SHANGHAI, Feb. 27, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2016.

In November 2016, the Company completed sale of JinkoSolar Power Engineering Group Limited ("Jinko Power") downstream business in China to Shangrao Kangsheng Technology Co., Ltd. (the "Buyer"), a company incorporated with limited liability under the laws of the People's Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of the Company. According to applicable accounting standards, assets and liabilities related to Jinko Power, including comparatives, are reclassified as assets/liabilities held for sale, while results of operations related to Jinko Power, including comparatives, are reported as income or loss from discontinued operations. Figures presented in this release are related to continuing operations only, and exclude results from Jinko Power unless indicated otherwise. The Company recognized the gain on disposal of discontinued operations of RMB1.01 billion (US$145.2 million) reported in the discontinued operations, and received cash of RMB1.73 billion (US$250.0 million) in the fourth quarter of 2016. The transaction between the related parties mainly includes the modules sales and financing obligation guarantee.

Fourth Quarter 2016 Highlights

Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

  • Total solar module shipments were 1,733 megawatts ("MW"), an increase of 7.9% from 1,606 MW in the third quarter of 2016 and an increase of 1.3% from 1,710 MW in the fourth quarter of 2015.
  • Total revenues were RMB5.12 billion (US$737.6 million), a decrease of 3.9% from the third quarter of 2016 and a decrease of 13.7% from the fourth quarter of 2015. Total revenues including electricity revenue from discontinued operations were RMB5.23 billion (US$753.0 million), a decrease of 8.3% from the third quarter of 2016 and a decrease of 13.9% from the fourth quarter of 2015.
  • Gross margin was 14.3%, compared with 19.2% in the third quarter of 2016 and 19.0% in the fourth quarter of 2015.
  • Income from operations was RMB77.9 million (US$11.2 million), compared with RMB433.3 million in the third quarter of 2016 and RMB465.9 million in the fourth quarter of 2015.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB145.8 million (US$21.0 million) in the fourth quarter of 2016, compared with RMB212.2 million in the third quarter of 2016 and RMB429.7 million in the fourth quarter of 2015.
  • Net income attributable to the Company's ordinary shareholders from continuing and discontinued operations was RMB999.6 million (US$144.0 million), compared with RMB233.7 million in the third quarter of 2016 and RMB349.4 million in the fourth quarter of 2015.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB4.56(US$0.64).
  • Total diluted earnings per ADS from continuing and discontinued operations were RMB31.28(US$4.48), compared with RMB6.04 in the third quarter of 2016 and RMB10.88 in the fourth quarter of 2015.
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the fourth quarter of 2016 was RMB228.6 million (US$32.9 million), compared with RMB235.3 million in the third quarter of 2016 and RMB538.9 million in the fourth quarter of 2015.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB7.24(US$1.04) and RMB7.16(US$1.04), respectively, in the fourth quarter of 2016.

Full Year 2016 Highlights

Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

  • Total solar module shipments were 6,656 MW, an increase of 47.5% from 4,512 MW for the full year 2015.
  • Total revenues for the full year 2016 were RMB21.40 billion (US$3.08 billion), an increase of 38.5% from RMB15.45 billion for the full year 2015. Total revenues including electricity revenue from discontinued operations were RMB22.35 billion (US$3.22 billion), an increase of 39.0% from RMB16.08 billion for the full year 2015.
  • Gross margin was 18.1% for the full year 2016, compared with 19.0% for the full year 2015.
  • Income from operations was RMB1.35 billion (US$194.3 million), compared with RMB1.12 billion in the full year 2015.
  • Net income attribute to the Company's ordinary shareholders from continuing operations was RMB990.7 million (US$142.7 million) for the full year 2016, compared with RMB766.6 million for the full year 2015.
  • Net income attributable to the Company's ordinary shareholders from continuing and discontinued operation was RMB1.83 billion (US$263.1 million) for the full year 2016, compared with RMB683.8 million for the full year 2015.
  • Diluted earnings per ADS from continuing operations for the full year 2016 were RMB29.04(US$4.20), compared with RMB24.00 for the full year 2015.
  • Total diluted earnings per ADS from continuing and discontinued operations for the full year 2016 were RMB53.40(US$7.72), compared with RMB21.36 for the full year 2015.
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations for the full year 2016 was RMB1.25 billion (US$179.4 million), compared with RMB1.06 billion for the full year 2015.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations for the full year 2016 were RMB39.60(US$5.72) and RMB36.28(US$5.24), respectively.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "I am pleased to announce a strong quarter to finish out the year with module shipments hitting 1,733 MW and 6,656 MW in the fourth quarter and full year 2016, respectively. I am proud to say that this puts us firmly in the position as the largest module supplier globally. Total revenues during the quarter hit US$737.6 million and US$3.08 billion for the whole year. While market sentiment is gloomy overall, we remain optimistic about the global demand in 2017." 

"We successfully complete the spin-off process of Jinko Power's project business which generated US$145.2 million in investment gain for JinkoSolar and strengthened our balance sheet by cutting debt to US$892 million from US$2.1 billion. In January 2017, we further cut our debt by repurchasing almost all of our convertible notes due in 2019 at holders' put option. These initiatives have increased our corporate flexibility and reinforced our financial position which will allow us to take advantage of more opportunities in 2017."

"We further consolidated our leading position across a number of key and emerging markets during the quarter. China remains our largest market where we expect growth momentum to continue during the first half of 2017 as rush orders come in before the FiT cut in June 2017. Demand during the second half of 2017 may soften, but distributed generation and Top Runner projects are expected to make up for the demand. After a sharp decline during the quarter, ASPs in the US have begun to stabilize. While uncertainties remain, we believe that the growth trajectory of the US market won't deviate significantly, especially with ITC still valid. India, with its abundant sunlight and increasing demand for power, has created ideal market conditions for rapid growth. We are very optimistic about our potential in this market and have been rapidly expanding our team there. We will also reinforce our leading position in Latin America and the Middle East, two markets that remain full of opportunities."        

"We remain focused on high-efficiency technologies and stringent quality controls. Demand for our PERC products continues to be strong and as a result, we have been adjusting our production capacity to accommodate this market trend since the first half of 2016."

"In conclusion, I am proud of what we have achieved throughout the past quarter and year. We have extensive experience having faced similar market headwinds before, leaving us confident in our strategy and our ability to focus on developing technology, building our brand equity, keeping a lid on costs and improving our financial strength to further drive shareholder value."

Fourth Quarter 2016 Financial Results

Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

Total Revenues

Total revenues in the fourth quarter of 2016 were RMB5.12 billion (US$737.6 million), a decrease of 3.9% from RMB5.33 billion in the third quarter of 2016 and a decrease of 13.7% from RMB5.94 billion in the fourth quarter of 2015. The sequential and year-over-year decreases were mainly attributable to a decline in average selling prices of solar modules in the fourth quarter of 2016.

Gross Profit and Gross Margin

Gross profit in the fourth quarter of 2016 was RMB730.0 million (US$105.1 million), compared with RMB1,026.1 million in the third quarter of 2016 and RMB1,129.8 million in the fourth quarter of 2015. The sequential and year-over-year decreases were mainly attributable to a decline in average selling prices of solar modules in the fourth quarter of 2016.

Gross margin was 14.3% in the fourth quarter of 2016 compared with 19.2% in the third quarter of 2016 and 19.0% in the fourth quarter of 2015.

Income from Operations and Operating Margin

Income from operations in the fourth quarter of 2016 was RMB77.9 million (US$11.2 million), compared with RMB433.3 million in the third quarter of 2016 and RMB465.9 million in the fourth quarter of 2015. Operating margin in the fourth quarter of 2016 was 1.5%, compared with 8.1% in the third quarter of 2016 and 7.8% in the fourth quarter of 2015.

Total operating expenses in the fourth quarter of 2016 were RMB652.1 million (US$93.9 million), an increase of 10.0% from RMB592.8 million in the third quarter of 2016 and a decrease of 1.8% from RMB663.9 million in the fourth quarter of 2015. The sequential increase was mainly due to the increase of the shipping cost, and the provision for impairment and disposal of property, plant and equipment, partially offset by the impact of the reversal of warranty expense during the fourth quarter. We made downward adjustments to our accrued warranty expense in the fourth quarter, to reflect the general declining trend of the average selling price of solar modules, which is a primary input into the estimated warranty expense. Based on the updated warranty estimation, we reversed the warranty expense related to prior years and the first nine months of 2016 by RMB92.1 million (US$13.3 million) and RMB6.0 million (US$0.9 million) respectively.

Total operating expenses accounted for 12.7% of total revenues in the fourth quarter of 2016, compared to 11.1% in the third quarter of 2016 and 11.2% in the fourth quarter of 2015.

Interest Expense, Net

Net interest expense in the fourth quarter of 2016 was RMB74.5 million (US$10.7 million), a decrease of 43.9% from RMB132.9 million in the third quarter of 2016 and a decrease of 15.2% from RMB87.9 million in the fourth quarter of 2015.

