JinkoSolar's Sichuan Manufacturing Facilities Subjected to Power Rationing Measures

Rhea-AI Summary

JinkoSolar (NYSE: JKS) announced power rationing in Sichuan, impacting its production capacity since August 15, 2022. The local government implemented these measures to address regional power shortages, affecting JinkoSolar's operations. The company is taking steps to mitigate the impact, such as increasing output from other manufacturing facilities and engaging with local authorities. However, uncertainty remains regarding the duration of the power rationing and its potential effects on the company's financial performance for 2022.

Positive

• JinkoSolar is implementing measures to mitigate production impact, such as utilizing other manufacturing facilities.
• The company maintains communication with local government to address power supply concerns.

Negative

• Production capacity in Sichuan has been temporarily affected due to government-imposed power rationing.
• Uncertainty regarding the duration of the power rationing and its financial impact for 2022.

SHANGRAO, China, Aug. 22, 2022 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that since August 15, 2022, the local government of Sichuan province, where certain of JinkoSolar' s manufacturing facilities are located, has imposed province-wide power rationing measures to ease the power shortage in the region. As a result of these measures, the production capacity of JinkoSolar' s manufacturing facilities in Sichuan province has been temporarily affected.

JinkoSolar is actively monitoring the situation and has implemented various measures to minimize the adverse impact from the power rationing on its business operations and financial performance, including but not limited to having its other manufacturing facilities assume more production, and actively communicating with the local government about power supply related matters.  However, as it remains uncertain how long the power rationing measures will persist and when JinkoSolar's Sichuan manufacturing facilities can resume full production, JinkoSolar is currently unable to evaluate the extent to which its business operation and financial performance for full year 2022 will be affected.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. 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, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 40.0 GW for mono wafers, 40.0 GW for solar cells, and 50.0 GW for solar modules, as of March 31, 2022.

JinkoSolar has 12 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in mainland China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of March 31, 2022.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the SEC, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

View original content:https://www.prnewswire.com/news-releases/jinkosolars-sichuan-manufacturing-facilities-subjected-to-power-rationing-measures-301609716.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What is the impact of power rationing on JinkoSolar's production capacity?

Power rationing in Sichuan has temporarily affected JinkoSolar's production capacity since August 15, 2022.

How is JinkoSolar addressing the power rationing situation?

JinkoSolar is mitigating the impact by increasing production at other facilities and communicating with local authorities.

When did power rationing measures begin affecting JinkoSolar?

Power rationing measures began affecting JinkoSolar's operations on August 15, 2022.

What uncertainties does JinkoSolar face due to the power rationing?

JinkoSolar is uncertain about the duration of the power rationing and its overall impact on financial performance for 2022.