JinkoSolar Seeks to Triple Power Projects as Plans IPO for Unit

JinkoSolar Holding Co. plans to triple its solar power capacity this year as the company prepares for an initial public offering of its project-development unit.

It plans to complete as many as 1,000 megawatts of solar projects in China, compared with the 503 megawatts it owned at the end of last year, Chairman Li Xiande said in an interview. JinkoSolar commissioned a fifth of the target last quarter.

The Shanghai-based company joined Trina Solar Ltd., the biggest maker of panels, and Yingli Green Energy Holding Co. to build projects in China as the country increases installations.

JinkoSolar is pushing ahead with plans for a listing abroad for its development unit, Li said on Wednesday in Shanghai. The company said in December that it was considering a listing. The company will use loans from China Development Bank Corp. and China Minsheng Banking Corp., along with a leasing model, to fund construction before the unit goes public, Li said.

China may install as many as a record 19 gigawatts of solar power this year, up from 13 gigawatts, Bloomberg New Energy Finance estimates. Li expects China to add 20 gigawatts in 2015.

JinkoSolar also plans projects in South Africa and the Middle East, he said. It seeks to expand panel production capacity to 4,000 megawatts this year from 3,200 megawatts in 2014 as world demand for installations is expected to grow about 20 percent, Li said. Of the expanded output, 450 megawatts of new capacity will come from JinkoSolar’s Malaysian plant coming online in mid-May, and the remainder in Zhejiang, China.

Li is optimistic on the U.S. market, with a forecast of 6 gigawatts to 7 gigawatts of installations this year. The U.S. will provide the panel maker’s Malaysian factory with its best margin as American selling prices were buoyed after import tariffs were imposed on Chinese-made products, he said.

— With assistance by Feifei Shen

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