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JinkoSolar Supplies Modules to Enerray, Desert Technologies

JinkoSolar Holding Co., Ltd. JKS announced that it has delivered 23 megawatt (“MW”) high-efficiency Eagle modules, free of potential induced degradation ("PID"), to Enerray and Desert Technologies (“DT”).

Enerray is an Italian subsidiary of Maccaferri Industrial Group, while Desert Technologies is a Saudi renewable energy engineering and construction contractor, both of which have acted as turn-key engineering, procurement and construction (“EPC”) and Operations and Maintenance (“O&M”) service providers for the project.

The now completed solar park, located 125 miles north of the Jordanian capital of Ma'an, employs 73,320 JinkoSolar’s Eagle modules. It is expected to generate about 47 gigawatt-hours (“GWh”) annually for the Red Sea port city of Aqaba and cut carbon dioxide emissions by approximately 25.000 tons per year. Power generated by the project will be purchased by the National Electrical Power Transmission Company (NEPCO) under a 20-year power purchase agreement.

The Jordanian Ministry of Energy and Mineral Resources has approved only 12 photovoltaic (“PV”) projects in the country, this being one of them. According to the CEO of Desert Technologies, this marks the first large-scale project with a network of more than 1.5 gigawatts (“GW”) in the Middle East and North Africa, spanning from Morocco to Saudi Arabia.

According to Gulnara Abdullina, General Manager of JinkoSolar Africa and the Middle East, the latest project is the first step toward building a long-term relationship with Enerray and Desert Technologies, both of which are top players in the region. He believes that not only is the Jordanian solar market itself thriving, but is even motivating other governments to join the league.

JinkoSolar is a solar product manufacturer with operations based in Jiangxi Province and Zhejiang Province in China. The company has built a vertically integrated solar product value chain from recovered silicon materials to solar modules. Its principal products – silicon wafers, solar cells and solar modules – are all part of the photovoltaic value chain, and have a global network spanning Europe, North America and Asia.

Zacks Rank & Key Picks

JinkoSolar presently sports a Zacks Rank #1 (Strong Buy). Other favorably placed stocks in the solar space are SunPower Corporation SPWR, ReneSola Ltd. SOL and Vivint Solar, Inc. VSLR. While SunPower and ReneSola sports the same Zacks Rank as JinkoSolar, Vivint Solar carries a Zacks Rank #2 (Buy).

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RENESOLA LT-ADR (SOL): Free Stock Analysis Report
JINKOSOLAR HLDG (JKS): Free Stock Analysis Report
VIVINT SOLAR (VSLR): Free Stock Analysis Report
SUNPOWER CORP-A (SPWR): Free Stock Analysis Report
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