JinkoSolar Holding Co., Ltd. (JKS) declared that it has provided Harsha Abakus Solar Pvt. Ltd. with 21.4 megawatts of solar photovoltaic (“PV”) modules for a ground-mounted solar PV project in Gujarat, India.
Harsha Abakus Solar Pvt. Ltd., a subsidiary of Harsha Engineers Group, is a supplier of solar energy solutions.
The project is located in Charanka, Gujarat, the region receiving maximum solar exposure in India. It will likely generate about 34.24 million kilowatt-hours of electricity and use seasonal tracking technology to enhance performance. The project is also expected to remove about 30,000 tons of CO2 each year.
Once the project has been connected to the grid, it will become the first solar park to be commissioned under the Jawaharlal Nehru National Solar Mission Phase II Batch I with a fixed Power Purchase Agreement (“PPA”). The project will be under the joint ownership of Gujarat State Electricity Corporation Limited and Gujarat Power Corporation Limited.
India: A Land of Opportunities
With the U.S. government imposing anti-dumping duties on the import of Chinese solar panels, companies like JinkoSolar, Trina Solar Limited (TSL), ReneSola Ltd. (SOL) and Yingli Green Energy Holding Co. Ltd. (YGE) have shifted their focus to the solar markets of neighboring countries like Japan and India.
The new pro-business Modi government ambitiously plans to meet household energy requirement from solar energy by 2019. In an attempt to promote solar energy and support healthy trade practices, the Indian government has decided to eschew all kinds of anti-dumping duties. Moreover, India intends to increase renewable energy share to at least 15% from the present 6% by 2020. Presently, India’s solar power capacity is below 2.7 gigawatts (“GW”).
The government now expects to add about 15 GW of solar power capacity by the first quarter of 2019. According to the original National Solar Mission target, India had planned to add about 9 GW from 2014 to 2017, and another 10 GW between 2018 and 2022.
In its keenness to achieve its solar objectives and contribute towards a cleaner and sustainable environment, the Indian government has facilitated entry for the global solar players. China’s geographical proximity provides players like JinkoSolar with the opportunity to capitalize on the growing solar market in India, and thereby boost their top lines.
Zacks Rank
JinkoSolar currently holds a Zacks Rank #3 (Hold).
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