ranked stock in the same space is
Azure Power Global
AZRE
, which carries a Zacks Rank #2 (Buy), at present. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
The company’s year-over-year earnings growth estimate stands at 28.54% for third-quarter fiscal 2021. The company’s earnings surpassed the Zacks Consensus Estimate on three occasions and missed in the other, the average surprise being 71.15%.
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