Jinko Power Signs Five-year 500 MW PV Project Development Agreement with Economic Development Zone of Lishui City, Zhejiang Province
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, announced that JinkoSolar Power Co., Ltd.("Jinko Power"), a subsidiary of the Company hassigned a PV project development agreement with the Economic Development Zone of Lishui City ("Lishui"), Zhejiang Province, to develop a 500MW PV power plant with an aggregate investment amount of RMB5 billion.
According to the terms of the agreement, the 500MW PV power plant will be constructed over period of 5 years with an annual installation target of 100MW, of which 60MW will be distributed and 40MW will be ground-mounted. The first phase of construction will begin during the second half of 2014 with an installation target of 50MW to be completed before the end of the year.
Municipal leaders of Lishui City, including Mr. Zhong Chen, vice-mayor, attended the signing ceremony and pledged to fully support the project in order to speed up the construction process and connection to the grid. This cooperation agreement demonstrates Lishui City local government's willingness to upgrade its energy infrastructure and to jointly promote the development of green energy production and consumption with JinkoSolar. When completed, the 500MW power plant will generate approximately 56 million kWh of power annually reduce emissions equivalent to saving 0.2 million tons of coal per year, or 7200 tons of nitrogen oxide and 0.5 million tons of carbon dioxide.
"We are pleased to sign this significant PV project development agreement with the Economic Development Zone of Lishui City," commented Mr. Xiande Li, Chairman of JinkoSolar. "By signing this agreement, we are expanding the scale and scope of our PV project pipeline while improving the environment and contributing to local economic development. China's National Energy Administration encourages local governments to proactively initiate projects of this nature and engage leading clean energy companies to aid in the process. We hope to set an example by cooperating on the construction of this important project."
About JinkoSolar Holdings Co., Ltd.
JinkoSolar is a global leader in the solar PV industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan and Cape town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 2.0 GW each for silicon ingots, wafers and solar cells and approximately 2.1 GW for solar modules, as of March 31, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.
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.
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JinkoSolar Holding Co., Ltd.
In the U.S.: Jeff Bloker