Based in Hebei province in the People’s Republic of China, JA Solar Holdings Co., Ltd. JASO announced that Australia's Moree Solar Farm has started installing JA Solar’s modules supplied since June this year.
JA Solar will continue to supply its JAP6-315 and JAP6-310 modules to meet all module requirements for the project.
Located 10 km south of Moree in northern New South Wales, the Moree Solar Farm is a 70 megawatt facility. Fotowatio Renewable Ventures, the owner of the project, obtained financing in Aug 2014. Total project financing of $164 million included a $102 million grant from the Australian Renewable Energy Agency and $47 million debt financing from the Clean Energy Finance Corporation. Construction of the project started in Nov 2014.
The Moree Solar Farm is at present the largest solar farm in Australia under construction. Upon completion, the solar farm will produce enough electricity to power 15,000 homes in New South Wales. Power produced from green energy will prevent about 95,000 tons of carbon pollution each year. Moreover, the project will create over 100 jobs during the construction phase.
JA Solar has consistently focused on widening its geographical customer base that has resulted in incremental international sales. The company is expanding its presence by working with local partners in Japan, the UK, South Africa and Latin America.
The company witnessed strong demand in the Asia-Pacific market (excluding China) as well as in China, which constituted 31.9% and 45.3% of total module shipments, respectively, in the second quarter of 2015. Moreover, total module shipments in the second quarter increased 60.9% year over year to 717.4 MW.
The company’s resilient business model, attractive product mix as well as its ability to adapt to changing market scenarios will ensure solid revenue growth, going forward.
JA Solar currently sports a Zacks Rank #1 (Strong Buy). Equally well-placed stocks in the solar space include ReneSola Ltd. SOL and SolarEdge Technologies, Inc. SEDG. Investors can also consider Warren Resources Inc. WRES in the broader energy space, carrying a Zacks Rank #1 (Strong Buy).
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