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SHANGHAI, le 22 juillet 2017 /PRNewswire/ -- En 2016, la capacité nouvellement installée des produits PV distribués en Chine a atteint 4,24 millions de kilowatts, soit une augmentation de 200 % par rapport à l'année précédente. Pour 2017, d'après une analyse des principales entreprises menée par le Centre national de Chine sur les énergies renouvelables, on estime que la capacité nouvellement installée de production électrique PV en Chine a atteint 24 millions de kilowatts au premier semestre, dont 7 millions de kilowatts de produits PV distribués, soit près de 3 fois la capacité nouvellement ajoutée au cours de la même période en 2016, ce qui indique l'avènement d'une nouvelle ère de solide développement des produits PV distribués.

LONGi president Li Zhenguo delivers a speech on forum.
LONGi president Li Zhenguo delivers a speech on forum.

Malgré de cette croissance explosive, le problème des produits PV distribués demeure indéniable. Des modules PV à faible performance et de qualité inférieure inondent le marché, tandis que les produits de haute qualité sont contraints d'être exportés.

Face à cette dérive du marché, Li Zhenguo, président de LONGi, a adopté une position claire consistant à affirmer que les produits PV doivent entrer dans l'ère 3.0, ce qui signifie que les produits efficients tels que les modules 300 W doivent être mis en application finale à grande échelle, que les produits PV distribués mettent fin à l'ère des produits médiocres à faible performance et de qualité inférieure, et que les produits distribués sont non seulement efficients, mais également extrêmement fiables et attractifs.

Au cours des deux dernières années, la puissance des modules de LONGi a enregistré une croissance rapide, passant de 260 W à 270 W, 280 W et 290 W. Aujourd'hui, le module de 300 W qui a fait l'objet d'une production de masse constitue la technologie la plus aboutie ainsi que le produit présentant la qualité la plus exceptionnelle !

Dans le cadre de l'ère 3.0 des produits PV distribués, LONGi jouera un rôle de leader afin d'éliminer les produits à faible performance et de qualité inférieure dans le secteur des produits PV distribués, afin que de l'« argent bien investi » puisse remplacer de l'« argent mal investi » ; en collaboration avec ses homologues du secteur, LONGi mettra résolument en application finale des produits à haute performance tels que les modules de 300 W.

D'après Li Zhenguo, LONGi fournira tous les efforts nécessaires afin de permettre aux consommateurs de produits distribués d'accéder aux produits les plus aboutis du secteur, ainsi que de bénéficier de la valeur obtenue grâce à des produits de haute qualité !

Photo - http://mma.prnewswire.com/media/537951/LONGi_president_Li_Zhenguo.jpg

SOURCE LONGi Solar

SHANGHAI, 22. Juli 2017 /PRNewswire/ -- Im Jahr 2016 betrug die Kapazität der neu installierten, dezentralen Photovoltaik(PV)-Anlagen in China 4,24 Mio. kW, eine Steigerung von 200 % im Jahresvergleich. Laut einer vom China National Renewable Energy Center durchgeführten Analyse der wichtigsten Unternehmen wird davon ausgegangen, dass die neu installierten PV-Anlagen im ersten Halbjahr 2017 eine Kapazität von 24 Mio. kW erreichen, darunter 7 Mio. kW durch dezentrale PV-Anlagen. Dies ist fast das Dreifache der neu installierten Kapazitäten für den gleichen Zeitraum im Jahr 2016, ein deutlicher Hinweis auf den Beginn eines neuen Zeitalters für die Entwicklung von robusten dezentralen PV-Produkten.

LONGi president Li Zhenguo delivers a speech on forum.
LONGi president Li Zhenguo delivers a speech on forum.

Trotz des explosiven Wachstums liegt das Problem von dezentralen PV-Produkten auf der Hand. PV-Module von geringer Effizienz und minderwertiger Qualität überfluten derzeit den Markt, während Anbieter hochwertiger Produkte sich gezwungen sehen, ins Ausland zu gehen.

Bezüglich dieser Marktabweichung nahm Li Zhenguo, President von LONGi, eine klare Haltung ein und betonte, dass der Eintritt ins Zeitalter 3.0 für dezentrale PV-Projekte unumgänglich sei und die großflächige, endgültige Übernahme effizienter Produkte wie 300-Watt-Module durchgesetzt werden solle. Die Ära minderwertiger, unwirtschaftlicher Billigprodukte sei jetzt vorbei, und hocheffiziente dezentrale Produkte, die zugleich äußerst zuverlässig und attraktiv sind, würden an ihre Stelle treten.

In den letzten zwei Jahren hat LONGi in schneller Reihenfolge Module mit einer immer höheren Leistung produziert – von 260 W auf 270 W, 280 W und 290 W. Derzeit hat das 300-Watt-Modul das Massenproduktionsstadium erreicht und zeichnet sich durch die derzeit modernste Technologie und höchste Produktqualität aus.

Im Zeitalter 3.0 der dezentralen Photovoltaik will LONGi die Führung übernehmen und minderwertige, unwirtschaftliche Produkte aus der Solarenergiebranche eliminieren, damit „hohe Qualität" gegenüber „schlechter Qualität" die Oberhand gewinnt. In Zusammenarbeit mit anderen Unternehmen der Branche ist LONGi fest entschlossen, die Verwendung hocheffizienter Produkte wie der 300-Watt-Module endgültig umzusetzen.

Gemäß den Worten Li Zhenguos wird LONGi keine Mühe scheuen, Verbrauchern von dezentralen Produkten den Zugang zu den technologisch fortschrittlichsten Modulen der Branche zu bieten, damit diese die Vorteile hochwertiger Qualität ausschöpfen können.

Foto: http://mma.prnewswire.com/media/537951/LONGi_president_Li_Zhenguo.jpg

SOURCE LONGi Solar

Addressing the shareholders at the company's 40th annual general meeting, Ambani said that the company will invest in new sources of energy, aiming for leading positions in renewables

The post Mukesh Ambani makes Reliance Industries future ready, plans for foray into renewables appeared first on The Financial Express.

