JinkoSolar in 600MW deal with CTG
JinkoSolar has inked a “strategic co-operation agreement” that will see it supply 600MW of PV modules to the renewables division of state-owned China Three Gorges Corporation, in a landmark deal for China’s rapidly blossoming PV market.
The modules will be supplied between 2013-2015, and would account for more than 16% of Jinko’s total production capacity during that period if it does not expand its operations.
CTG-NE is primarily known as the wind development arm of the Chinese giant behind the eponymous Three Gorges dam, with stakes in a variety of wind companies, from Chinese turbine maker Goldwind to Portuguese developer EDP Renovaveis.
But the company is rapidly increasing its exposure to solar energy, with deputy general manager Zhangfeng Yang last autumn proclaiming PV “one of the most feasible” renewables sources.
China is set to become the world’s largest PV market in 2013, with the government creating a groundswell of new demand as a way of bolstering domestic champions like Jinko, Suntech and Yingli, which are struggling against withering European markets and the proliferation of trade barriers.
Jinko continues to be one of the most nimble and exciting players to emerge from the ruins of China’s PV consolidation, having recently signed a similar 200MW co-operation deal with state-owned Jinchuan Group, and won a $1bn credit line with China Development Bank for the next five years.