Jinko Solar maintains positive trend with Q2 results

Logo of global solar heavyweight Jinko Solar, with green text and white backgroundLeading major Chinese solar manufacturer (and Greenforce supplier) Jinko Solar today announced Q2 2014 results, and confirmed the company is on track for another year of profitable, sustainable business.

“I am pleased to report our fifth consecutive quarter of profitability, as we confidently look towards the second half of the year,” commented Mr.  Kangping Chen ,JinkoSolar’s Chief Executive Officer. “We gained considerable momentum during the quarter. Total revenues increased 20.8% sequentially and 37.8% year-over-year. We expanded our geographic reach, secured financial support from globally-respected financial institutions for our downstream business and solidified our position in important emerging markets where we have made strategic investments such as South Africa and Latin America.”

“Our downstream business continued to grow, with revenue from power generation for the quarter increasing 26.1% sequentially to RMB 61.0 million. In addition to theRMB1 billion strategic financing agreement we signed with China Minsheng Bank, mainly for our distributed PV generation systems, we secured US$225 million in private equity financing for our downstream solar power subsidiary, from China Development Bank International, Macquarie Greater China Infrastructure Fund and New Horizon Capital.”

Jinko Solar has a unique manufacturing process, and together with a ‘low overheads’ business model, the company has the lowest cost base of any Tier 1 professional solar panel manufacturer.

In addition to Macquarie mentioned above, ANZ and NAB have financed construction of major Australian solar farms using Jinko solar products. Jinko solar panels are considered ‘bankable’ for the purposes of Australian lease and financing arrangements.

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