JinkoSolar Strikes Power Purchase Deal

JinkoSolar Holding Company shares were higher 2% in pre-market trade after the company and Marubeni Corporation said they have struck a power purchase agreement with the Abu Dhabi Water and Electricity Company for the Solar PV Independent Power Project at Sweihan in the Emirate of Abu Dhabi, UAE.

JinkoSolar said a special purpose company jointly owned by JinkoSolar, Marubeni, and the Abu Dhabi Water and Electricity Authority will construct, operate and maintain the photovoltaic plant for the duration of the 25-year power purchase agreement.

The project’s financial agreements are expected to close in April 2017 with commercial operation expected to begin in 2019.

By Celina Yao