JinkoSolar Supplies 7.8 MW Modules For Power Plants In Hungary

JinkoSolar Holding Company Limited (NYSE:JKS) recently announced the supply of its solar modules to solar system installer – I+D Energias. The solar modules, with capacity of 7.8 megawatts (MW), have been installed in two PV power plants of Hungary.

The latest agreement is expected to expand JinkoSolar’s footprint in the booming solar market of Hungary.

JinkoSolar’s Solar Modules

Courtesy of its R&D team, JinkoSolar is able to improve the conversion efficiency of solar modules. Recently, the company announced that its cheetah size and N-type cells — the best across the world in this category — reached 24.38% and 24.58%, respectively, during testing.

Backed by these high-efficiency modules, JinkoSolar is reducing the cost of utility scale solar projects and making solar energy projects competitive against the likes of conventional energy source power projects. As a result, the company is witnessing solid demand for these modules across the globe from commercial as well as residential customers.

As of Dec 31, 2018, JinkoSolar had an aggregate of more than 2100 customers for its solar modules globally, including distributors, project developers and system integrators.

Solar Expansion in Hungary

In tandem with other European nations, Hungary is taking notable initiatives to cut down carbon emissions and promote renewable energy, with solar power in focus.

Per a report by European Commission, Hungary connected about 90 MW of PV systems, increasing cumulative installed capacity to 380 MW by the end of 2017. Last year, the country successfully deployed more than 400 MW. This surely reflects the rapid expansion of the Hungarian solar market of late.

Being a prominent solar module supplier, JinkoSolar boasts ample opportunity to strengthen its footprint in the booming solar market of Hungary. The latest supply of modules to I+D Energias is a testament to that.

Price Performance

In the past six months, shares of JinkoSolar have surged 80.5% compared with the industry’s 64.9% rally.

Zacks Rank & Other Key Picks

JinkoSolar currently carries a Zacks Rank #2 (Buy). A few similar-ranked stocks in the same industry are Canadian Solar Inc (NASDAQ:CSIQ) , Azure Power Global Ltd (NYSE:AZRE) and Enphase Energy, Inc. (NASDAQ:ENPH) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Canadian Solar delivered average positive earnings surprise of 51.66% in the last four quarters. The Zacks Consensus Estimate for 2019 earnings has moved 2.1% up to $2.45 over the past 90 days.

Azure Power delivered average positive earnings surprise of 75.14% in the trailing four quarters. The company’s fiscal 2020 earnings estimate of 29 cents reflects year-over-year growth of 123.1%.

Enphase Energy delivered average positive earnings surprise of 31.67% in the last four quarters. The Zacks Consensus Estimate for 2019 earnings has moved 44.4% up to 52 cents over the past 90 days.

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