JinkoSolar and Marubeni Corporation Enter Into Power Purchase Agreement for Sweihan Photovoltaic Independent Power Project in Abu Dhabi
Shanghai, March 1, 2017 -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the photovoltaic (“PV”) industry, today announced that a consortium consisting of JinkoSolar and Marubeni Corporation (“Marubeni”) have entered into a Power Purchase Agreement (“PPA”) with the Abu Dhabi Water and Electricity Company (“ADWEC”) for the Solar PV Independent Power Project (the “Project”) located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates.
A special purpose company jointly owned by JinkoSolar, Marubeni, and the Abu Dhabi Water and Electricity Authority (“ADWEA”) will construct, operate and maintain the PV plant for the duration of the 25-year PPA. The project will be located in the Eastern Region of the Emirate of Abu Dhabi, approximately 120 km east of the city of Abu Dhabi in Sweihan and will have the capacity of 1,177 MW (DC). All power generated will be sold to ADWEC, a wholly owned entity of the ADWEA. The Project’s financial agreements are expected to close in April 2017 with commercial operation expected to begin in 2019.
“Today’s important milestone is a highly significant event for both the Emirate of Abu Dhabi and also for the global Solar PV market,” commented H.E Abdullah Ali Musleh Al Ahbabi, Chairman of ADWEA. “Not only will the Project, once constructed, be the world’s largest single utility scale solar PV plant, but the price of net electrical energy that we have agreed to today is one of the most competitive prices seen to date in the Solar PV industry.”
“We are excited to be a part of the significant milestone project to co-develop with ADWEC and Marubeni. The execution of the PPA demonstrates our strong technical skills, reliable high-efficiency products and development capabilities.” commented Mr. Xiande Li, Chairman of JinkoSolar. “We are proud of making a significant contribution to the development of the solar industry in the Emirate of Abu Dhabi.”
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.
JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, and 15 overseas subsidiaries across Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. JinkoSolar has 18 global sales offices across China (2), United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "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 "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain 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 filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
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