JinkoSolar Holding, a tier 1 module manufacturer with production facilities in China, has signed a module supply agreement with China Three Gorges New Energy Corp (CTGNE), a developer of large-scale renewable energy projects.
Under the agreement, JinkoSolar will deliver 600MW of modules to CTGNE for installation in western China over a three-year period from 2013 to 2015.
“We are very pleased to sign this long term large contract and to further extend our cooperation with CTGNE, one of the largest and fastest growing developers of renewable energy projects in China, following our previous 50MW contract with CTGNE we announced in October 2012,” commented Xiande Li, Chairman of JinkoSolar.
China is a rapidly growing solar market. Earlier this month, the Chinese government increased its solar target by 67%, representing the fourth rise in two years, from 21GW to 35GW in 2015.
Li added: “China is becoming a major and fast growing market for solar PV modules, and we believe that our strategic cooperation with CTGNE reflects CTGNE's confidence in the advanced technology, high quality, and reliability of our products.”
JinkoSolar has vertically integrated operations and has production facilities in the Chinese provinces of Jiangxi and Zhejiang. As of 30 September 2012, it has an annual capacity of around 1.2GW each for silicon wafers, solar cells and PV modules.
In December 2012 JinkoSolar secured a US$1 billion financing deal from China Development Bank to support the company’s overseas expansion plans including PV project development and EPC activities as well as support potential merger and acquisition strategies.