JA Solar Holdings Co., Ltd. JASO announced that it has been selected to be a part of Zimbabwe’s first large-scale ground-mounted solar power facilities. The company will supply 100 megawatts (MW) of modules to one of the three large scale solar projects coming up in Zimbabwe. This African country is riddled with power shortage and harnessing solar looks like a smart choice to resolve its power deficit in an environmentally responsible way.
The solar power plants will be located in Munyati, Insukamini (a small community near Munyati), and Gwanda, the capital of Matabeleland South (Zimbabwean province located next to the Botswana border). These three projects will require solar modules worth $544 million, out of which JA Solar received a contact for $179 million. The projects are scheduled to commence construction near the end of 2016 or early 2017, and are expected to be completed by the end of 2017.
The increasing usage of renewable sources for power generation worldwide is largely due to rising awareness about the pitfalls of fossil fuel. The African countries could be the new destination for solar module producers. In this context, JA Solar is a leading global manufacturer of high-performance solar products, thanks to its focus on research and development .
China, India and Japan are targeting to add nearly 100 GW of clean power to their electricity generation system by 2020, 2022 and 2030, respectively. The universal availability of sunlight makes solar projects viable in any part of the world. JA Solar will surely benefit from this demand trend. Module demand from African countries is expected to boost its performance further.
JA Solar Holdings currently has a Zacks Rank #1 (Strong Buy). Other favorably ranked stocks in the renewable space are First Solar Inc. FSLR, Canadian Solar CSIQ and ReneSola Ltd. SOL. All three stocks currently hold a Zacks Rank #2 (Buy).
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