NextEra Energy and JinkoSolar announce deal for millions of solar panels; JinkoSolar to begin manufacturing solar panels in Florida
Two global solar energy leaders, U.S.-based NextEra Energy, Inc. (NYSE: NEE) and China-based JinkoSolar Holding Co., Ltd. (NYSE: JKS), today announced one of the largest solar panel supply deals in history.
NextEra Energy announced that it is the counterparty to a major supply agreement that was announced by JinkoSolar in January. The companies amended the agreement this month, and JinkoSolar will supply NextEra Energy with up to 2,750 megawatts of high-efficiency solar modules -- roughly 7 million solar panels -- over approximately four years.
In conjunction with this agreement, JinkoSolar is opening its first U.S. factory in Jacksonville, Florida, which is expected to create more than 200 direct jobs in Florida and support hundreds of additional local jobs in shipping and other related industries.
"As NextEra Energy continues to invest heavily in new solar projects across the country, we're thrilled to have the opportunity to buy cost-effective, reliable solar panels made here in America. JinkoSolar shares our commitment to delivering affordable clean energy solutions, and we are pleased to welcome them to our home state of Florida," said Jim Robo, NextEra Energy's chairman and CEO.
"It's exciting to know that solar panels built in Florida will be helping power FPL customers in the not-too-distant future," said Eric Silagy, president and CEO of Florida Power & Light Company, which currently operates more than 930 megawatts of solar capacity in Florida, including 14 solar power plants. Over the next decade, FPL plans to more than quadruple its current solar capacity to more than 4,000 megawatts. "We are honored to have played a role in making this possible, but it wouldn't have happened without the dedication and dogged efforts of Governor Scott, Enterprise Florida, Mayor Curry, JAXUSA Partnership, the Jacksonville City Council, JEA and the business community. By working together with open minds and a shared commitment, they made Florida shine in the face of fierce competition from other states."
Once fully operational, JinkoSolar's state-of-the-art factory in Jacksonville is expected to have the capacity to build 400 megawatts of solar modules annually -- more than 1 million solar panels a year. Production is expected to begin later this year. JinkoSolar anticipates using the Port of Jacksonville for a large volume of importing and exporting activities.
"Florida's economy is on a roll. Since 2011, nearly 1.5 million private-sector jobs have been created in our state, and more and more companies like JinkoSolar are choosing to grow in Florida. Today's announcement means that 200 additional families in Jacksonville will be able to find a great job. We will continue working nonstop to make Florida the number one destination of job creators by eliminating burdensome regulations and keeping taxes low for businesses and families," said Florida Governor Rick Scott.
"This is a major win for Jacksonville and the community," said Jacksonville Mayor Lenny Curry. "JinkoSolar's presence enhances our reputation as a manufacturing city, and I am eager to see the company contribute to the vibrant economy in Jacksonville."
"We are thrilled to welcome JinkoSolar to Northeast Florida," said Chris Corr, senior vice president of real estate for Rayonier Inc., a major timberland real estate investment trust that employs hundreds of people in Northeast Florida. "This announcement highlights the high-quality economic development taking place throughout the region, and we applaud Florida Power & Light for helping make this happen and its commitment to keeping energy costs low for its customers."
With advantages that include a low-cost, pro-business environment, a strong record of economic development and job growth and one of the largest solar expansions in the country, Florida edged out several other states that competed for the multimillion-dollar investment.
"Investing in this solar panel manufacturing facility makes clear our commitment to Florida and the growing U.S. market," said Kangping Chen, CEO of JinkoSolar. "This will be one of the world's most advanced solar panel manufacturing facilities, which will provide us with the flexibility and manufacturing capacity to support our local partners and growing U.S. customer base."
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 8 GW for silicon ingots and wafers, 5 GW for solar cells and 8 GW for solar modules, as of December 31, 2017. JinkoSolar has over 12,000 employees across its eight production facilities globally, 16 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and global sales offices in China, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa, and United Arab Emirates.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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