Exchange Gain / (Loss), Net

The Company recorded a net exchange gain of RMB17.7 million (US$2.6 million) including change in fair value of forward contracts in the fourth quarter of 2016, compared to a net exchange loss of RMB7.2 million in the third quarter of 2016 and a net exchange gain of RMB89.8 million in the fourth quarter of 2015.

Change in Fair Value of Convertible Senior Notes and Capped Call Options

The Company recognized a loss from a change in fair value of convertible senior notes and capped call options of RMB14.7 million (US$2.1 million) in the fourth quarter of 2016. The Company repurchased substantially all the outstanding convertible senior notes in January 2017.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax benefit of RMB49.2 million (US$7.1 million) from continuing operations in the fourth quarter of 2016, compared with an income tax expense of RMB116.0 million in the third quarter of 2016 and an income tax expense of RMB48.6 million during the fourth quarter of 2015. The sequential change was mainly due to the successful renewal of 'National High and New Technology Enterprise' license for a significant subsidiary and its entitlement to a preferential tax rate.

Income / (loss) from Discontinued Operations, Net of Tax

Income from discontinued operations, net of tax in the fourth quarter of 2016 was RMB 857.5 million (US$123.5 million), compared with an income of RMB82.3 million in the third quarter of 2016 and a loss of RMB34.5 million in the fourth quarter of 2015.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders in the fourth quarter of 2016 was RMB999.6 million (US$144.0 million), compared with RMB233.7 million in the third quarter of 2016 and RMB349.4 million in the fourth quarter of 2015.

Basic and diluted earnings per ordinary share from continuing operations were RMB1.15(US$0.17) and RMB1.14(US$0.16), respectively, during the fourth quarter of 2016. This translates into basic and diluted earnings per ADS of RMB4.60(US$0.68) and RMB4.56(US$0.64), respectively.

Total basic and diluted earnings per ordinary share from both continuing and discontinued operations were RMB7.90(US$1.14) and RMB7.82(US$1.12), respectively, during the fourth quarter of 2016. This translates into basic and diluted earnings per ADS of RMB31.60(US$4.56) and RMB31.28(US$4.48), respectively.

Non-GAAP net income from continuing operations in the fourth quarter of 2016 was RMB228.6 million (US$32.9 million), compared with RMB235.3 million in the third quarter of 2016 and RMB538.9 million in the fourth quarter of 2015.

Non-GAAP basic and diluted earnings from continuing operation per ordinary share were RMB1.81(US$0.26) and RMB1.79(US$0.26), respectively during the fourth quarter of 2016. This translates into non-GAAP basic and diluted earnings per ADS of RMB7.24(US$1.04) and RMB7.16(US$1.04), respectively.

Financial Position

As of December 31, 2016, the Company had RMB2.82 billion (US$406.2 million) in cash and cash equivalents and restricted cash, compared with RMB2.95 billion as of December 31, 2015.

As of December 31, 2016, the Company's accounts receivables due from third parties were RMB4.75 billion (US$684.7 million), compared with RMB2.69 billion as of December 31, 2015.

As of December 31, 2016, the Company's inventories were RMB4.47 billion (US$644.3 million) due to large demand in 2017 Q1, compared with RMB3.20 billion as of December 31, 2015.

As of December 31, 2016, the Company's total interest-bearing debts were RMB6.19 billion (US$891.7 million), compared with RMB6.27 billion as of December 31, 2015.

Full Year 2016 Financial Results

Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

Total Revenues

Total revenues for the full year 2016 were RMB21.4 billion (US$3.08 billion), an increase of 38.5% from RMB15.45 billion for the full year 2015. The increase in total revenues was mainly attributable to the increase in shipments of solar modules.

Gross Profit and Gross Margin

Gross profit for the full year 2016 was RMB3.87 billion (US$557.3 million), an increase of 32.0% from RMB2.93 billion for the full year 2015. Gross margin was 18.1% for the full year 2016, compared with 19.0% for the full year 2015.

Income from Operations and Operating Margin

Income from operations for the full year 2016 was RMB1.35 billion (US$194.3 million), compared with RMB1.12 billion for the full year 2015. Operating margin for the full year 2016 was 6.3%, compared with 7.3% for the full year 2015.

Total operating expenses for the full year 2016 were RMB2.52 billion (US$363.0 million), an increase of 39.3% from RMB1.81 billion for the full year 2015. Operating expenses represented 11.8% of total revenues for the full year 2016, compared with 11.7% for the full year 2015. The increase in total operating expense was primarily due to the increase of shipping cost, the provision for impairment of property, plant and equipment, partially offset by the impact of warranty expense reversals. The provision for impairment of property, and plant and equipment was due to replacement of the old machines to upgrade production automation.

Interest Expense, Net

Net interest expense for the full year 2016 was RMB359.3 million (US$51.7 million), an increase of 15.5% from RMB311.0 million in 2015.

Exchange Gain / (Loss), Net

The Company recorded an exchange gain of RMB156.2 million (US$22.5 million) in the full year 2016. The Company had net exchange loss of RMB30.0 million in 2015.

Change in Fair Value of Convertible Senior Notes and Capped Call Options

The Company recognized a loss from a change in fair value of convertible senior notes and capped call options of RMB110.2 million (US$15.9 million) for the full year 2016, compared with a loss of RMB14.6 million in 2015. The Company repurchased substantially all the convertible senior notes in January 2017.

Income Tax Expense, Net

The Company recognized an income tax expense of RMB257.5 million (US$37.1 million) for the full year 2016, compared with an income tax expense of RMB100.5 million in 2015.

Income / (Loss) from Discontinued Operations, Net of Tax

Income from discontinued operations, net of tax, in 2016 was RMB1,001.6 million (US$144.3 million), compared with an income of RMB93.8 million in 2015.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders for the full year 2016 was RMB1.83 billion (US$263.1 million), compared with a net income of RMB683.8 million in 2015.

Basic and diluted income per share from continuing operations for the full year 2016 was RMB7.87(US$1.13) and RMB7.26(US$1.05), respectively. This translates into basic and diluted earnings per ADS of RMB31.48(US$4.52) and RMB29.04(US$4.20), respectively.

Total basic and diluted earnings per share from continuing and discontinued operations for the full year 2016 were RMB14.51(US$2.09) and RMB13.35(US$1.93), respectively. This translates into basic and diluted earnings per ADS of RMB58.04(US$8.36) and RMB53.40(US$7.72), respectively.

Non-GAAP net income from continuing operations for the full year 2016 was RMB1.25 billion (US$179.4 million), compared with non-GAAP net income of RMB1.06 billion in 2015.

Non-GAAP basic and diluted earnings per share from continuing operations for the full year 2016 were RMB9.90(US$1.43) and RMB9.07(US$1.31), respectively, which translates into non-GAAP basic and diluted earnings per ADS of RMB39.60(US$5.72) and RMB36.28(US$5.24), respectively.

Fourth Quarter and Full Year 2016 Operational Highlights

Solar Module Shipments

Total solar module shipments in the fourth quarter of 2016 amounted to 1,733 MW.

Total solar module shipments in 2016 amounted to 6,656 MW, compared to 4,512 MW in 2015.

Solar Products Production Capacity

As of December 31, 2016, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 5.0 GW, 4.0 GW and 6.5 GW, respectively.

Recent Business Developments

  • In December 2016, JinkoSolar donated 14 kW to RE-volv, a solar non-profit and member of the White House National Community Solar Partnership.
  • In December 2016, JinkoSolar received the 2016 Chinese Excellent Corporate Citizen Award at the 12th Annual Chinese Excellent Corporate Citizen Conference held by the Corporate Citizenship Committee of the China Association of Social Workers, China Central Television and the Tencent Charity Foundation.
  • In November 2016, JinkoSolar announced that its Shangrao production facility received IEC TS 62941 photovoltaic industry technical specification certification.
  • In November 2016, JinkoSolar completed delivery on 140 MWdc of PV modules for the North Star project located in Chisago County, Minnesota, U.S.
  • In November 2016, JinkoSolar announced that its entire portfolio of PV modules passed the 96-hour Potential Induced Degradation (PID) resistance test under the conditions of 85℃ degrees and 85% relative humidity at +/-1,000V as required by IEC62804 standards with a degradation of less than 5%.
  • In November 2016, JinkoSolar announced the completion of the sale of Jinko Power downstream business in China.
  • In October 2016, JinkoSolar was appointed as one of the six co-chairs for the Business 20 (B20) Energy, Climate & Resource Efficiency Taskforce, under the leadership of the German G20 Presidency.

