JinkoSolar Inks Impressive Deal For 50 MW In Home Country
It had been a while since JinkoSolar (JKS :NYSE) had announced a deal this significant. During 2012, the Shangai-based solar company will be shipping 50 megawatts (MW) of modules to GSHHSD, a state-owned renewable energy development company who is developing a solar plant in Northwestern China.
Developing solar power in China remains a priority for the government as they have a goal of developing 15 gigawatts (GW) by 2015.
For JinkoSolar, it’s the first major deal the solar manufacturer has announced since a 36 MW deal back in September 2011. Those modules were also designated for a project in China.
Investors in JinkoSolar should be enthused that the Chinese government is continuing to back its local solar companies. Whether or not the Chinese government can actually afford remains to be seen as the Central Bank recently cut reserve requirement to stimulate investment while preventing a potential stall in the economy.
Despite announcing a deal that helps the company achieve 6.3 percent of its 800 MW sales target for 2012, shares of JinkoSolar were off 0.46 percent in afternoon trading.