SHANGHAI, July 21, 2017 /PRNewswire/ -- In 2016, China's newly installed capacity of distributed PV was 4.24 million kilowatts, an increase of 200% year on year. In 2017, according to an analysis of major enterprises by China National Renewable Energy Center, it's estimated that China's newly installed capacity of PV power generation reached 24 million kilowatts in the first half of the year, including 7 million kilowatts of distributed PV, nearly 3 times of the newly added in the same period of 2016, indicating the advent of a new era for the robust development of distributed PV.

LONGi president Li Zhenguo delivers a speech on forum.
LONGi president Li Zhenguo delivers a speech on forum.

Despite the explosive growth, the problem of distributed PV is obvious. Low-efficiency, low-quality PV modules are flooding the market, while high-quality products are forced to go abroad.

On this market deviation, LONGi president Li Zhenguo took a clear-cut stand that distributed PV must enter the 3.0 era, which means, efficient products like 300W modules are put into final application on a large scale, distributed PV bids farewell to the era of shoddy and low-quality, low-efficiency products, distributed products are not only highly efficient, but also highly reliable and attractive.

In the past two years, the power of LONGi's modules has increased rapidly, from 260W to 270W, 280W and 290W. Today, the 300W module has realized mass production represents the most leading-edge technology and the most outstanding product quality!

In the 3.0 era of distributed PV, LONGi will take the lead to eliminate low-quality, low-efficiency products in the field of distributed PV, so that "good money" can drive out "bad money"; in collaboration with industry peers, LONGi will firmly put high-efficiency products like 300W modules into final application.

According to Li Zhenguo, LONGi will spare no effort to enable the consumers of distributed products to have access to the industry's most cutting-edge products, and enjoy the value returned by high-quality products!

View original content with multimedia:http://www.prnewswire.com/news-releases/president-li-zhenguo-distributed-pv-formally-enters-30-era-300492199.html

SOURCE LONGi Solar

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal presided over the signing of Power Purchase Agreements (PPAs) for purchase of 1050 MW of wind power under Ministry of New and Renewable Energy (MNRE)’s first Wind Auction Scheme here today. The PPAs were signed between PTC India Ltd., the trading company, and the successful wind power developers.

As per the PPAs signed, Mytrah Energy, Inox Wind and Ostro Kutch Wind Pvt. Ltd. would supply wind power of capacity 250 MW each. Further, Green Infra would supply 249.9 MW and Adani Green Energy 50 MW from their wind power projects through inter-state transmission system at a tariff of Rs. 3.46 per kWh discovered through the open and transparent competitive bidding process. PTC India has tied-up this wind power for sale to DISCOMS of a number of States. Under this, Uttar Pradesh would get 449.9 MW, Bihar 200 MW, Jharkhand 200 MW, Delhi 100 MW, Assam 50 MW and Odisha 50MW for meeting their Non-Solar Renewable Purchase Obligation (RPO). 

For these projects Solar Energy Corporation of India (SECI) conducted e-reverse auction on 23rd February 2017 and issued Letter of Award (LoA) to the successful wind power developers on 5th April 2017. The wind power projects under first wind auction are likely to be commissioned by September 2018.

Congratulating all stakeholders of the sector on their coordinated efforts to drastically bring down renewable energy prices, Shri Piyush Goyal encouraged everyone to keep the interests of the end consumers as their priority. The Minister also floated the idea of doing away with the requirement of separate Renewable Purchase Obligations (RPO) for different renewable energy sources and allow the States to independently decide their energy mix.

Shri Goyal desired that wind energy bids should be brought out every month, though he also advised the senior officials of the Ministry to calibrate the pace of this process keeping in mind the affordability of renewable energy for common man. Industry players which are inefficient would either evolve and face competition in the sector or finally wind up. “I welcome the churning happening in the industry and look forward to healthy competition and affordable power for all through increase in scale”, the Minister added.

Shri Goyal also informed that the Ministry is working to bring robust guidelines for the wind energy bidding and is in discussions with regulators for better forecasting and scheduling of renewable energy in the grid. The Minister also informed that with every unit of renewable power generated in the country, jobs are being created to the tune of 5-7 times as compared to power generated through conventional energy sources.

Speaking on the occasion, Secretary MNRE, Shri Anand Kumar informed that the Ministry has done away with the Inter State Transmission levies on transfer of Renewable Energy from windy States to non-windy ones, which would aid the latter to meet their RPOs and keep the costs of power affordable.

Earlier, MNRE had sanctioned a scheme for setting up of 1000 MW inter-state transmission system (ISTS) connected Wind Power Projects on 14th June 2016 with the objective to encourage competitiveness through scaling up of project sizes and introduction of efficient and transparent e-bidding and e-auctioning processes. 

Other dignitaries present on the occasion were Shri A.K. Bhalla, Secretary Power, Shri Deepak Amitabh, CMD PTC India, Dr. Ashvini Kumar, MD SECI and other senior officers of the Ministry and Industry partners.

*****

RM/VM

SHANGHAI, July 21, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that its annual general meeting (the "AGM") will be held at the office of Kirkland & Ellis International LLP at 11th Floor, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong New District, Shanghai, China at 2:00 p.m. Beijing time (2:00 a.m. U.S. Eastern Time) on August 30, 2017.

Copies of the notice of the AGM, proxy form, poll card and annual report are available on ReneSola's investor relations website at http://ir.renesola.com.