Operations and Business Outlook

First Quarter and Full Year 2017 Guidance

For the first quarter of 2017, the Company estimates total solar module shipments to be in the range of 1.9 GW to 2.0 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, February 27, 2017 at 8:00 a.m. U.S. Eastern Time (9:00 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852-5808-3202


U.S. Toll Free:

+1-855-298-3404


Passcode:

JinkoSolar





Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, March 6, 2017. The dial-in details for the replay are as follows:

International:

+61-2-9641-7900


U.S. Toll Free:

+1-866-846-0868


Passcode:

6221419





Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income , non-GAAP earnings per Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

  • Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, change in fair value of derivative liability, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 30, 2016, which was RMB6.9430 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)




2015


2016

 Continuing operations 

RMB


RMB


USD

 Revenues from third parties 

15,454,374


21,262,113


3,062,381







 Revenues from related parties 

-


138,525


19,952







 Total revenues 

15,454,374


21,400,638


3,082,333







 Cost of revenues 

(12,522,914)


(17,531,299)


(2,525,032)







 Gross profit 

2,931,460


3,869,339


557,301







 Operating expenses: 






   Selling and marketing 

(1,144,559)


(1,434,039)


(206,545)

   General and administrative 

(521,425)


(779,567)


(112,281)

   Research and development 

(143,671)


(181,106)


(26,085)

   Impairment of long-lived assets 

-


(125,524)


(18,079)

 Total operating expenses 

(1,809,655)


(2,520,236)


(362,990)







 Income from operations 

1,121,805


1,349,103


194,311

 Interest expenses, net 

(311,019)


(359,296)


(51,749)

 Change in fair value of derivative liability 

(2,096)


24,573


3,539

 Subsidy income 

101,874


168,647


24,290

 Exchange gain/(loss), net 

(86,518)


208,811


30,077

 Change in fair value of forward contracts 

56,562


(52,562)


(7,570)

 Change in fair value of convertible senior notes and capped call
options 

(14,571)


(110,242)


(15,878)

 Other income, net 

1,036


8,768


1,263

 Investment income 

-


4,902


706

 Gain on disposal of subsidiaries 

-


5,018


723

 Income from continuing operations before income taxes  

867,073


1,247,722


179,712

 Income tax expense 

(100,534)


(257,487)


(37,086)

 Income from continuing operations,  net of tax 

766,539


990,235


142,626

 Discontinued operations 






 Gain on disposal of discontinued operations 

-


1,007,884


145,165

 Income from discontinued operations before income taxes    

105,090


48,146


6,934

 Income tax expense, net 

(11,330)


(54,466)


(7,845)

Income from discontinued operations, net of tax

93,760


1,001,564


144,254

 Net income 

860,299


1,991,799


286,880

 Less: Net loss attributable to non-controlling
          interests from continuing operations 

(63)


(433)


(62)

 Less: Net income attributable to non-controlling
          interests from discontinued operations 

4,270


6,044


871

 Less: Accretion to redemption value of redeemable non-controlling
          interests of discontinued operations 

172,340


159,478


22,970







 Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders 

683,752


1,826,710


263,101







 Earnings/(loss) per share for ordinary shareholders, basic 






 Continuing operations 

6.15


7.87


1.13

 Discontinued operations 

(0.66)


6.64


0.96

 Total earnings/(loss) per share for ordinary shareholders, basic 

5.49


14.51


2.09







 Earnings/(loss) per share for ordinary shareholders, diluted 






 Continuing operations 

6.00


7.26


1.05

 Discontinued operations 

(0.66)


6.09


0.88

 Total earnings/(loss) per share for ordinary shareholders, diluted 

5.34


13.35


1.93







 Earnings/(loss) per ADS for ordinary shareholders, basic 






 Continuing operations 

24.60


31.48


4.52

 Discontinued operations 

(2.64)


26.56


3.84

 Total earnings/(loss) per ADS for ordinary shareholders, basic 

21.96


58.04


8.36







 Earnings/(loss) per ADS for ordinary shareholders, diluted 






 Continuing operations 

24.00


29.04


4.20

 Discontinued operations 

(2.64)


24.36


3.52

 Total earnings/(loss) per ADS for ordinary shareholders, diluted 

21.36


53.40


7.72







 Weighted average ordinary shares outstanding: 






   Basic 

124,618,416


125,870,272


125,870,272

   Diluted 

127,802,961


137,328,725


137,328,725







 Weighted average ADS outstanding: 






   Basic 

31,154,604


31,467,568


31,467,568

   Diluted 

31,950,740


34,332,181


34,332,181







UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME







 Net income 

860,299


1,991,799


286,880

 Other comprehensive (loss)/income: 






   -Unrealized loss on available-for-sale securities 

(413)


-


-

   -Foreign currency translation adjustments 

1,121


92,202


13,279

 Comprehensive income 

861,007


2,084,001


300,159

 Less: comprehensive income attributable to non-controlling interests  

4,207


5,611


809







 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders 

856,800


2,078,390


299,350



















 Reconciliation of GAAP and non-GAAP Results(Excluding discontinued
operations) 











 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 












 GAAP net income attributable to ordinary shareholders from continuing
operations 

766,602


990,668


142,688







 Change in fair value of derivative liability 

2,096


(24,573)


(3,539)







 Change in fair value of convertible senior notes and capped call options 

14,571


110,242


15,878







 4% of interest expense of convertible senior notes 

67,363


37,177


5,352







 Exchange loss on  convertible senior notes and capped call options 

93,874


42,713


6,152







 Stock-based compensation expense 

112,682


89,568


12,900







 Non-GAAP net income attributable to ordinary shareholders from
continuing operations  

1,057,188


1,245,795


179,432







 Non-GAAP earnings per share attributable to ordinary shareholders
from continuing operations - 






   Basic 

8.48


9.90


1.43

   Diluted 

8.27


9.07


1.31







 Non-GAAP earnings per ADS attributable to ordinary shareholders
from continuing operations- 






   Basic 

33.92


39.60


5.72

   Diluted 

33.08


36.28


5.24







 Non-GAAP weighted average ordinary shares outstanding  






   Basic 

124,618,416


125,870,272


125,870,272

   Diluted 

127,802,961


137,328,725


137,328,725







 Non-GAAP weighted average ADS outstanding  






   Basic 

31,154,604


31,467,568


31,467,568

   Diluted 

31,950,740


34,332,181


34,332,181

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


December 31, 2015


September 30, 2016


December 31, 2016

 Continuing operations 

RMB


RMB


RMB


USD

 Revenues from third parties 

5,937,852


5,331,232


5,085,938


732,527









 Revenues from related parties 

-


-


35,565


5,122









 Total revenues 

5,937,852


5,331,232


5,121,503


737,649









 Cost of revenues 

(4,808,049)


(4,305,166)


(4,391,518)


(632,510)









 Gross profit 

1,129,803


1,026,066


729,985


105,139









 Operating expenses: 








   Selling and marketing 

(366,232)


(371,669)


(350,662)


(50,506)

   General and administrative 

(258,600)


(175,414)


(221,810)


(31,947)

   Research and development 

(39,040)


(41,864)


(57,231)


(8,243)

   Impairment of long-lived assets 

-


(3,819)


(22,377)


(3,223)

 Total operating expenses 

(663,872)


(592,766)


(652,080)


(93,919)









 Income from operations 

465,931


433,300


77,905


11,220

 Interest expenses, net 

(87,907)


(132,859)


(74,538)


(10,736)

 Change in fair value of derivative liability 

436


36,048


(10,364)


(1,493)

 Subsidy income 

54,264


12,809


81,222


11,698

 Exchange gain 

80,042


2,602


17,674


2,547

 Change in fair value of forward contracts 

9,774


(9,752)


19


3

 Change in fair value of convertible senior
   notes and capped call options 

(45,301)


(15,684)


(14,712)


(2,119)

 Other income/(expense), net 

1,053


(291)


9,437


1,359

 Investment income 

-


1,731


4,812


693

 Gain on disposal of subsidiaries 

-


-


5,018


723

 Income from continuing operations before income taxes

478,292


327,904


96,473


13,895

 Income tax (expense)/benefit 

(48,620)


(115,973)


49,200


7,086

Income from continuing operations, net of tax

429,672


211,931


145,673


20,981

 Discontinued operations 








 Gain on disposal of discontinued operations 

-


-


1,007,884


145,165

(Loss)/income from discontinued operations before income taxes   

(23,559)


83,083


(97,396)


(14,028)

Income tax expense, net

(10,973)


(830)


(53,020)


(7,636)

(Loss)/income from discontinued operations, net of tax

(34,532)


82,253


857,468


123,501









 Net income 

395,140


294,184


1,003,141


144,482

 Less: Net loss attributable to non-controlling
          interests from continuing operations 

(62)


(221)


(123)


(19)

 Less: Net income attributable to non-controlling
          interests from discontinued operations 

916


1,561


761


110

 Less: Allocation of net income to participating preferred shares issued
          by discontinued operations 

-


10,247


(13,895)


(2,001)

 Less: Accretion to redemption value of redeemable non-controlling
          interests of discontinued operations 

44,934


48,922


16,776


2,416

 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders 

349,352


233,675


999,622


143,976

































 Earnings/(loss) per share for ordinary shareholders, basic 








 Continuing operations 

3.44


1.68


1.15


0.17

 Discontinued operations 

(0.64)


0.17


6.75


0.97

 Total earnings/(loss) per share for ordinary shareholders, basic 

2.80


1.85


7.90


1.14

















 Earnings/(loss) per share for ordinary shareholders, diluted 








 Continuing operations 

3.36


1.35


1.14


0.16

 Discontinued operations 

(0.64)


