June 20 (Bloomberg) -- JinkoSolar Holding Co., a Chinese solar manufacturer, expects installations of panels in its home market to almost double this year to 5 gigawatts.
There will be “strong demand” in China in the second half of the year, Arturo Herrero, chief marketing officer of the Shangrao-based company, said today during a conference call to discuss its first-quarter results.
China installed 2.57 gigawatts of solar panels last year and is on pace to become the biggest solar market next year as Italy and Germany, the top markets in 2011, trim government subsides to slow demand, according to Bloomberg New Energy Finance.
“The Chinese government is committed to reach 10 gigawatts of installed capacity by 2015 and 50 gigawatts by 2020,” Herrero said on the call.
JinkoSolar’s quarterly revenue was 1.1 billion yuan ($168.3 million), down 51 percent from a year earlier, according to a statement today. Its net loss was 356.3 million yuan, compared with net income of 336.6 million yuan.
The European Union probably won’t follow a U.S. preliminary decision to impose tariffs on Chinese solar cells, Herrero said, based on the company’s discussions within the solar industry.
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