AGM Resolutions

The following resolutions to be proposed at the AGM will require a simple majority of the votes cast by the shareholders present in person or by proxy:

  1. As a resolution of shareholders, to receive, consider and approve the consolidated financial statements of the Company for the year ended December 31, 2016, together with the reports of the auditors thereon.
  2. As a resolution of shareholders, to re-elect Mr. Tan Wee Seng as a director of the Company, who is retiring by rotation and offering himself for re-election in accordance with the Company's articles of association.
  3. As a resolution of shareholders, to authorize the board of directors of the Company to re-appoint Deloitte Touche Tohmatsu Certified Public Accountants LLP as auditors of the Company until the conclusion of the next general meeting of the shareholders of the Company.

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
This email address is being protected from spambots. You need JavaScript enabled to view it.

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
This email address is being protected from spambots. You need JavaScript enabled to view it.

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
This email address is being protected from spambots. You need JavaScript enabled to view it.

View original content with multimedia:http://www.prnewswire.com/news-releases/renesola-announces-notice-of-annual-general-meeting-300492186.html

SOURCE ReneSola Ltd.

Related Links

http://www.renesola.com/

In the immediate vicinity of many embassies, on a carport at the giant Brooklyn Mall in Pretoria, 9,600 solar modules gleam in the South African sun. juwi started work on the construction of the one-megawatt system at the end of January.

The Government of Zambia signed agreements  for a second mandate with Scaling Solar, the World Bank Group program that is helping developing countries procure low cost, privately financed, solar power.

100 Thousand Solar Lanterns Project has achieved over 80,000 donations in total

South Africa is increasingly focusing on renewable energies. By 2020, solar energy is forecast to expand to over 5.7 gigawatts.

The Government of Zambia signed agreements  for a second mandate with Scaling Solar, the World Bank Group program that is helping developing countries procure low cost, privately financed, solar power.

Azuri is delighted to announce a partnership with the Niger Delta Power Holding Company (NDPHC) to launch its PayGo Solar Home Systems in Nigeria, to deliver affordable, clean energy to 20,000 rural households living without electricity. 

Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, announces the start of construction works at the French solar power plants of Canadel (10.4 MW) and Castellet 2 (3.8 MW) located in the southern-France region of Var. 

Intersolar Europe, the world’s leading exhibition for the solar industry and its partners, is now open.

JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company"), a global leader in the Photovoltaic (PV) industry, announced that as the only Chinese company, it was invited to dialogue at The Business 20 (B20) Summit held in Berlin on May 2-3, 2017.

SMA Solar Technology AG successfully continued on its path to more profit and higher cash flow in 2016 and achieved a sales record by selling inverter output of 8.2 GW (2015: 7.3 GW).

ISE Group, Total and SunPower have started up a 27-megawatt-peak photovoltaic power plant in Nanao on Japan's Honshu Island.

IFC, a member of the World Bank Group, and fashion retailer, H&M Hennes & Mauritz (H&M), launched a joint partnership to boost the use of clean, renewable energy in the garment sector, while also slashing greenhouse gas emissions.

Larson Electronics LLC, a leading industrial lighting company, announced the release of a new solar panel kit to be added to its catalog of products.

Once 80 Year Rivals, Poyant Signs partners with Beaumont Solar to meet all industry deadlines

Green Power EMC, the renewable energy supplier for 38 Georgia Electric Membership Corporations (EMCs), and Silicon Ranch, one of the nation's largest independent solar power producers, officially dedicated a 52-Megawatt (MWAC) solar energy plant in Jeff Davis County, Georgia. 

Bolymedia Holdings Co. Ltd., a global high-tech company headquartered in Silicon Valley, is pleased to announce its fourth patented technology product for renewable energy at the SNEC PV Power Expo on April 19-21, 2017 in Shanghai, China.

Ramada Silicon Valley located in Sunnyvale, Ca.the hotel recently announced the completion of a photovoltaic (PV) system by Sky Power Solar with solar modules from Mitsubishi Electric US, Inc. 

With the immense desire for quality and efficiency development of product quality, Sova Solar has moved forward to make a collaboration with IIT KGP.

Atha Group (NVR) is pleased to announce that they have won the bid to supply 200MW of solar power to TANGEDCO. Group Companies – Narbheram Vishram and NVR Energy Pvt. Ltd under Atha Group will setup 100MW plant each.

1st Solar PV Power Plant in the iron ore mine in the country The project will help reduce CO2 emission by about 3000 tonnes per annum

Sungrow, the global leading PV inverter system solution supplier, has held a Solar Gigawatt Day as part of this year’s India Solar Week event to commemorate its 1GW of PV inverter shipment to India.

The quality of the photovoltaic modules manufactured by Vikram Solar has convinced the authors of the PV Module Reliability Scorecard Report 2017.

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  • India'sIndia's largest solar vertical farm in Dell’s Bengaluru campus, Whitefield
Dell is harnessing the power of solar energy in India, in a bid to fulfill 60% of its total energy demand in India through onsite solar installations and other renewable energy sources by 2020 as part of its “Legacy of Good 2020 Goal”. With two large installations on Solar Power plants on site and by sourcing renewable energy from third party sources, the company has very well positioned to achieve 50% of its energy demand through renewal energy sources by end of this year.  
 
A recent installation is the 350 kwp PV (Photovoltaic) system at its Hyderabad campus which is the largest across its offices in India.  This system will replace parts of the grid power provided by the electricity board and electricity generators with clean solar energy. It will allow for the entire building and parking area to be lit for 8 hours every day.
 
List of solar installations at Dell – India
Location Capacity Energy efficiency measure
Bangalore (Whitefield) 120Kwp Illuminating entire basement and cafeteria
Hyderabad 350Kwp Illuminating entire building and parking area lights for 8hours/day
Chennai Factory 120Kwp Illuminating entire factory
Gurgaon 90Kwp Illuminating a floor 40,000 Sqft of the Office Building
Total Capacity: 680Kwp
 
In a unique move, Dell collaborated with Tata Power Solar a year back to put up India’s largest vertical solar farm of 120 kwp at its Whitefield campus in Bengaluru. Additionally, the company is in advance stages of sourcing green power for majority of its energy demand.

