MUNICH - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS), a leading solar module manufacturer, has completed the delivery of over 1.1 million Tiger Neo modules to the Witznitz Solar Park in Lobstädt, Germany, marking a significant milestone in the country's renewable energy sector.
The Witznitz Solar Park, currently the largest photovoltaic (PV) project in Germany and one of the largest in Europe, boasts a module capacity of 650 megawatts (MW).
The solar park is expected to generate approximately 0.6 terawatt hours of electricity annually. SIGNAL IDUNA, a German insurance group, through HANSAINVEST Real Assets GmbH, has invested in the project, securing 605 MW. Additionally, Shell (LON:SHEL) Energy Europe has entered into a 15-year Power Purchase Agreement (PPA) with the facility. MOVE ON Energy, which constructed the solar park last year, will manage its operations.
Frank Niendorf, General Manager of JinkoSolar Europe, emphasized the importance of expanding green energy production in Germany and Europe to increase electricity supply and reduce carbon emissions. He expressed pride in JinkoSolar's contribution to the Witznitz Solar Park, which has set a benchmark for renewable energy projects in the region.
Steffen Montag, Managing Director of MOVE ON Energy GmbH, and Wolfgang Pielmaier, Technical Director of MOVE ON Energy GmbH, praised JinkoSolar for meeting the project's high technical requirements and ensuring timely delivery. They highlighted the Witznitz energy park as one of the largest construction sites in Saxony in 2023 and commended the partnership with JinkoSolar.
JinkoSolar operates on a global scale, with 14 production facilities and 26 overseas subsidiaries. The company's extensive sales network covers a wide range of regions, including China, the United States, Japan, and various European countries.
This announcement is based on a press release statement from JinkoSolar.
InvestingPro Insights
As JinkoSolar Holding Co., Ltd. (NYSE: JKS) makes strides in the renewable energy sector with its delivery to Germany's Witznitz Solar Park, investors and industry observers are keeping a close eye on the company's financial health and stock performance. According to recent data from InvestingPro, JinkoSolar boasts a market capitalization of $1.26 billion and an attractive Price/Earnings (P/E) ratio of 3.33, which further adjusts to 3.09 when looking at the last twelve months as of Q1 2024. This low earnings multiple may suggest that the stock is undervalued compared to its earnings potential, an aspect that could be of interest to value investors.
Additionally, the company's Price/Book (P/B) ratio stands at 0.43 for the same period, indicating that the stock may be trading at a discount to the book value of its assets. This aligns with one of the InvestingPro Tips highlighting that JKS is trading at a low Price/Book multiple, which could signal a buying opportunity for investors seeking undervalued stocks. Furthermore, JinkoSolar has experienced a robust revenue growth of 29.12% over the last twelve months as of Q1 2024, showcasing its ability to expand its top-line figures significantly.
Despite these positive financial metrics, it is important to consider that the company has been facing challenges, as noted in another InvestingPro Tip, which points out that JinkoSolar is quickly burning through cash. This could be a concern for long-term sustainability and warrants close monitoring. Moreover, the stock has taken a considerable hit over the last six months, with a price total return of -31.86%, reflecting market sentiment and potential headwinds faced by the company.
To gain deeper insights into JinkoSolar's financial health and stock performance, investors can explore additional InvestingPro Tips, with 13 more tips available on the platform. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where you can find the latest data and expert analysis on JKS and other stocks in the renewable energy sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.