sPower Completes Construction on Four Solar Projects in Lancaster and Victorville, California
SALT LAKE CITY and SHANGHAI, Oct. 17, 2014 -- JinkoSolar Holding Co., Ltd. ("JinkoSolar") (NYSE: JKS), a global leader in the solar photovoltaic (PV) industry, and sPower (Sustainable Power Group), a prominent renewable energy provider, announce details of the first partnership between the two companies.
According to the terms of the contract, JinkoSolar supplied nearly 115,000 of its 305W high efficiency solar PV modules to sPower for the 34MW solar facility, which is comprised of four separate projects located in Lancaster and Victorville, California.
"This is a significant milestone for sPower -- bringing online the first major group of projects after our merger with Fir Tree-backed developer Silverado Power earlier this year. The development of these projects has brought jobs and economic benefits to the Antelope Valley, while providing a sustainable future in the area," said sPower CEO, Ryan Creamer. "We look forward to teaming with JinkoSolar on many more projects. Their experienced team is extremely capable, and we are pleased with the quality and performance of their PV modules."
When fully operational, the sPower facility is expected to generate enough clean solar energy to serve the needs of about 4,110 homes per year, reducing carbon emissions by roughly 45,050 metric tons annually – the equivalent of taking nearly 10,000 cars off the road.
"The abundance of solar energy in California makes PV modules the ideal solution to fulfill local electricity needs, and JinkoSolar's durable, high-performance modules are well suited to such a demanding environment. It is with great pleasure that we effectuate our partnership with sPower, a truly prominent player in the solar industry, on what is anticipated to be an assembly of successful solar projects," said Mr. Nigel Cockroft, General Manager of JinkoSolar (U.S.) Inc. "We pride ourselves in our ability to provide high-quality products and contribute to the substantial growth of the US Solar industry."
sPower has a 20-year power purchase agreement in place with Southern California Edison (SCE) to purchase 34MW of clean energy output from the facilities. Swinerton Builders was the primary EPC for the project. The facilities are expected to commence operations by November 30, 2014.
"Swinerton is proud to have been selected to work with the sPower and JinkoSolar team," said George Hershman, Swinerton Renewable Energy Vice President and Division Manager. "We share their commitment to delivering economical and responsible clean energy to rate payers."
About JinkoSolar Holdings Co., Ltd.
JinkoSolar is a global leader in the solar PV industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Montpellier, France; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan; and Cape Town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 2 GW each for silicon ingots and wafers, solar PV cells, and solar PV modules. JinkoSolar also sells electricity solar generated in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, France, Eastern Europe, China, India, Japan, South Africa, and other countries.
About sPower: Headquartered in Salt Lake City, with offices in San Francisco and New York City, sPower is a leading independent power producer (IPP) that owns and/or operates more than 130 utility and distributed electrical generation systems across the United States and the UK. With greater than a gigawatt between construction and pipeline, sPower is actively buying renewable assets in any stage of development, as well as working to acquire operating sustainable energy projects in North America and the UK. Concurrently, sPower's land division is seeking landowner partners to develop green energy projects and landowners/developers with existing renewables assets who can benefit from liquidating current land leases. sPower is a portfolio company of Fir Tree Partners, a leading global investment fund with more than 20 years of investing history and approximately $13 billion of capital under management.
sPower's growth (including: acquiring Tioga Energy's operating assets; merging with Fir Tree Partners-backed Silverado Power; acquiring Bosch North American operating assets; appointing SunEdison founder Jigar Shah and ex-CAISO and former Southern California Edison president Bob Foster to the sPower Board of Directors; collaborating with Camborne Capital to acquire a 7MWdc solar project in south Wales as their first joint project supporting a plan to enter the UK renewables market; and expanding sPower senior management with the promotion of CFO J.I. "Chip" Everest to president) has secured its position as a leader in the renewable energy industry since its founding in 2012. For more information, visit www.sPower.com.
About Swinerton Renewable Energy: Swinerton Renewable Energy offers turnkey utility-scale solar power solutions. With a photovoltaic project portfolio totaling over 400 MW and an additional 600 MW under construction, we proudly partner with major utilities across North America to generate reliable clean power for many years to come. Our distinct cradle-to-cradle perspective helps eliminate waste, drives down cost, and enhances power production with improved certainty.
In addition to our engineer, procure, and construct capabilities, Swinerton provides full-service operations and maintenance for any North American solar facility, as well as real-time performance monitoring through our proprietary SCADA platform, SOLV™. We offer a 95% power production guarantee and a five-year wrap from "modules to meter." Armed with key insights into total system performance over time, we can fine-tune each new design with pinpoint accuracy. For more information visit www.swinerton.com.