JinkoSolar Holding Co. Ltd. JKS has recently supplied 611 megawatts (MW) of Tiger bifacial transparent backsheet modules to Trung Nam Group, which will get installed at the Thuan Nam solar power plant project in Vietnam. The supply deal comes as a significant boost for one of the world’s largest solar module producer as the Thuan Nam solar power plant project is one of the largest projects by capacity that are using bifacial modules in both Vietnam and Southeast Asia.
Why JinkoSolar’s Tiger Bifacial Modules?
JinkoSolar’s Tiger bifacial modules utilize half-cell technology and incorporate Tiling Ribbon (TR) technology into the cell design to improve shading tolerance and eliminate inter-cell gaps to ensure high reliability and high efficiency. These modules with transparent backsheet technology are also able to generate higher power compared with conventional modules and reduce the levelized cost of electricity (LCOE). The Tiger 163mm wafer size modules supplied for the project can generate additional power of 20W-25W compared to the conventional 166mm modules and are better resistant to humidity.
Further, Tiger 163mm modules are suitable for projects with land scarcity challenges as they are smaller in size compared with 166mm modules. In addition, these modules are about the same weight as mono-facial modules and much lighter than conventional bifacial modules, which will help save on logistics and labor costs for installation.
Growing Demand for JinkoSolar’s Bifacial Modules
As JinkoSolar in recent times has witnessed a huge demand for its high-efficiency Tiger modules, it has increased focus on ramping up its advanced Tiger process technologies. Notably, the company launched its 2020 flagship Tiger Pro module series in May 2020. These advanced solar modules can generate a maximum power output of up to 580Wp, which is 40% higher than current mainstream products installed in utility projects.
Apart from the company’s growing acceptance for its Tiger Modules worldwide, its Swan series modules are witnessing a rise in demand on a global scale, of late. In August 2020, the company signed a contract with Shanghai Electric to supply nearly 1 GW of its Swan series solar bifacial modules for Phase V of the Dubai Electricity and Water Authority Solar Park.
What Lies Ahead?
Per a report by Grand View Research, the global solar PV panels market size was previously valued at $115.2 billion in 2019 and is projected to see a CAGR of 4.3% from 2020 to 2027. Such impressive projections will surely open up more opportunities to expand business for solar module manufacturers, such as JinkoSolar, Enphase Energy ENPH, Sunrun RUN, SolarEdge Technologies SEDG, alongside other manufacturers.
Price Performance & Zacks Rank
Shares of this Zacks Rank #3 (Hold) company have gained 46.1% in the past three months compared with the industry’s 58.1% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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