0.16


6.68


0.96

 Total earnings/(loss) per share for ordinary shareholders, diluted 

2.72


1.51


7.82


1.12









 Earnings/(loss) per ADS for ordinary shareholders, basic 








 Continuing operations 

13.76


6.72


4.60


0.68

 Discontinued operations 

(2.56)


0.68


27.00


3.88

 Total earnings/(loss) per ADS for ordinary shareholders, basic 

11.20


7.40


31.60


4.56









 Earnings/(loss) per ADS for ordinary shareholders, diluted 








 Continuing operations 

13.44


5.40


4.56


0.64

 Discontinued operations 

(2.56)


0.64


26.72


3.84

 Total earnings/(loss) per ADS for ordinary shareholders, diluted 

10.88


6.04


31.28


4.48









 Weighted average ordinary shares outstanding: 








   Basic 

124,922,950


126,056,129


126,412,714


126,412,714

   Diluted 

128,057,418


130,613,442


127,872,331


127,872,331









 Weighted average ADS outstanding: 








   Basic 

31,230,738


31,514,032


31,603,178


31,603,178

   Diluted 

32,014,354


32,653,360


31,968,083


31,968,083









UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME









 Net income 

395,140


294,184


1,003,141


144,482

 Other comprehensive income: 








   -Unrealized loss on available-for-sale securities 

(1,078)


-


-


-

   -Foreign currency translation adjustments 

(7,397)


(3,409)


108,078


15,566

 Comprehensive income 

386,665


290,775


1,111,219


160,048

 Less: Comprehensive income attributable to non-controlling interests 

854


1,340


638


91

 Less:Allocation of net income to participating preferred shares issued
          by discontinued operations 

-


10,247


(13,895)


(2,001)

 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders 

385,811


279,188


1,124,476


161,958

























 Reconciliation of GAAP and non-Gaap Results(Excluding discontinued operations) 















 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 
















 GAAP net income attributable to ordinary shareholders from
continuing operations 

429,734


212,152


145,796


21,000









 Change in fair value of derivative liability 

(436)


(36,048)


10,364


1,493









 Change in fair value of convertible senior notes and capped call
options 

45,301


15,684


14,712


2,119









 4% of interest expense of convertible senior notes 

16,946


8,007


5,180


746









 Exchange loss on  convertible senior notes and capped call
options 

30,251


5,958


18,536


2,670









 Stock-based compensation expense 

17,139


29,558


33,987


4,895









 Non-GAAP net income attributable to ordinary shareholders
from continuing operations 

538,935


235,311


228,575


32,923









 Non-GAAP earnings per share attributable to ordinary
shareholders from continuing operations - 








   Basic 

4.31


1.87


1.81


0.26

   Diluted 

4.21


1.80


1.79


0.26









 Non-GAAP earnings per ADS attributable to ordinary
shareholders from continuing operations - 








   Basic 

17.24


7.48


7.24


1.04

   Diluted 

16.84


7.20


7.16


1.04









 Non-GAAP weighted average ordinary shares outstanding  








   Basic 

124,922,950


126,056,129


126,412,714


126,412,714

   Diluted 

128,057,418


130,613,442


127,872,331


127,872,331









 Non-GAAP weighted average ADS outstanding  








   Basic 

31,230,738


31,514,032


31,603,178


31,603,178

   Diluted 

32,014,354


32,653,360


31,968,083


31,968,083

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2015


December 31, 2016


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

2,392,591


2,501,417


360,279

  Restricted cash 

555,724


318,785


45,915

  Restricted short-term investments

1,160,518


3,333,450


480,117

  Short-term investments

29,427


71,301


10,269

  Accounts receivable, net - related parties

60,974


1,414,084


203,670

  Accounts receivable, net - third parties

2,690,519


4,753,715


684,677

  Notes receivable, net - related parties

-


610,200


87,887

  Notes receivable, net - third parties

515,442


915,315


131,833

  Advances to suppliers, net - related parties

1,021


662


95

  Advances to suppliers, net - third parties

251,390


325,766


46,920

  Inventories, net

3,203,325


4,473,515


644,320

  Forward contract receivables

7,039


641


92

  Deferred tax assets - current

79,101


130,676


18,821

  Other receivables - related parties

-


79,125


11,396

  Capped Call options

17,490


-


-

  Prepayments and other current assets

715,449


766,645


110,420

  Held-for-sale assets 

10,814,795


-


-

Total current assets

22,494,805


19,695,297


2,836,711







Non-current assets:






  Restricted cash

160,218


197,214


28,405

  Project Assets

-


55,063


7,931

  Long-term investments

7,200


7,200


1,037

  Property, plant and equipment, net

3,766,436


4,738,681


682,512

  Land use rights, net

349,914


450,941


64,949

  Intangible assets, net

20,472


20,297


2,923

  Deferred tax assets - non current

117,803


134,791


19,414

  Other assets - related parties

-


173,376


24,971

  Other assets - third parties

227,701


617,780


88,979

Total non-current assets

4,649,744


6,395,343


921,121







Total assets

27,144,549


26,090,640


3,757,832







LIABILITIES






Current liabilities:






  Accounts payable - related parties

1,479


-


-

  Accounts payable - third parties

3,783,305


4,290,071


617,899

  Notes payable - third parties

1,924,496


5,006,366


721,067

  Accrued payroll and welfare expenses

454,211


582,276


83,865

  Advances from related parties

-


60,541


8,720

  Advances from  third parties

1,299,491


1,376,919


198,318

  Income tax payable

106,002


168,112


24,213

  Other payables and accruals

898,173


1,019,419


146,824

  Other payables due to related parties

4,993


76,034


10,951

  Forward contract payables

4,296


-


-

  Convertible senior notes - current

650,917


423,740


61,031

  Deferred tax liabilities - current

9,266


17,074


2,459

  Derivative liability -  current

-


10,364


1,493

  Bonds payable and accrued interests

866,726


-


-

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

2,589,864


5,279,029


760,338

  Guarantee liabilities to related parties

-


52,711


7,592

  Held-for-sale liabilities 

6,029,223


-


-

Total current liabilities

18,622,442


18,362,656


2,644,770







Non-current liabilities:






  Long-term borrowings

1,308,680


488,520


70,362

  Long-term payables

-


44,015


6,340

  Accrued warranty costs - non current

329,237


511,209


73,629

  Convertible senior notes

856,064


-


-

  Deferred tax liability - non current

25


50,651


7,295

  Derivative liability - non current

68,378


-


-

  Guarantee liabilities to related parties - non current

-


173,376


24,971

Total non-current liabilities

2,562,384


1,267,771


182,597







Total liabilities

21,184,826


19,630,427


2,827,367







Redeemable non-controlling interests

1,607,926


-


-







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
  500,000,000 shares authorized, 125,473,930 and 
  126,733,266 shares issued and outstanding as of
  December 31, 2015 and December 31, 2016,
  respectively)

18


18


3

Additional paid-in capital

2,924,336


3,145,262


453,012

Statutory reserves

351,763


466,253


67,154

Accumulated other comprehensive income

12,582


104,784


15,092

Treasury stock, at cost; 1,723,200 shares of
  ordinary shares as of December 31,
  2015 and December 31, 2016, respectively

(13,876)


(13,876)


(1,999)

Accumulated retained earnings

1,047,045


2,758,268


397,273







Total JinkoSolar Holding Co., Ltd. shareholders' equity

4,321,868


6,460,709


930,535







Non-controlling interests

29,929


(496)


(70)







Total liabilities and shareholders' equity

27,144,549


26,090,640


3,757,832

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2016-financial-results-300413807.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Announces Fourth Quarter and Full...

SHANGHAI, March 1, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the photovoltaic ("PV") industry, today announced that a consortium consisting of JinkoSolar and Marubeni Corporation ("Marubeni") have entered into a Power Purchase Agreement ("PPA") with the Abu Dhabi Water and Electricity Company ("ADWEC") for the Solar PV Independent Power Project (the "Project") located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates.

A special purpose company jointly owned by JinkoSolar, Marubeni, and the Abu Dhabi Water and Electricity Authority ("ADWEA") will construct, operate and maintain the PV plant for the duration of the 25-year PPA. The project will be located in the Eastern Region of the Emirate of Abu Dhabi, approximately 120 km east of the city of Abu Dhabi in Sweihan and will have the capacity of 1,177 MW (DC). All power generated will be sold to ADWEC, a wholly owned entity of the ADWEA. The Project's financial agreements are expected to close in April 2017 with commercial operation expected to begin in 2019.

"Today's important milestone is a highly significant event for both the Emirate of Abu Dhabi and also for the global Solar PV market," commented H.E Abdullah Ali Musleh Al Ahbabi, Chairman of ADWEA. "Not only will the Project, once constructed, be the world's largest single utility scale solar PV plant, but the price of net electrical energy that we have agreed to today is one of the most competitive prices seen to date in the Solar PV industry."

