Jinko Solar is aggressively expanding its solar power capacity across China as regulators have implemented encouraging policies to promote expansion of solar power infrastructure in the country.
The company has announced that it will set up 100 MW of solar power capacity in the Jiangxi province. It has signed an agreement with the local government to invest $130 million to develop this capacity. The projects are expected to be competed by the fourth quarter of this year.
The projects will be provided subsidised tariff of $0.19 per kWh by the government. Upon completion, the project are expected to generate 110 million kWh every year and about $21 million in annual revenues.
Jinko Solar has responded well to the calls by the Chinese government to increase solar power capacity. The central government has issued ambitious capacity addition targets, implemented policies that provide certainty for solar power project developers, and asked the provincial governments to support the sector through similar favorable policies.
Last month, the company had announced plans to install 500 MW solar power capacity in Zhejiang province over the next five years. In April this year, the company commissioned 39 MW of solar power projects in Jiangsu province. Last year, it had announced plans to invest $1.6 billion to set up 1,000 MW solar power capacity in Inner Mongolia.
The company has also entered into several financing agreement with a number of banks to invest in these projects. In July, the China Development Bank International, Macquarie Greater China Infrastructure Fund, and New Horizon Capital agreed to make an equity investment of $225 million in its downstream solar power project business. The company also has a five-year financing agreement with China Minsheng Bank worth $163 million.
China has set a target to have a cumulative installed solar power capacity of 35 GW by 2015. The aggressive policy implementation from the government may lead to 100 GW installed capacity by 2018.
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