“Dell’s Global Legacy of Good Plan’ is to achieve more than half of the total energy demand through renewable energy sources by the year 2020. We have made significant inroads into achieving this by harnessing energy from a combination of on-site solar plants and external renewable energy sources and thereby able to live up to our sustainability commitments by taking real, measurable actions,” said Deepak Ohlyan, Vice President - Dell Global Facilities.

All the recently developed buildings of Dell in India are certified for LEED Platinum / Gold standards. The existing Dell Hyderabad facility is just been certified for Green Existing Building – Platinum by IGBC. 

About Dell Inc.
 
Dell Inc., a part of Dell Technologies, provides customers of all sizes – including 98 percent of the Fortune 500 – with a broad, innovative portfolio from edge to core to cloud. Dell Inc. comprises Dell client as well as Dell EMC infrastructure offerings that enable organizations to modernize, automate and transform their data center while providing today’s workforce and consumers what they need to securely connect, produce, and collaborate from anywhere at any time.

JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it has supplied 23MW of high-

For AlsoEnergy, the top selling independent monitoring provider for commercial PV in North America, this partnership is an opportunity to extend international coverage for sales and support.

High voltage switchgear to support Saudi Arabia’s first integrated solar and natural gas power plant

Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal presided over the signing of Power Purchase Agreements (PPAs) for purchase of 1050 MW of wind power under Ministry of New and Renewable Energy (MNRE)’s first Wind Auction Scheme here today. The PPAs were signed between PTC India Ltd., the trading company, and the successful wind power developers.

As per the PPAs signed, Mytrah Energy, Inox Wind and Ostro Kutch Wind Pvt. Ltd. would supply wind power of capacity 250 MW each. Further, Green Infra would supply 249.9 MW and Adani Green Energy 50 MW from their wind power projects through inter-state transmission system at a tariff of Rs. 3.46 per kWh discovered through the open and transparent competitive bidding process. PTC India has tied-up this wind power for sale to DISCOMS of a number of States. Under this, Uttar Pradesh would get 449.9 MW, Bihar 200 MW, Jharkhand 200 MW, Delhi 100 MW, Assam 50 MW and Odisha 50MW for meeting their Non-Solar Renewable Purchase Obligation (RPO). 

For these projects Solar Energy Corporation of India (SECI) conducted e-reverse auction on 23rd February 2017 and issued Letter of Award (LoA) to the successful wind power developers on 5th April 2017. The wind power projects under first wind auction are likely to be commissioned by September 2018.

Congratulating all stakeholders of the sector on their coordinated efforts to drastically bring down renewable energy prices, Shri Piyush Goyal encouraged everyone to keep the interests of the end consumers as their priority. The Minister also floated the idea of doing away with the requirement of separate Renewable Purchase Obligations (RPO) for different renewable energy sources and allow the States to independently decide their energy mix.

Shri Goyal desired that wind energy bids should be brought out every month, though he also advised the senior officials of the Ministry to calibrate the pace of this process keeping in mind the affordability of renewable energy for common man. Industry players which are inefficient would either evolve and face competition in the sector or finally wind up. “I welcome the churning happening in the industry and look forward to healthy competition and affordable power for all through increase in scale”, the Minister added.

Shri Goyal also informed that the Ministry is working to bring robust guidelines for the wind energy bidding and is in discussions with regulators for better forecasting and scheduling of renewable energy in the grid. The Minister also informed that with every unit of renewable power generated in the country, jobs are being created to the tune of 5-7 times as compared to power generated through conventional energy sources.

Speaking on the occasion, Secretary MNRE, Shri Anand Kumar informed that the Ministry has done away with the Inter State Transmission levies on transfer of Renewable Energy from windy States to non-windy ones, which would aid the latter to meet their RPOs and keep the costs of power affordable.

Earlier, MNRE had sanctioned a scheme for setting up of 1000 MW inter-state transmission system (ISTS) connected Wind Power Projects on 14th June 2016 with the objective to encourage competitiveness through scaling up of project sizes and introduction of efficient and transparent e-bidding and e-auctioning processes. 

Other dignitaries present on the occasion were Shri A.K. Bhalla, Secretary Power, Shri Deepak Amitabh, CMD PTC India, Dr. Ashvini Kumar, MD SECI and other senior officers of the Ministry and Industry partners.

*****

RM/VM

First meeting of Integrated Monitoring and Advisory Council (IMAC) held on 19th July 2017

Petroleum Minister chairs meet of apex body on “Roadmap to achieve 10% reduction in import dependency in O&G by 2021-22”

Importance of concerted and coordinated efforts by all Ministries, stressed upon

Energy Conservation and efficiency, Oil demand substitution, tapping Bio-fuels, waste to wealth etc. highlighted at meeting

Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan chaired the first meeting of apex body for policy formulation and implementation of ‘Roadmap to achieve target of 10 % reduction in import dependency in oil and gas by 2021-22 under an institutional mechanism ‘Integrated Monitoring and Advisory Council’ (IMAC) which was held on 19th July, 2017.

Ministry of Petroleum and Natural Gas prepared an elaborate roadmap to achieve the goal of 10% reduction in import dependency set by the Hon’ble Prime Minister during Urja Sangam. IMAC was envisaged to facilitate better coordination and comprehensive strategy for all energy resources by focusing on supply and demand side management.

IMAC is consisted of Secretary, Petroleum & Natural Gas and other Senior Officers from various Ministries such as Ministry of New and Renewable Energy, Urban Development, Road and Transport, Agriculture, Power/Bureau of Energy Efficiency, Rural Development, Finance, Petroleum Planning Analysis Cell, PCRA, DGH etc.

During Meeting, the Ministry highlighted major policy initiatives taken in recent past to enhance domestic production of Oil and Gas. Inter-alia, it includes measures like resource re-assessment, National Data Repository (NDR), Open Acreage Licensing policy (OALP), Hydrocarbon Exploration Licensing Policy (HELP), Discovered Small Field Policy, tapping unconventional sources such as Coal Bed Methane (CBM) and Shale Gas besides enhancing production of bio-diesel and increased use of PNG and LPG.

