One of China’s leading solar photovoltaic module manufacturers, JinkoSolar, has bagged a major order from a Chinese solar power projects developer.
China Minsheng New Energy (CMNE) has entered a strategic cooperation agreement with JinkoSolar. As per the agreement, JinkoSolar will supply CMNE with 1 GW solar PV modules over a period of two years — 2015 and 2016. CMNE has committed to purchase a minimum of 600 MW solar PV modules in 2015 alone.
CMNE is a wholly owned subsidiary of China Minsheng Investment, which focuses on the development of renewable energy assets. CMNE plans to invest $32 billion over the next 5 years to develop 20 GW of renewable energy capacity. CMNE, in turn, is a shareholder in one of China’s leading solar power projects developers and operators — United Photovoltaics Group. United PV has been aggressively expanding its solar power portfolio. The company has signed agreements to acquire over 1.1 GW of solar power projects in various provinces of China.
Last week, United PV completed the single largest acquisition of solar power projects when it agreed to $1.4 billion to Hareon Solar for 930 MW capacity. It also agreed to acquire 210 MW capacity projects in a deal valued at $32 million earlier this month, bringing the company’s solar power projects portfolio to 1.7 GW across 37 projects.
United PV is expected to be one of the driving forces for CMNE to achieve its 20 GW renewable energy capacity target. United PV has been aggressively raising capital to fuel further acquisitions and project development. This year alone, it has raised more than $350 million by issuing convertible bonds to several China-based companies.
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