Energetica India Magazine - September 2022

Chinese solar products major JinkoSo- lar has reported significant growth of 60.14 per cent in its net profit to USD 905 million during the first half of 2022, as compared to the previous year. During H1 2022, the company’s operat - ing revenue grew to USD 33.407 billion, up 112.44 per cent y-o-y, and achieved an operating cash flow of USD 2.23 bil - lion, up 481 per cent. Moreover, the company shipped a total of 18.92 GW of solar products globally in the first half of 2022, up 79 per cent y-o-y, including 18.21 GW of solar mod - ules. The company in a statement said that “in the semi-annual performance re - ports of leading solar companies, Jin - koSolar ranked top in module ship- ments globally.” Among JinkoSolar’s global module shipment destinations in the first half of 2022, the European market account - ed for the highest percentage with high percentages of China, Asia Pacific and emerging markets. Additionally, JinkoSolar N-type Tiger Neo series modules achieved a large number of orders and high premium levels in the European market. On the other hand in the Chinese mar- ket, the company carried out large base projects while focusing on the explora - tion and development of the distribu - tion market, achieving rapid growth in shipments. Besides, the company achieved fast growth in the Latin American, Indian and other markets through leading lay- out and seizing market rotation oppor- tunities, JInkoSolar added. On the whole year outlook, the compa - ny is confident of completing the mod - ule shipment target of 35-40 GW, while continuing to make steady progress to- ward the N-type product shipment tar - get of 10 GW. With an aim to get better control over the supply chain for critical compo - nents, Amp Energy India has entered into a joint venture (JV) partnership with Websol Energy Systems Ltd for the manufacturing of up to 1.2 GW ca - pacity of monocrystalline PERC solar cells and modules. In this regard, the two companies have entered into a term sheet agreement for the establishment of a JV for produc - ing monocrystalline PERC solar cells and modules in two phases of 600 MW each at Websol’s existing unit at Falta in West Bengal. It is proposed to set up the unit in a JV company in which Websol will hold 51 per cent and Amp Energy will hold the 49 per cent stake. Furthermore, the project would be fi - nanced in the form of both Debt and Equity and would be having an off-take agreement with Amp Energy India for up to 50 per cent of the production. However, the rest of the production would be sold in the market, which is likely to help in filling the demand-sup - ply gap for cells and modules in the In - dian market. Commenting on the partnership, Pinaki Bhattacharyya, MD and CEO of Amp Energy India, said that “this partner - ship with Websol Energy will go in a long way to ramp up India’s solar mod - ule manufacturing capacity in the com - ing years. There is an extremely strong demand for India manufactured solar cells and with favourable policies in place, the costs of manufacturing will also go down as industry scales and be - come more competitive. We believe that our entry into manufacturing would not help in backward integration but also help us have better control over supply chain of critical components. We have always supported the government’s At - manirbhar Bharat initiative by generat - ing renewable energy in India and this natural progression into manufacturing is also an extension of our support.” Meanwhile, the term sheet is subject to both parties agreeing on certain com - mercial terms and DD, definitive agree - ments. JinkoSolar Net Profit up 60%; Global PV Products Shipment Rises 79% in H1 2022 Amp Energy India to Form JV with Websol Energy to Make 1.2 GW of Solar Cells and Modules 14 energetica INDIA- September_2022 ENERGY UPDATES