April 16 (Bloomberg) -- JinkoSolar Holding Co., the best-performing Chinese solar manufacturer in the past year, connected two power plants with a combined 39 megawatts of capacity to the grid in eastern China’s Jiangsu province.
JinkoSolar completed a 24-megawatt plant in Xinyi and a 15-megawatt solar farm in Lianyungang, the Shangrao, China-based company said today in a statement. Both projects will receive government subsidies for 20 years.
The company has connected more than 252 megawatts of photovoltaic projects to date, according to the statement. JinkoSolar last month reported its highest quarterly earnings in almost three years as the solar industry emerges from a slump resulting from a global oversupply of panels that drove down prices and ate into margins.
“Having been successful in western China, we are now expanding our downstream business into China’s eastern provinces,” Li Xiande, JinkoSolar’s chairman, said in the statement.
The company’s American depositary receipts, each worth four ordinary shares, have increased more than fivefold in the past year, the most on the 17-member Bloomberg Global Large Solar Index after Canadian Solar Inc.
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