Companies like JinkoSolar are helping global solar operations scale up in a time when energy innovation is paramount for protecting the planet.
With over 15,000 employees and multiple production facilities, JinkoSolar helps provide renewable energy installations around the world. The company operates subsidiaries in Bulgaria, Greece and Romania, which means JinkoSolar operations are a part of these national economies. Reports from Electric Light and Power paint the picture of how JinkoSolar helps contractors set up energy parks like this 47-acre site outside of Bucharest.
In order to serve these and other communities well, JinkoSolar is partnering with the Saudi government in the Middle East. A recent press release shows JinkoSolar leaders meeting with the chairman of the Saudi Electricity Co., Saleh H. Alawaji, in Beijing.
How do these types of international partnership help communities in countries like Bulgaria or Romania to take advantage of the most modern solar solutions available in today's markets?
JinkoSolar press contacts declined to respond to phone calls and emails, but Amman Patel, a research analyst at Aranca, spoke to Balkan Business Wire about the potential for the Saudi deal to help solar. Patel tracks multiple companies across sectors in US, European and Gulf Cooperation Council markets for leading asset management firms.
“Sensing the huge untapped potential of the solar energy sector, the Saudi government has unveiled, in its Vision 2030 transformation plan, an ambitious pipeline of renewable energy projects to produce 9.5 gigawatts by 2030,” Patel said. “It’s no wonder that JinkoSolar, one of the world’s largest solar cell producers, is exploring business opportunities in Saudi Arabia’s solar energy sector.”
Patel said the Saudi energy company is mulling over a joint venture to bid for tenders and execute large-scale projects as it seeks to convert the kingdom’s ambitious vision into reality.
“If the discussions go through, it will help alleviate ‘execution risk’ of projects, the main fear among investors,” Patel said.
Patel also cited the slump in oil prices that analysts think led to renewables exploration.
“We believe lower oil prices are also facilitating the push for renewable energy,” Patel said. “The Kingdom is looking to cut down domestic consumption of oil, and export more to keep the kingdom’s fiscal situation afloat. Also, a shift to renewables will lessen oil subsidies, further benefiting state finances. The resulting eco-system which will be built to support and supply the large scale projects … will support job creation, diversify the economy and increase GDP growth. We believe this is a win-win situation for all the parties involved, the Saudi government, JinkoSolar and global ecology.”