"We are excited to be a part of the significant milestone project to co-develop with ADWEC and Marubeni. The execution of the PPA demonstrates our strong technical skills, reliable high-efficiency products and development capabilities," commented Mr. Xiande Li, Chairman of JinkoSolar. "We are proud of making a significant contribution to the development of the solar industry in the Emirate of Abu Dhabi."

About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016. 

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, and 15 overseas subsidiaries across Japan (2),  Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. JinkoSolar has 18 global sales offices across China (2), United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-and-marubeni-corporation-enter-into-power-purchase-agreement-for-sweihan-photovoltaic-independent-power-project-in-abu-dhabi-300415826.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar and Marubeni Corporation Enter Into...

SHANGHAI, April 25, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the photovoltaic (PV) industry, today announced that it has supplied 42 MW of solar modules to Asunim Yenilenebilir Enerji Teknolojileri Ins. Muh. San. Tic. Ltd. ("Asunim"), for use in two PV power plants implemented by Asunim in Izmir Province, southwest Turkey.

Asunim has started construction of the 20 MW and 22 MW plants with preliminary ministry acceptance. Featuring high irradiation values and stable grid conditions, the two main sites combined will generate around 56 GWh/year upon grid connection scheduled for summer 2017, avoiding around 40,000 tons of CO2 emissions annually. JinkoSolar delivered high-efficiency PID free solar modules to the two solar plants.

Umut Gurbuz, managing partner for Asunim Turkey, underlined: "Our excellent five year track record as EPC and Developer in Turkey shows that we are able to deliver high quality systems within budget and contractual deadlines. We are very proud of having been contracted for these two large projects and will install and maintain these systems in accordance with Turkish law and best industry standards. These systems contribute to consolidate and increase Asunim's considerable references for large scale PV systems."

Frank Niendorf, General Manager of JinkoSolar Europe, comments: "This is another successful project, which we highly appreciate to realize with our reliable partner Asunim and it is one of the biggest projects in Turkey. Asunim is recognized by big investors for their excellent quality standards, which fits perfectly to JinkoSolar's philosophy to offer best-in-class efficiency modules at a competitive value."

About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016. 

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, and 15 overseas subsidiaries across Japan (2),  Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. JinkoSolar has 18 global sales offices across China (2), United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

About Asunim Yenilenebilir Enerji Teknolojileri Ins. Muh. San. Tic. Ltd:

Asunim is based in Ankara, Turkey and operates as a consultant, project developer and EPC company with focus on project legalization, engineering, component supply, the execution of photovoltaic power plants and operation and maintenance in the Turkish market and greater region. It belongs to the Asunim group with current further subsidiaries in Portugal and the United Kingdom and further business in Egypt, Chile and Spain accumulating a current track record of 650MW.

To find out more, please see: www.asunim.com.tr 

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-supplies-42-mw-of-solar-modules-to-asunim-in-turkey-300445027.html

SOURCE JinkoSolar Co., Ltd.

Read more: JinkoSolar Supplies 42 MW of Solar Modules to...

DALLAS, May 4, 2017 /PRNewswire/ -- TXU Energy today announces that it is combining its most popular Right Time Pricing PlanSM with renewable power with the launch of its newest plan. TXU Energy Free Nights & Solar DaysSM makes it easy for customers to go 100 percent renewable.

"This is the best of both worlds – our customers get the free electricity they love along with the added benefits of renewable energy," said Sydney Seiger, chief marketing officer for TXU Energy. "Because this plan doesn't require rooftop solar panels, it's an easy way to take advantage of the sun regardless of whether you live in a house or an apartment."  

Free Nights & Solar Days is 100 percent renewable as TXU Energy purchases solar power, along with solar and wind renewable energy credits, offsetting customers' actual usage. Customers get free electricity all night from 9 p.m. to 6 a.m., and solar electricity all day from 6 a.m. to 9 p.m.  

"This is a one-of-a-kind plan that gives customers a new, easy, and affordable way to go 100 percent renewable with both solar and wind," Seiger said. "They can even track their solar and free hours online or through our mobile app, and watch their savings add up."

With innovative tools like TXU Energy MyEnergy Dashboard, customers can monitor their personal consumption information from advanced meters, and then make changes to how and when they use electricity to save even more money.

The TXU Energy Free Nights® suite of plans gives consumers the ability to save money by making simple changes to their daily routines and shifting their electricity usage to the free nighttime hours. In 2016, customers on these plans received nearly 40 percent of their energy usage for free.

Simple changes to help maximize the benefits of Free Nights & Solar Days include:

  • Using large appliances like washing machines and dishwashers during free hours; many have timers to delay start times.
  • Charging portable electronics during the free hours.
  • Adjusting programmable thermostat settings.

About TXU Energy
More Texans trust TXU Energy to power their homes and businesses than any other electricity provider. We're passionate about creating experiences and solutions tailored to fit the needs of our customers, including electricity plans, online tools to help save, renewable energy options, and more. Ranked as the #9 Top Place to Work by The Dallas Morning News, TXU Energy is also committed to creating a dynamic and fun workplace where all our people can succeed. Visit txu.com for more. REP #10004

Media:
Meranda Cohn
(214) 875-8004
This email address is being protected from spambots. You need JavaScript enabled to view it. 

www.twitter.com/txuenergy    
www.youtube.com/txuenergy  
www.facebook.com/txuenergy

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/txu-energy-free-nights--solar-dayssm-brings-together-two-great-things-in-one-great-plan-300451402.html

SOURCE TXU Energy

Related Links

http://www.txu.com

Read more: TXU Energy Free Nights & Solar Days(SM) Brings...

SHANGHAI, March 17, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the photovoltaic (PV) industry, today announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc., will partner with CleanFund Commercial PACE Capital to offer long-term project financing to US commercial project customers through the SolarPACETM   program. 

SolarPACETM is designed to maximize solar energy cash flow to commercial and industrial (C&I) property owners.  CleanFund fully funds the installation of the system, while end users re-pay CleanFund through property taxes over terms as long as 30 years.  SolarPACETM   solves most credit challenges found in commercial solar project financing.  There are solutions for tenants who are leasing their properties, as well as flexible options to utilize solar tax credits.  Project developers who use JinkoSolar modules together with SolarPACETM will be eligible for incentives that will lower their project costs.

"SolarPACETM is an excellent fit for the C&I space because it uniquely maximizes cash flow for the end customer, a value proposition we think our customers will find useful for their sales toolkits," said Nigel Cockroft, General Manager at JinkoSolar (U.S.) Inc. "We always seek to enhance our installers' competitiveness, and this partnership with CleanFund will be key to that effort."

"As a provider of long-term financing, we appreciate projects integrated with high quality materials from reliable suppliers," said Brandon Deno, Vice President of Solar at CleanFund.  "JinkoSolar has a proven reputation as a dependable and world-class module manufacturer."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016. 

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, and 15 overseas subsidiaries across Japan (2),  Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. JinkoSolar has 18 global sales offices across China (2), United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

About CleanFund Commercial PACE Capital

CleanFund Commercial PACE Capital is the leading direct provider of long-term financing of Property Accessed Clean Energy ("PACE") for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the U.S.  CleanFund's SolarPACE financing product typically delivers the highest Net Present Value ("NPV") and greatest near-term positive cash flow of any solar financing option.  For more information, please visit www.CleanFund.com/jinkosolar

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-partners-with-cleanfund-commercial-pace-capital-to-address-us-commercial-solar-market-300425371.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Partners with CleanFund Commercial...

BERLIN, May 3, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the Photovoltaic (PV) industry, today announced that as the only Chinese company, it was invited to dialogue at The Business 20 (B20) Summit held in Berlin on May 2-3, 2017.

More than 700 representatives from top companies and business associations from all G20 countries and sectors participated in the summit, striving to make the global economy more sustainable and future-oriented. The themes of this year's G20 presidency are: Building Resilience, Improving Sustainability, and Assuming Responsibility.

As the co-chair of B20 ECRE taskforce, Ms. Dany Qian, Vice President of JinkoSolar, together with Jurgen Heraeus, Chairman of B20, handed over B20 policy recommendations to the G20 president, German Chancellor Angela Merkel, as part of an official ceremony of B20 Summit 2017. Ms. Dany Qian was also exclusively invited to dialogue with Chancellor in the afterwards roundtable meeting.

Ms. Dany Qian also attended the panel "Towards a Future-Oriented Sustainable Economy: Energy, Climate Change and Resource Efficiency" with IEA, BASF, Enel and Continental. The B20 is convinced that a future-oriented, sustainable, and competitive world economy can only be guaranteed if businesses keep finding innovative solutions to curtail climate change, foster the energy transition, and decrease resource intensity. The G20 can achieve this by implementing the Paris Agreement, accelerating the market readiness and deployment of low-carbon technologies, and by establishing a Resource Efficiency Platform.