The representatives of member Ministries, inter-alia, explained policies, schemes and project initiatives taken by them towards augmenting the supply of energy, energy saving and demand substitution / reduction through alternate modes. Ministry of Road, Transport and Highway highlighted measures such as e-tolling, notification of fuel efficiency norms for LCV, bio-diesel etc. Ministry of Rural Development stressed upon their bio-fuel scheme in rural sector. Bureau of Energy Efficiency (BEE) pointed out energy efficiency measures in industrial and transport sectors. MNRE elaborated on energy generation through renewable sources such as solar and wind power and their future strategy in this regard.

Shri Pradhan stressed on the importance of concerted and coordinated efforts by all Ministries to create an enabling environment for accelerated Exploration & Production activities. The Minister highlighted other measures like promoting conservation and energy efficiency, exploring opportunities for oil demand substitution, tapping the potential of bio-fuels (2G bio-ethanol, feedstock for bio-diesel, channelizing other feedstock for bio-diesel), waste to wealth etc. and said that these are also required to be perused in more aggressive and synchronized manner. Energy consuming Ministries and Ministries involved in technology etc. need to be brought under the ambit of IMAC, he added.

********

RG

The Prime Minister, Shri Narendra Modi, on Tuesday held a meeting with top scientific officials of the Government of India. These included Dr. V.K. Saraswat – Member, NITI Aayog; Dr. R. Chidambaram – Principal Scientific Advisor, Government of India; and Secretaries related to scientific departments in the Union Government.

 

Officials briefed the Prime Minister on progress in various areas of scientific research.

 

The Prime Minister asserted that science, technology and innovation are the keys to progress and prosperity of India. He said that the Government’s priority in the science and technology sector is to apply science to solve our country’s problems.

 

Giving the example of talent spotting in sports, the Prime Minister said that mechanisms should be made to identify the brightest and best science talent among school students.

 

He said that a lot of innovation is happening at the grassroots level. Urging officials to break silos, the Prime Minister strongly emphasized that a mechanism should be formed to document and replicate successful innovations at the grassroots level. In this context, he also mentioned innovations being done by defence personnel.

 

In the agriculture sector, the Prime Minister identified high-protein pulses, fortified foods, and value addition in castor, as priority areas which needed to be speeded up.

 

In the energy sector, the Prime Minister said that the possibilities of solar energy should be pursued to the maximum, to reduce dependence on energy imports.

 

Expressing confidence in the abilities of Indian scientists to rise up to the challenges, and provide solutions to improve the lives of the common man in India, the Prime Minister asked the officials to draw up clear targets to be achieved by 2022, the 75th year of independence.

 

***

 

AKT/HS

 

Ms. Julie Bishop MP, Foreign Minister of Australia calls on PM

Ms. Julie Bishop MP, Foreign Minister of Australia called on Prime Minister Narendra Modi today.

Prime Minister Modi warmly recalled the successful visit of Prime Minister Turnbull to India in April 2017, and said that the bilateral relationship has deepened a lot since his own visit to Australia in 2014.

Ms. Bishop briefed the Prime Minister on the progress in bilateral relations since the visit of Prime Minister Malcolm Turnbull to India in April 2017.

The Prime Minister and Ms. Bishop also discussed regional and global issues of mutual interest.

Prime Minister Modi welcomed Australia’s joining of the International Solar Alliance, and said that Australia’s membership will provide a great boost to the Alliance.

***

AKT/AK

Bharat Dynamics Limited (BDL), a miniratna Defence Public Sector Undertaking (DPSU) has signed a Memorandum of Understanding (MoU) with the Ministry of Defence for the financial year 2017-18.

The MoU, which was signed between Secretary (Defence Production) Shri AK Gupta on behalf of the Ministry of Defence and the Chairman and Managing Director (CMD), BDL Shri V Udaya Bhaskar, here today, outlines targets and various performance parameters for BDL for the year 2017-18.

The revenue from operations, as per the MoU, has been targeted at Rs 5300 crore, which is an increase of 20 percent over the previous year. BDL has planned to spend an amount of Rs 140 crore for modernization and Capital expenditure.

BDL has also drawn a roadmap to meet its scheduled delivery of ATGM and SAM to its customer for the year 2017-18. Continuing with its green initiative, BDL has planned 5 MW Solar Plant at its upcoming unit at lbrahimpatnam in Telangana.

A substantial emphasis has been made on R&D by the company in pursuit of its self-reliance. Design and development of Advanced Data Field Loader is planned for the year 2017-18.

****

NAo/Nampi/Rajib

 

The IX Phase of the prestigious Science Express exhibition train  which is on a Nationwide tour since 17 February 2017 reached Sindhudurg in Maharashtra today i.e. 17 July 2017. This phase of train is being referred as ‘Science Express Climate Action Special (SECAS)’ highlighting  the global challenge of climate change. 

 

Minister of Railways Shri Suresh Prabhakar Prabhu Inaugurated this Sindhudurg leg of Science Express today i.e. 17 July, 2017 through Video Conferencing from Delhi. SECAS is focusing on Climate Change and Science & Technology. The exhibition conveys message about Climate Change and is also a good opportunity to generate dialogue and discussion. This exhibition train will be available for public viewing at Roha Railway Station on 18th July and after that at Mumbai CST from 19 to 22 July 2017, then the train will move forward to next destinations as per its itinerary.

 

 

BACKGROUNDER-

Science Express is a flagship programme of the Dept. of Science & Technology (DST), Govt. of India. It is an innovative mobile science exhibition mounted on a 16 coach AC train, traveling across India since October 2007. Since then, it has made eight tours of the country, traveling about 1,53,000 km and exhibiting at 495 locations. Over its 1712 exhibition days, Science Express received an overwhelming response and 1.64 crore visitors. Science Express has become the largest, the longest running and the most visited mobile science exhibition and has twelve entries in the Limca Book of Records.

