JinkoSolar and Three Gorges New Energy Sign Contract for 50-Megawatt Solar Project
SHANGHAI, Oct. 22, 2012 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a leading global solar power product manufacturer, today announced it has won a bid from China Three Gorges New Energy Corp. ("CTGNE"), a wholly-owned subsidiary of China Three Gorges Corporation ("CTGC"), to supply 50-megawatt solar modules for a PV power plant in Gansu Province, China.
CTGNE is wholly-owned subsidiary of CTGC, which is one of the largest state-owned power corporations in China, with more than RMB300 billion in assets. CTGNE specializes in renewable energy investment and operations, including wind, solar, and hydropower as well as other clean energy technologies. CTGNE has been vigorously developing solar power plants in recent years.
"Our goal is to drive China's future in renewable energy, and in particular solar power which has proven to be one of the most feasible and eco-friendly solutions," said Mr. Zhengfeng Yang, Project Deputy General Manager of Three Gorges New Energy. "We feel excited to work with JinkoSolar to make electricity from solar power more competitive and economical."
"We are very pleased to be working with Three Gorges New Energy to deliver cost-competitive solar power on 50-MW scale," said Mr. Xiande Li, Chairman of JinkoSolar. "By combining our high-efficiency solar technology and CTGNE's experience in financing and management of clean energy projects, we are confident that this project will maximize the solar energy generated over the span of system's life. The increased amount of electricity being generated from renewable energy sources, from solar in particularly, will gradually change the Chinese energy portfolio.
"This strategic partnership with Three Gorges New Energy will further strengthen the Company's position in China's renewable market. We look forward to future cooperation between our two companies including joint exploration of hybrid solar-wind solution projects with them," added Mr. Xiande Li.
About China Three Gorges New Energy Corp.
China Three Gorges New Energy Corp. (Three Gorges New Energy) is subsidiary of China Three Gorges Corporation, which is one of the first state owned enterprises to enter the field of wind power. Three Gorges New Energy actively explores opportunities in renewable energy including wind, solar, and hydropower as well as other clean energy technologies. Three Gorges New Energy specializes in large-scaled renewable energy development and operations.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a leading solar power product manufacturer with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai, China; Munich, Germany; Bologna, Italy; Montpellier, France; Zug, Switzerland; San Francisco, U.S.; Queensland, Australia; Ontario, Canada and Singapore.
JinkoSolar has built a vertically integrated solar product value chain with an integrated annual capacity of approximately 1.2 GW each for silicon wafers, solar cells and solar modules as of June 30, 2012. JinkoSolar distributes its photovoltaic products to a diversified customer base in the global PV market, including in Germany, Italy, Belgium, Spain, the United States, France, Eastern Europe, China and other countries and regions.
Safe Harbor Statement
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "intends," "plans," "will," and similar statements. Such statements involve inherent risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission, including its annual report on Form 20-F for the year ended December 31, 2011 filed with the Securities and Exchange Commission on April 18, 2012, as amended on April 19, 2012. All information provided in this news release is as of October 22, 2012. Except as required by law, JinkoSolar undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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