ALL SECTIONS
Your Investment News From China to Wall Street

JinkoSolar Announces New Deal, Prepares Manufacturing in Florida

The agreement could be one of the largest solar panel supply deals in history, the company said.

CapitalWatch Staff
    Mar 30, 2018 2:50 PM  PT
JinkoSolar Announces New Deal, Prepares Manufacturing in Florida

JinkoSolar Holding Co. Ltd. (NYSE: JKS), a leading solar panel maker, said today that the company will supply U.S.-based NextEra Energy (NYSE: NEE) with up to 2,750 megawatts of high-efficiency solar modules, equal to roughly 7 million solar panels, over the next four years. 

The agreement could be one of the largest solar panel supply deals in history, the company said.

JinkiSolar did not disclose how much revenue it expected to generate from the new contract. JinkoSolar shipped out 9,807 MW of solar modules in 2017 and collected $4.1 billion in revenue last year. 

"As NextEra Energy continues to invest heavily in new solar projects across the country, we're thrilled to have the opportunity to buy cost-effective, reliable solar panels made here in America. JinkoSolar shares our commitment to delivering affordable clean energy solutions, and we are pleased to welcome them to our home state of Florida," said Jim Robo, NextEra Energy's chairman and CEO.

As part of its global expansion plan, JinkoSolar is building a new photovoltaic module factory in Jacksonville, Florida, and plans to hire 200 workers to produce its modules.

"Investing in this solar panel manufacturing facility makes clear our commitment to Florida and the growing U.S. market," said Kangping Chen, CEO of JinkoSolar. "This will be one of the world's most advanced solar panel manufacturing facilities, which will provide us with the flexibility and manufacturing capacity to support our local partners and growing U.S. customer base."

Once fully operational, JinkoSolar's factory in Jacksonville is expected to have the capacity to build 400 megawatts of solar modules annually, which equals more than 1 million solar panels a year. Production is expected to begin later this year. 

JinkoSolar, which reported $3.5 million in net income for the fourth quarter ended Dec. 31, has 15,000 employees and eight production facilities globally. 


MOST VIEWED
YOU MAY LIKE