 

Science Express Phase I to IV showcased cutting-edge research in Science and Technology being carried out worldwide. Phase V to VII was based on the theme of biodiversity and as ‘Science Express Biodiversity Special (SEBS)’, it showcased the rich biodiversity of India and its conservation measures. Phase VIII as ‘Science Express Climate Action Special (SECAS)’ highlighted the global challenge of climate change.

 

The current ninth phase of the Science Express as SECAS II was flagged off on 17 Feb 2017 from Delhi Safdarjung Railway Station by Shri Suresh Prabhu, Minister of Railways; Dr. Harsh Vardhan, Minister of Science & Technology and Earth Sciences; and Late Shri Anil Madhav Dave, Minister of State (I/C) for Environment, Forest and Climate Change, Govt. of India. The current tour of SECAS is scheduled from 17 Feb to 8 Sept 2017, during which it will be exhibited at 68 stations across India, covering 19000 km. SECAS is focusing on Climate Change and Science & Technology. The exhibition conveys message about Climate Change and is also a good opportunity to generate dialogue and discussion.

 

The SECAS II is a unique collaborative initiative of Dept. of Science & Technology (DST), Ministry of Environment, Forest & Climate Change (MoEFCC), Dept. of Biotechnology (DBT), Ministry of Railways, Govt of India; Wildlife Institute of India (WII) and Vikram A Sarabhai Community Science Centre (VASCSC).

 

Climate Change is an important environmental issue, with many short term and long term impacts. From shifting weather patterns that threaten food production, to rising sea levels that increase the risk of catastrophic flooding, the impacts of climate change are not just global in scope and unprecedented in scale but they also more severely affect the poor and marginalized people. However, there is very little understanding about climate change and its impacts. The state-of-the-art exhibition on board the SECAS aims to create awareness among various sections of society as to how climate change can be combated through mitigation and adaptation.

 

The Paris Agreement entered into force on 4 Nov 2016. The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change and to strengthen the ability of countries to deal with the impacts of climate change. The first session of the

 

Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA 1) took place in Marrakech in November 2016. The Conference successfully demonstrated to the world that the implementation of the Paris Agreement is underway and the constructive spirit of multilateral cooperation on climate change continues. Science Express, redesigned as SECAS, intends to contribute towards increasing understanding of the science of climate change, the observed and anticipated impacts, and different possible responses. The previous 3 phases of Science Express were rolled out as a joint initiative of DST and MoEFCC as Biodiversity Special and showcased the myriad biodiversity of India. Thus it was rational to shift the focus to the theme ‘Climate Change’ as it will affect the biodiversity of not just India but the entire globe as well.

 

Of the 16 coaches of SECAS, exhibition in 8 coaches put up by MoEFCC, is exclusively devoted to information, case studies and material related to various aspect of Climate change, the underlying science, impacts, adaptation activities, mitigation solutions and policy approaches in a manner that is easy to understand and interesting for not just school students but also the masses. In rest of the rake, there are exhibits and activities put up by DBT and DST.

The broad theme covered in each exhibition coach is as follows:

 

·         Coach 1: Understanding Climate Change - Insights in the climate as a system, the greenhouse gas effect and the underlying reasons for climate change with key message that the current change in the climate is due to human activities.

 

·         Coach 2: Impact of Climate Change - How temperature rise, monsoon variations, sea level rise are predicted to affect vital sectors like water, agriculture, forests and biodiversity, and human health and ways to reduce these.

 

·         Coach 3 & 4: Adaptation - Concepts of adaptation and examples from day to day life, adaptation strategies and stories from field. Adaptation options in urban and rural contexts and the adaptation actions India is taking.

 

·         Coach 5 & 6: Mitigation - Concept and definition with examples, emphasis on restoring balance, enhancing sinks and reducing emission through Renewable Energy (RE) technologies. Various programmes implemented by India and low carbon strategies and ambitious goal to increase RE footprint.

 

·         Coach 7: International Negotiations for Climate Change - Introduction to UNFCCC, IPCC and internationally agreed action & targets. Explaining concept of equity and common but differential responsibility, Kyoto protocol & other key outcomes of major COP, Paris Agreement, etc.

 

·         Coach 8: Positive Actions - What can one do at school, on roads, at home and in offices and focus on concept of lifestyle choices with the key message ‘Increase your Handprint. Decrease your Footprint’.

 

·         Coach 9 & 10: Exhibition put up by the Department of Biotechnology (DBT), Govt of India, covering themes like Biotechnology for bioresources and nature conservation with emphasis on Tiger Conservation and Chemical Ecology and India’s research and development initiatives in field of Biotechnology.

 

·         Coach 11: Exhibition put up by the National Innovation Foundation (NIF) showcasing select innovations, demonstrating the ingenuity of common people and an innovative project which uses augmented reality techniques. Also, exhibition on themes like Innovations in S&T, Science Education, Technological solutions for societal development, etc.

 

·         Coach 12: A Kids Zone is set up for children from Std. 5 and below to participate in fun-filled activities, games and puzzles in science, mathematics and environment.

 

·         Coach 13: The Joy of Science (JOS) Hands-on Lab in this coach is a space where students from Std. 6-10 can perform experiments and activities to understand concepts in environment, science and mathematics in an interesting manner. A training facility is also set up for orientation of teachers here.

 

·         Solar panels have been installed on the rooftop of Science Express coaches 11-13, as a collaborative effort of DST and CEL, for harnessing solar energy.

 

At each halt of SECAS, activities are planned to engage visitors across different age groups to reinforce its message. An exciting and much sought-after Outreach Programme is also conducted in local schools/institutions along with activities on the railway platforms. In addition, informative take-away material is made available for wider distribution amongst schools and visitors.