Concerning how business can best contribute to the implementation of the Paris Agreement, Vice president of JinkoSolar, Ms. Dany Qian emphasized: "Government laid out the essential goals in Paris Agreement, but promise must be followed by action. The implementation of the agreement relies largely on the involvement and engagement of business community. The private sector plays a much bigger and even more important role in the success of the Paris agreement. Starting from their own expertise and experience, companies can, for example, steer their capital towards direct investment in clean energy projects and low carbon, energy efficient technology and businesses, the purchase and increased use of renewable energy and becoming carbon neutral. A few major companies are striving to run entirely on renewable energy. They are doing so by reporting emissions and disclosing climate change relevant data and information, adapting their business model and supply chain to seize this energy transition opportunity and create new jobs, internally pricing carbon, complying and aligning with government climate and energy policy, supporting the development of low carbon technology and science and of course taking a responsible approach to lobbying on climate action. " 

As the world's largest solar company, JinkoSolar will need to assume leadership in the transition to a future oriented sustainable economy by further driving down the cost of solar power to make it more economically viable to switch to renewable energy and more feasible to implement the Paris Agreement.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-exclusively-invited-to-deliver-a-speech-at-b20-summit-in-berlin-300451236.html

SOURCE JinkoSolar Holding Co., Ltd.

Mr. Sebastian Liu, +86 21-5183-3056, This email address is being protected from spambots. You need JavaScript enabled to view it.

Read more: JinkoSolar Exclusively Invited to Deliver a...

JERSEY CITY, N.J., May 4, 2017 /PRNewswire/ -- Renewable energy company Soltage LLC and Basalt Infrastructure Partners LLP today announced that they have closed an investment in a nine-project, 57-megawatt (MW) solar project portfolio across the state of North Carolina. This is the second portfolio investment announced under a $140 million equity capital partnership between Soltage and Basalt launched in place Q4 2016.  Construction on the current portfolio is expected to begin in May 2017.

The nine greenfield utility-scale solar power projects will be located across seven communities in the eastern half of North Carolina, and will range in size from 3MW to 7MW. Project offtakers include Duke Energy and Dominion Energy. The project pool will generate roughly 85,000 megawatt-hours of clean energy annually and will offset roughly 132 million pounds of carbon dioxide, the equivalent of burning 62 million pounds of coal.

"Utilities across the country are continuing to expand their investments in solar power to lock in stable long-term power prices while reducing electricity generation emissions," said Jesse Grossman, Soltage co-founder and CEO. "Solar projects like these empower North Carolina to provide the competitive prices and clean power that both corporate and residential customers are increasingly seeking from power utilities."

Under this second close of the investment partnership between Soltage and Basalt, Soltage will act as the power plant operator selling the electricity to the utilities through Public Utilities Regulatory Policies Act (PURPA) contracting. Soltage is acquiring the projects from Cypress Creek Renewables, who will be providing engineering, procurement, and construction services for all nine projects.

"Basalt is delighted to be making significant progress in building a well-diversified portfolio of solar farms, which will now include projects in North Carolina that have long-term power purchase agreements with investment-grade off-takers in place." said Rob Gregor, Managing Partner of Basalt Infrastructure Partners LLP.  "It is a testament to the importance of partnering with industry-leading developers that have longstanding relationships providing a robust and proven proprietary channel of investment origination."

North Carolina ranked second nationally in cumulative solar capacity with 3,016 MW installed through 2016 – enough to power 341,000 homes – according to the Solar Energy Industries Association, and ranked eighth nationally in total solar jobs with more than 7,100 in 2016 – up 20 percent from 2015 – according to The Solar Foundation's National Solar Jobs Census. GTM Research estimates North Carolina will add more than 1,300 MW solar capacity in 2017 and more than 3,000 MW additional new capacity between 2018-2022.

Utility-scale solar accounted for 72 percent of new capacity installations in the United States with 10,593 MW during 2016, according to GTM Research. The sector is forecast to add 8,700 MW in new capacity during 2017, with PURPA contracting expected to drive the largest volume of new capacity, particularly in North Carolina.

Soltage is a full-service renewable energy company developing, financing, installing, owning and operating solar power generating stations, providing electricity to commercial, industrial, educational, utility, and municipal customers. The company has more than 50 solar projects and more than 150 MW of generation capacity under management across eight states, and has deployed more than $350 million into solar generation projects since 2006. Basalt is an infrastructure equity investment fund focused on utility, energy, and transport infrastructure in the U.S., Canada, and Europe.

About Soltage
Soltage is a leader in the development, financing, and operation of utility-scale solar power systems for commercial, industrial and municipal customers across the United States. Soltage has developed more than 50 solar energy projects with more than 150 MW total distributed generating capacity under management. Soltage is backed by a group of investors including Tenaska and is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com

About Basalt
Basalt is an infrastructure equity investment fund focusing on investments in utilities, energy and transport infrastructure in the United States, Canada and Europe. The partnership with Soltage represents Basalt's eighth investment. Other notable investments by Basalt include Upper Peninsula Power Company and Texas Microgrid in the United States along with McEwan Power, Wightlink Ferries and Alkane Energy in the United Kingdom. For more information on Basalt please visit www.basaltinfra.com.

About Cypress Creek Renewables
Cypress Creek Renewables partners with local communities to provide widespread access to affordable, clean energy. With over 5 gigawatts of solar deployed or in development, Cypress Creek Renewables is one of the largest and fastest-growing dedicated providers of local solar farms.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/soltage-and-basalt-announce-57-mw-north-carolina-solar-project-portfolio-300450982.html

SOURCE Soltage

Related Links

http://www.soltage.com

Read more: Soltage and Basalt Announce 57-MW North Carolina...

SHANGHAI, March 22, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc. activated a partnership with GRID Alternatives, the nation's largest non-profit solar installer. JinkoSolar will donate over 620 kW of high-efficiency solar modules to support GRID Alternatives' work bringing solar power and job training to low-income communities across the country.

JinkoSolar's contribution will help GRID Alternatives meet its goal of providing solar to an estimated 1600 families and multifamily affordable housing providers in 2017, saving them millions of dollars in energy costs over the system lifetimes while giving hands-on installation training to over 5000 individuals.

"JinkoSolar is proud to support GRID Alternatives, as they continue to service low-income families across the nation," said Nigel Cockroft, General Manager of JinkoSolar (U.S.) Inc. "Ensuring all communities have access to clean energy is extremely important to us. We applaud GRID's unique model which provides underserved communities with the cost-saving benefits of solar and valuable hands-on training to community members interested in building a career in the solar industry."

This is JinkoSolar's largest philanthropic donation to GRID Alternatives to-date, building on several previous years of support for the organization and its mission.

"Large-scale equipment partnerships like JinkoSolar's help us bring the benefits of solar - financial savings, job opportunities, and a clean, renewable energy source - to families  and communities that would not otherwise have access," said Erica Mackie, GRID Alternatives CEO and co-founder. "We're grateful for JinkoSolar's support."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, and 15 overseas subsidiaries across Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. JinkoSolar has 18 global sales offices across China (2), United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

About GRID Alternatives

GRID Alternatives is America's largest nonprofit solar installer, bringing clean energy technology and job training to underserved communities through a network of community partners and philanthropic supporters. GRID has installed over 8,000 solar electric systems for low-income families and affordable housing providers with a combined installed capacity of nearly 30MW, saving $235 million in lifetime electricity costs, preventing 650,000 tons of greenhouse gas emissions, and providing 31,000 people with solar training. GRID has eleven regional offices and affiliates serving California, Colorado, the Mid-Atlantic, the New York tri-state area, Tribal communities nationwide, Nicaragua and Nepal.

For more information, visit www.gridalternatives.org.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-partners-with-grid-alternatives-to-extend-solar-and-jobs-to-underserved-communities-300427635.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Partners with GRID Alternatives to...

CHICAGO--()--ComEd and the Metropolitan Mayors Caucus (MMC) announced today a Memorandum of Understanding (MOU) that will support the study and development of new energy efficiency programs, smart streetlights, and community and residential solar and other infrastructure projects. The MOU provides for a one-of-a-kind collaboration between ComEd and the MMC to develop a pilot for a national model on how utilities and municipalities can work together to create greener, more resilient and sustainable communities.

The announcement follows a green light from the Illinois Commerce Commission (ICC) last month that established “smart” as the new standard for all streetlights that ComEd owns in northern Illinois. The new standard is expected to accelerate the deployment of smart LED street lighting service that will leverage the wireless communications network used by ComEd’s new smart grid platform that allows for two-way communication between the utility and its customers.

“ComEd and the Metropolitan Mayors Caucus are working to enhance the livability and sustainability of the communities we serve,” said Anne Pramaggiore, president and CEO, ComEd. “We’re nearing the completion of the smart grid modernization program which is producing record reliability for our customers, and we’re eager to begin leveraging the strength of this modern digital platform. We will work together to inform cities and towns about the benefits of smart streetlights, solar power, and other technologies. We will also help municipalities that own their own streetlights to identify ways to fund the conversion to smart LED lights. We hope the lessons learned from this collaboration can be replicated across the entire ComEd service territory, Illinois and the nation.”

