JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced Friday that a potential partnership with Tongwei Co., Ltd.
The solar module manufacturers said the two parties will jointly invest in a high-purity crystalline silicon project with an annual capacity of 45,000 metric tons and a silicon wafer project with an annual production capacity of 15GW, as well as develop a more extensive industrial chain cooperation.
JinkoSolar said it owns 35% equity stake in the high-purity crystalline silicon project, while Tongwei holds a 30% equity stake in the silicon wafer project.
Kangping Chen, chief executive officer of JinkoSolar, commented, "As a leading global high-purity crystalline silicon and solar cell company, Tongwei has always been an important strategic partner of JinkoSolar. Our Company has a vertically integrated production capacity with cumulative module shipments exceeding 70GW by the end of 2020. This strategic cooperation will benefit two companies from different segments of the solar industrial chain and strengthen resource sharing and integration within the PV industry, as well as increase industry leadership and dominance of both parties, and jointly create a win-win manufacturing ecosystem."
In addition, the company said it has signed a contract to procure rolled glass to support the production of 59 GW of its high-efficient solar modules for three years, starting from 2021 to 2023.
The Shanghai-based solar module maker reported that its revenue in the third quarter reached $1.29 billion, up 17.2% year-over-year. Net income in the three months through September hit $1 million, or 23 cents per share, down 98.1% from the same period in 2019.
Shares in JinkoSolar were trading up 35 cents Friday, at $57.91.