 

DST has entrusted Vikram A Sarabhai Community Science Centre (VASCSC), Ahmedabad with the task of managing the SECAS across India. VASCSC’s team of qualified, trained and highly motivated Science Communicators travelling with the train explain and interpret the exhibition, answers queries, facilitate the visitors and conduct complementary activities.

 

The exhibition is open to all but primarily targets students and teachers. More information is available on the website www.sciencexpress.in. For visit to the exhibition or any queries, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. or contact the team aboard the train on 09428405407. School students can participate in the JOS Lab in small batches of up to 20 students, by prior registration.

 

Team-SECAS solicits cooperation from all the concerned departments, media, institutions and individuals in giving wider publicity to this prestigious exhibition-on-wheels, so that a large number of visitors are benefited.

Please Note

 

·         The exhibition is open to all.

·         There is no entry fee for visiting the exhibition.

·     Not allowed on the Science Express: Items like mobiles, cameras, bags, match-boxes, cigarettes, beedis, tobacco, water bottles, any liquid, and any sharp/ pointed objects.

·         Venue: Railway station of the respective city

·         Timing: 10:00 am to 5:00 pm

·         Refer schedule for the dates at respective halts.

 

Science Express Climate Action Special (SECAS II)

Schedule

17 February - 8 September 2017

 

The twin-island state Antigua and Barbuda has taken a leading role in terms of clean energy supply in the Caribbean.

Tamarugal Solar Project in the Tarapacá region will provide reliable, non-intermittent electricity from solar energy 24-hours a day 

SolarXXL is an already well known and successful company for photovoltaics in Europe.

France’s EDF Renewable Energy (EN) has inaugurated the 146 MW Boléro solar plant in the Atacama Desert of Northern Chile, according to a press release.

Omron is ready to realise new photovoltaic business opportunities in Argentina.

SUNEW, a Brazilian company located in one of the principal poles of solar energy on the planet, just announced the largest global use of OPV (Organic Photovoltaic) technology, considered to be the third generation in solar energy, installed on the outside of a commercial building.

SHANGHAI, le 22 juillet 2017 /PRNewswire/ -- En 2016, la capacité nouvellement installée des produits PV distribués en Chine a atteint 4,24 millions de kilowatts, soit une augmentation de 200 % par rapport à l'année précédente. Pour 2017, d'après une analyse des principales entreprises menée par le Centre national de Chine sur les énergies renouvelables, on estime que la capacité nouvellement installée de production électrique PV en Chine a atteint 24 millions de kilowatts au premier semestre, dont 7 millions de kilowatts de produits PV distribués, soit près de 3 fois la capacité nouvellement ajoutée au cours de la même période en 2016, ce qui indique l'avènement d'une nouvelle ère de solide développement des produits PV distribués.

LONGi president Li Zhenguo delivers a speech on forum.
LONGi president Li Zhenguo delivers a speech on forum.

Malgré de cette croissance explosive, le problème des produits PV distribués demeure indéniable. Des modules PV à faible performance et de qualité inférieure inondent le marché, tandis que les produits de haute qualité sont contraints d'être exportés.

Face à cette dérive du marché, Li Zhenguo, président de LONGi, a adopté une position claire consistant à affirmer que les produits PV doivent entrer dans l'ère 3.0, ce qui signifie que les produits efficients tels que les modules 300 W doivent être mis en application finale à grande échelle, que les produits PV distribués mettent fin à l'ère des produits médiocres à faible performance et de qualité inférieure, et que les produits distribués sont non seulement efficients, mais également extrêmement fiables et attractifs.

Au cours des deux dernières années, la puissance des modules de LONGi a enregistré une croissance rapide, passant de 260 W à 270 W, 280 W et 290 W. Aujourd'hui, le module de 300 W qui a fait l'objet d'une production de masse constitue la technologie la plus aboutie ainsi que le produit présentant la qualité la plus exceptionnelle !

Dans le cadre de l'ère 3.0 des produits PV distribués, LONGi jouera un rôle de leader afin d'éliminer les produits à faible performance et de qualité inférieure dans le secteur des produits PV distribués, afin que de l'« argent bien investi » puisse remplacer de l'« argent mal investi » ; en collaboration avec ses homologues du secteur, LONGi mettra résolument en application finale des produits à haute performance tels que les modules de 300 W.

D'après Li Zhenguo, LONGi fournira tous les efforts nécessaires afin de permettre aux consommateurs de produits distribués d'accéder aux produits les plus aboutis du secteur, ainsi que de bénéficier de la valeur obtenue grâce à des produits de haute qualité !

Photo - http://mma.prnewswire.com/media/537951/LONGi_president_Li_Zhenguo.jpg

SOURCE LONGi Solar

SHANGHAI, 22. Juli 2017 /PRNewswire/ -- Im Jahr 2016 betrug die Kapazität der neu installierten, dezentralen Photovoltaik(PV)-Anlagen in China 4,24 Mio. kW, eine Steigerung von 200 % im Jahresvergleich. Laut einer vom China National Renewable Energy Center durchgeführten Analyse der wichtigsten Unternehmen wird davon ausgegangen, dass die neu installierten PV-Anlagen im ersten Halbjahr 2017 eine Kapazität von 24 Mio. kW erreichen, darunter 7 Mio. kW durch dezentrale PV-Anlagen. Dies ist fast das Dreifache der neu installierten Kapazitäten für den gleichen Zeitraum im Jahr 2016, ein deutlicher Hinweis auf den Beginn eines neuen Zeitalters für die Entwicklung von robusten dezentralen PV-Produkten.

LONGi president Li Zhenguo delivers a speech on forum.
LONGi president Li Zhenguo delivers a speech on forum.

Trotz des explosiven Wachstums liegt das Problem von dezentralen PV-Produkten auf der Hand. PV-Module von geringer Effizienz und minderwertiger Qualität überfluten derzeit den Markt, während Anbieter hochwertiger Produkte sich gezwungen sehen, ins Ausland zu gehen.

