JinkoSolar Holding Co., the best-performing Chinese solar manufacturer in the past year, opened a factory in Cape Town making it the first Chinese producer in Africa.
The plant can turn out 120 megawatts of solar panels a year, the Shangrao, China-based company said today in a statement. It will help JinkoSolar deliver panels to the region and meet a South African requirement that renewable energy projects are built using some domestically-manufactured equipment.
The company has sold more than 300 megawatts of panels in South Africa since winning its first tender in 2012, Chen Kangping, JinkoSolar’s chief executive officer said in the statement.
JinkoSolar is expanding as global demand surges, reaching as much as 52 gigawatts of solar installations this year, up from 40.3 gigawatts in 2013, according to Bloomberg New Energy Finance. The company received $225 million in private funding last month for new projects.
Its American depositary receipts, each worth four ordinary shares, have doubled in the past 12 months, trailing only St. Peters, Missouri-based SunEdison Inc. and Singapore-based Rec Solar ASA on the Bloomberg Industries Global Large Solar Energy Index.