This new initiative will also get a boost from the Future Energy Jobs Act (FEJA), which was enacted by the Illinois General Assembly and signed into law by Governor Rauner last year. It goes into effect in June and will increase funding for energy efficiency from $250 million to $400 million annually by 2030. These funds create savings opportunities for all customer classes, including municipalities, supporting the development of new energy efficiency programs as well as the conversion of current municipal lighting systems to smart LED streetlights.

For the past six years, MMC has served as administrator of energy efficiency programs for the public sector through a program formally managed by the Illinois Department of Commerce and Economic Opportunity (DCEO). The ICC recently granted a petition proposed by ComEd and the DCEO that will allow ComEd to assume responsibility for the program.

“We’ve had considerable success working with Illinois utilities to create energy savings for our member communities, and we expect to expand on this record by working more directly with them,” said Robert J. Nunamaker, Executive Board Chairman of MMC. “Mayors throughout the region are very well aware of the importance of energy infrastructure. We understand what ComEd has done through the development of the smart grid program and we want to work with them to build on this smart foundation for the benefit of our entire region.”

Preliminary discussions between ComEd and the MMC have been focused on development of projects to convert existing street lights to more efficient LEDs, which consume as little as one-third of the energy and last up to one and a half times as long as the fixtures they replace. In 2015, ComEd launched smart streetlight pilot projects in Bensenville and Lombard. Informed by learnings from these pilots, ComEd is developing plans to replace all 140,000 ComEd-owned municipal streetlights with LED streetlights beginning later this year.

One of the first programs that the MMC will manage for ComEd under the MOU is a series of workshops with the South Suburban Mayors and Managers Association in south Cook County to help municipalities identify potential projects that they’d like to pursue.

Connecting smart streetlights to the ComEd smart grid allows communities to remotely and instantaneously dim lights for energy savings and brighten them for greater safety. They can also be controlled on-demand by first responders to better manage emergency situations.

Smart streetlights can also serve as a backbone for sensor-based, smart city features that allow for a broad range of solutions, from intelligent waste management to air quality monitoring, snow removal monitoring and traffic management.

Founded in 1997, the Metropolitan Mayors Caucus is a membership organization of the Chicago region’s 275 cities, towns and villages. ComEd and the MMC have a long history of collaborating on issues that impact the region, such as energy efficiency, Powering Safe Community grants and storm response through the creation of Joint Operations Centers to help manage service restoration following extreme weather events.

Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with approximately 10 million customers. ComEd provides service to approximately 3.9 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter and YouTube.

Read more: ComEd & Metropolitan Mayors Caucus Collaborate...

The Oppenheimer Emerging Growth Conference on May 16, the 18th Annual B. Riley & Co. Investor Conference on May 24 & the 7th Annual LD Micro Invitational on June 6

GARDENA, CA--(Marketwired - May 04, 2017) - Polar Power, Inc. (NASDAQ: POLA), a global provider of prime and backup DC power solutions, has been invited to participate at three upcoming conferences in May and June 2017.

The Oppenheimer Emerging Growth Conference is being held on Tuesday, May 16, 2017 at the InterContinental Barclay Hotel in New York City. Polar Power CFO Luis Zavala and Vice President of Operations Raj Masina will hold one-on-one and small group meetings with investors throughout the day, which can be scheduled through your Oppenheimer institutional sales representative or the company's investor relations firm, MZ Group.

The 18th Annual B. Riley & Co. Investor Conference is being held on May 24-25, 2017 at the Loews Santa Monica Beach Hotel in Santa Monica, CA. Polar Power CFO Luis Zavala and Vice President of Operations Raj Masina are scheduled to present on Wednesday, May 24 at 1:30 p.m. Pacific time, and will hold one-on-one meetings with institutional investors. Please contact your B. Riley representative or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also email your request to This email address is being protected from spambots. You need JavaScript enabled to view it. or call Chris Tyson at (949) 491-8235.

The 7th Annual LD Micro Invitational is being held on June 6-7, 2017 at the Luxe Sunset Boulevard Hotel in Los Angeles. Polar Power CFO Luis Zavala and Vice President of Operations Raj Masina are scheduled to present on Tuesday, June 6 at 11:00 a.m. Pacific time with one-on-one meetings held throughout the conference. For additional information or to schedule a one-on-one meeting with Polar Power management, please log-in via the link provided in your invitation. You may also email your request to This email address is being protected from spambots. You need JavaScript enabled to view it. or call Chris Tyson at (949) 491-8235.

About the Oppenheimer Emerging Growth Conference
The Oppenheimer Emerging Growth Conference will be held May 16, 2017 at the InterContinental Barclay Hotel in New York City. The day will feature 1-on-1 meetings with emerging growth companies in Consumer, Technology, Industrial and Energy Sectors and will allow investors to meet a cross section of management teams across a number of different business models. For more information on Oppenheimer & Co., visit www.opco.com.

About the 18th Annual B. Riley & Co. Investor Conference
The 18th Annual Investor Conference will be in Santa Monica, California, at the newly renovated Loews Santa Monica Beach Hotel. This invite-only conference offers premier networking and business development opportunities with a beachfront setting. The two-day conference will feature over 200 company presentations, one-on-one meetings with high-level decision makers, and Discovery tracks highlighting companies B. Riley's top-ranking analysts hand-picked for their "under the radar" stories. For more information, visit here.

About the 7th Annual LD Micro Invitational
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event). In 2015, LD Micro launched ldmicro.com as a portal to provide exclusive intraday information on the entire sector, including the first pure microcap index (LDMi) which covers stocks in North America with market capitalizations between $50M-$300M. It is a non-registered investment advisor. For more details, please click here.

About Polar Power, Inc.
Gardena, California-based Polar Power, Inc. (NASDAQ: POLA), designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, electric vehicle charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar's systems provide reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without power in the event of utility grid failure. For more information, please visit www.polarpower.com.

Read more: Polar Power to Participate at Upcoming Investor...

SHANGHAI, March 30, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2016 with the Securities and Exchange Commission on March 29, 2017.

The Company's annual report on Form 20-F contains its audited consolidated financial statements and is available on the Company's website at http://ir.jinkosolar.com. The Company will provide a hard copy of its annual report free of charge to its shareholders and holders of American depositary shares representing its ordinary shares upon request.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2),  Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.  

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-files-2016-annual-report-on-form-20-f-300431809.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Files 2016 Annual Report on Form 20-F

NEW YORK, May 4, 2017 /PRNewswire/ -- GridUnity, a distributed energy platform-as-a-service company, today announced it is seeing fast-growing demand for its software which helps utilities efficiently connect and optimize distributed energy resources (DER). GridUnity can accelerate the utility review and interconnection process by as much as 98%.  

"The nation's power industry is at an inflection point, with utilities and regulators needing to quickly transform how distributed energy sources are brought onto the grid, and how they will be managed," said GridUnity CEO Brian Fitzsimons.  "Many utilities are turning to automation and analytics software to help meet critical challenges. GridUnity delivers unprecedented benefits to utilities, regulators, customers and communities. Access to these benefits has been accelerated by recent changes enabling utilities to capitalize cloud-based software in a number of states."

GridUnity Distributed Energy Interconnection Time Savings Chart. GridUnity reduces interconnection time by up to 98% so that valuable engineering expertise can be focused on more complex project analysis. The chart shows improvements possible using GridUnity and is based on data analysis of a representative sample of utilities in California, Hawaii, Massachusetts, New York and New Jersey.
GridUnity Distributed Energy Interconnection Time Savings Chart. GridUnity reduces interconnection time by up to 98% so that valuable engineering expertise can be focused on more complex project analysis. The chart shows improvements possible using GridUnity and is based on data analysis of a representative sample of utilities in California, Hawaii, Massachusetts, New York and New Jersey.

Just one of these benefits is cutting the time it takes utilities to approve applications to connect new energy sources into the grid. GridUnity reduces interconnection time by up to 98% so that valuable engineering expertise can be focused on more complex project analysis. The chart shows improvements possible using GridUnity and is based on data analysis of a representative sample of utilities in California, Hawaii, Massachusetts, New York and New Jersey.

According to GTM Research and SEIA, nearly two thirds of newly installed electric capacity in 2016 was from solar and wind. For utilities, this is translating into new milestones in distributed energy – such as Pacific Gas and Electric's reaching 2,409 megawatts of private rooftop solar capacity and a surge in interest for new solar energy programs at Hawaiian Electric. GridUnity is working with utilities, regulators and developers to identify and adopt innovative ways to address the record-setting influx of distributed energy resources.

The company has tripled its R&D team, while boosting overall investment in the development of new cloud-based solutions. These areas include:

  • Engaging customers, partners and regulators in an online process for interconnection application, review and approval of all energy resources - rather than relying on slow and expensive manual processes;
  • A proactive approach to analyzing, mapping and publishing the grid's hosting capacity – helping developers identify locations that could benefit from distributed generation, accelerating approval times and helping utilities maintain accurate network models; and
  • Safeguarding grid reliability with holistic grid planning and optimization that leverages data across a utility's core business processes, systems and departments to undertake predictive simulations on DER impacts, optimize Demand Side Management programs, identify optimal mitigation strategies, and compare high value capital investments with non-wire alternatives.

Founded in 2010, GridUnity's customers include Pacific Gas and Electric, Southern California Edison, and the three Hawaiian Electric utilities.  Formerly known as Qado Energy, the company worked with the U.S. Department of Energy SunShot Initiative to develop its platform (Read EERE Success Story published today) and is now rapidly expanding its software user base to help speed industry-wide transformation of DER interconnection and optimization processes.

About GridUnity
GridUnity® is a distributed energy platform-as-a-service company that accelerates the interconnection and optimization of distributed energy resources such as solar, wind, storage, electric vehicles and other smart grid technologies. GridUnity's advanced System-of-Systems design combines predictive analytics, machine learning, configurable business processes and cloud computing to enable utilities to create a new operational excellence model. GridUnity helps maximize returns from existing systems and grid infrastructure while reducing the complexity of designing and operating a reliable and responsive distributed energy network. GridUnity has operations in New York City and Boston. For more information, visit www.gridunity.com.

PR Contact:
Sean Healy, Healy Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 201-857-2520 or +1 201-218-2039 (cell)

James Braatvedt, GridUnity
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (347) 796-4348

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/electric-utilities-boost-grid-connection-investments-to-handle-surge-in-distributed-energy-resources-300451632.html

SOURCE GridUnity

Read more: Electric Utilities Boost Grid Connection...

LONDON & SAN FRANCISCO--()--A historic revolution in transportation will end over 100 years of individual vehicle ownership and reshape the world’s energy economy in the process. That’s according to a groundbreaking new research report, Rethinking Transportation 2020-2030: The Disruption of Transportation and the Collapse of the ICE Vehicle and Oil Industries.

Assuming existing technologies and using well-established cost curves, the report, produced by RethinkX, an independent research group, provides a detailed analysis of data, market, consumer and regulatory dynamics. It finds that within 10 years of the regulatory approval of driverless vehicles:

  • 95 percent of U.S. passenger miles traveled will be served by on-demand Autonomous Electric Vehicles (A-EVs) owned by companies providing Transport as a Service (TaaS).
  • A-EVs engaged in TaaS will make up 60 percent of U.S vehicle stock.
  • As fewer cars travel more miles, the number of passenger vehicles on American roads will drop from 247 million in 2020 to 44 million in 2030.

“We are on the cusp of one of the fastest, deepest, most consequential disruptions of transportation in history,” said co-author Tony Seba, RethinkX co-founder, author of “Clean Disruption of Energy and Transportation,” and instructor at Stanford Continuing Studies. “But there is nothing magical about it. This is driven by the economics.”

Rethinking Transportation details how the approval of autonomous vehicles will unleash a market grab by existing and new ride-share companies, who will abandon internal combustion engines (ICE) for A-EVs for purely cost reasons. As a result:

  • Using TaaS will be four to 10 times cheaper per mile than buying a new car, and two to four times cheaper than operating an existing paid-off vehicle, by 2021.
  • The cost of TaaS will be driven down by several factors, including utilization rates that are 10 times higher; electric vehicle lifetimes exceeding 500,000 miles; and far lower maintenance, energy, finance and insurance costs.
  • The average American household will save $5,600 per year by giving up its gas-powered car and traveling by autonomous, electric TaaS vehicles.
  • These cost savings will drive both potential new car buyers and existing owners to abandon vehicle ownership and move to TaaS.
  • There is a clear path to free transportation under TaaS, which would accelerate the disruption and bring even more savings to American families and a bigger boost to the economy.
  • TaaS vehicles will provide universal, affordable point-to-point transportation to those left behind by the current private and public transport system, including the disabled, the young, the elderly, populations living on fixed incomes or highly variable (gig economy) incomes, and the poor.

“While these projections may seem radical because they differ from mainstream and incumbent industry projections, they are really quite conservative because they are based on assumptions that in some cases have already been bested by new technologies and plummeting prices,” said Bryan Hansel, CEO of Chanje Energy (formerly Nohm Technologies).

As demand for new vehicles plummets, 70 percent fewer passenger cars and trucks will be manufactured each year. This could result in total disruption of the car value chain, with car dealers, maintenance and insurance companies suffering almost complete destruction. Car manufacturers will have options to adapt, either as low-margin, high-volume assemblers of A-EVs, or by transitioning to becoming TaaS providers.

For the oil industry, the widespread shift away from individual gas-powered vehicles and toward electric, shared autonomous vehicles will be catastrophic. Global oil demand will peak at 100 million barrels per day by 2020, dropping to 70 million barrels per day by 2030. This will impact different companies and countries disproportionately — and in many cases, dramatically — depending on their exposure to high-cost oil.

Many transportation experts project a gradual move toward electric vehicles, the advent of driverless cars and trucks and the growth of shared transportation. But the authors of Rethinking Transportation put these three trends together and foresee a much faster and more profound change.

“Mainstream analyses fail to account for the impacts of technology convergence, and a new business model born in response,” said James Arbib, technology investor, philanthropist and co-author of the report. “This results in far greater cost differential between individual ownership and Transportation as a Service, leading to far faster and more extensive adoption as people choose cheaper, better transportation provided as a service.”

Unlike most mainstream analyses, which produce linear and incremental forecasts, Rethinking Transportation incorporates systems dynamics, including technology convergence, demand-side scale economies, increasing returns, network effects, feedback loops and market forces that better reflect the reality of fast-paced technology adoption S-curves.

“Systems dynamics will be unleashed as adoption begins, creating a virtuous cycle of increased investments in technology and market development leading to decreasing cost and increasing quality and convenience of Transportation as a Service, which will in turn drive further adoption along an exponential S-curve,” said Seba. “Conversely, individual ownership, especially of internal combustion engine vehicles, will enter a vicious cycle of increasing costs, and diminishing quality of service and convenience.”

Seba has successfully predicted major energy shifts before. He predicted in his 2009 book, “Solar Trillions,” that the cost of unsubsidized solar energy would be as low as 3.5 cents per kilowatt/hour by 2020, thus beating oil, coal and nuclear; this prediction has recently come true. Demand for both coal and nuclear have peaked and declined, and market values of listed companies in both industries have collapsed as a result. Seba also predicted in his 2014 book, “Clean Disruption," that the auto industry would commercialize unsubsidized electric vehicles with ranges of 200+ miles for $35,000 to $40,000 by 2018. The GM Bolt and Tesla Model 3 are the first two of the wave of EVs in the price range predicted by Seba.

The impacts of the transition to TaaS are far reaching:

  • Savings on transportation costs will result in a boost in annual disposable income for U.S. households totaling $1 trillion by 2030.
  • Consumer spending – America’s largest economic driver – will drive business and job growth.
  • Productivity gains will boost GDP by an additional $1 trillion.
  • As fewer cars travel more miles, the number of passenger vehicles on American roads will drop from 247 million to 44 million, opening up vast tracts of land for other uses.

“As with any market disruption, there will be winners as well as losers. Job losses in the driving, manufacturing and oil and gas sectors will be a key concern,” Arbib said. “But huge opportunities will open up as well – from broad economic growth stimulated by consumer saving and spending, to more focused growth in vehicle operating systems, computing platforms and Transportation as a Service, or TaaS, fleet providers. Travelers will have more time available since they will not be driving, and that opens a wide array of business opportunities, such as cafes on wheels, mobile entertainment or workspaces. The ability to monetize TaaS platforms as companies have monetized the internet platform opens the road to free transportation in some areas.”

Policymakers will face several critical junctures where their decisions will either help accelerate or impede the transition to TaaS. The first and the most crucial decision is when to remove barriers to autonomous vehicles (AVs). One indicator that American policymakers are inclined to move forward quickly is the rare bipartisan legislation to approve AVs, introduced by Senators John Thune (R-ND) and Gary Peters (D-MI). At the state level, California has approved 30 companies to test their self-driving cars on public roads and has proposed rules to allow fully (level 5) autonomous vehicles as soon as 2017.

The report aims to inform investors, business and civic leaders and policymakers about the anticipated disruption to enable better choices.

About RethinkX

RethinkX is an independent think tank that analyzes and forecasts the scope, speed and scale of technology-driven disruption and its implications across society. RethinkX produces compelling impartial data driven analyses that identify pivotal choices to be made by investors, business, policy and civic leaders. Headquartered in San Francisco and London, RethinkX’s founders are experts in finance and technology supported by a team of leading market sector analysts.

Rethinking Transportation is the first in a series of reports that analyze the impacts of disruption, sector by sector, across the economy. Follow-on analyses will consider the cascading and interdependent effects of this disruption between and across sectors. RethinkX aims to facilitate a global conversation about the threats and opportunities of technology-driven disruption, and focus attention on choices that could lead to a more equitable, healthy, resilient and stable society.

To learn more, or to join RethinkX’s community, please visit www.rethinkx.com.

Read more: New Report: Due to Major Transportation...

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