Bezüglich dieser Marktabweichung nahm Li Zhenguo, President von LONGi, eine klare Haltung ein und betonte, dass der Eintritt ins Zeitalter 3.0 für dezentrale PV-Projekte unumgänglich sei und die großflächige, endgültige Übernahme effizienter Produkte wie 300-Watt-Module durchgesetzt werden solle. Die Ära minderwertiger, unwirtschaftlicher Billigprodukte sei jetzt vorbei, und hocheffiziente dezentrale Produkte, die zugleich äußerst zuverlässig und attraktiv sind, würden an ihre Stelle treten.

In den letzten zwei Jahren hat LONGi in schneller Reihenfolge Module mit einer immer höheren Leistung produziert – von 260 W auf 270 W, 280 W und 290 W. Derzeit hat das 300-Watt-Modul das Massenproduktionsstadium erreicht und zeichnet sich durch die derzeit modernste Technologie und höchste Produktqualität aus.

Im Zeitalter 3.0 der dezentralen Photovoltaik will LONGi die Führung übernehmen und minderwertige, unwirtschaftliche Produkte aus der Solarenergiebranche eliminieren, damit „hohe Qualität" gegenüber „schlechter Qualität" die Oberhand gewinnt. In Zusammenarbeit mit anderen Unternehmen der Branche ist LONGi fest entschlossen, die Verwendung hocheffizienter Produkte wie der 300-Watt-Module endgültig umzusetzen.

Gemäß den Worten Li Zhenguos wird LONGi keine Mühe scheuen, Verbrauchern von dezentralen Produkten den Zugang zu den technologisch fortschrittlichsten Modulen der Branche zu bieten, damit diese die Vorteile hochwertiger Qualität ausschöpfen können.

Foto: http://mma.prnewswire.com/media/537951/LONGi_president_Li_Zhenguo.jpg

SOURCE LONGi Solar

SHANGHAI, July 21, 2017 /PRNewswire/ -- In 2016, China's newly installed capacity of distributed PV was 4.24 million kilowatts, an increase of 200% year on year. In 2017, according to an analysis of major enterprises by China National Renewable Energy Center, it's estimated that China's newly installed capacity of PV power generation reached 24 million kilowatts in the first half of the year, including 7 million kilowatts of distributed PV, nearly 3 times of the newly added in the same period of 2016, indicating the advent of a new era for the robust development of distributed PV.

LONGi president Li Zhenguo delivers a speech on forum.
LONGi president Li Zhenguo delivers a speech on forum.

Despite the explosive growth, the problem of distributed PV is obvious. Low-efficiency, low-quality PV modules are flooding the market, while high-quality products are forced to go abroad.

On this market deviation, LONGi president Li Zhenguo took a clear-cut stand that distributed PV must enter the 3.0 era, which means, efficient products like 300W modules are put into final application on a large scale, distributed PV bids farewell to the era of shoddy and low-quality, low-efficiency products, distributed products are not only highly efficient, but also highly reliable and attractive.

In the past two years, the power of LONGi's modules has increased rapidly, from 260W to 270W, 280W and 290W. Today, the 300W module has realized mass production represents the most leading-edge technology and the most outstanding product quality!

In the 3.0 era of distributed PV, LONGi will take the lead to eliminate low-quality, low-efficiency products in the field of distributed PV, so that "good money" can drive out "bad money"; in collaboration with industry peers, LONGi will firmly put high-efficiency products like 300W modules into final application.

According to Li Zhenguo, LONGi will spare no effort to enable the consumers of distributed products to have access to the industry's most cutting-edge products, and enjoy the value returned by high-quality products!

View original content with multimedia:http://www.prnewswire.com/news-releases/president-li-zhenguo-distributed-pv-formally-enters-30-era-300492199.html

SOURCE LONGi Solar

SHANGHAI, July 21, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that its annual general meeting (the "AGM") will be held at the office of Kirkland & Ellis International LLP at 11th Floor, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong New District, Shanghai, China at 2:00 p.m. Beijing time (2:00 a.m. U.S. Eastern Time) on August 30, 2017.

Copies of the notice of the AGM, proxy form, poll card and annual report are available on ReneSola's investor relations website at http://ir.renesola.com.

AGM Resolutions

The following resolutions to be proposed at the AGM will require a simple majority of the votes cast by the shareholders present in person or by proxy:

  1. As a resolution of shareholders, to receive, consider and approve the consolidated financial statements of the Company for the year ended December 31, 2016, together with the reports of the auditors thereon.
  2. As a resolution of shareholders, to re-elect Mr. Tan Wee Seng as a director of the Company, who is retiring by rotation and offering himself for re-election in accordance with the Company's articles of association.
  3. As a resolution of shareholders, to authorize the board of directors of the Company to re-appoint Deloitte Touche Tohmatsu Certified Public Accountants LLP as auditors of the Company until the conclusion of the next general meeting of the shareholders of the Company.

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
This email address is being protected from spambots. You need JavaScript enabled to view it.

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
This email address is being protected from spambots. You need JavaScript enabled to view it.

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
This email address is being protected from spambots. You need JavaScript enabled to view it.

View original content with multimedia:http://www.prnewswire.com/news-releases/renesola-announces-notice-of-annual-general-meeting-300492186.html

SOURCE ReneSola Ltd.

Related Links

http://www.renesola.com/

RISHON LEZION, Israel, July 20, 2017 /PRNewswire/ -- Energy-focused blockchain investment fund Solar DAO has proudly announced the dates for its two-stage ICO crowdfunding campaign. Both the Pre-ICO and ICO will raise funds which the company will invest into constructing a new PV solar plant. The preliminary ICO will take place between the 27th of July 2017 and the 31st of August 2017. It will be followed by the core ICO, scheduled to start by the end of October 2017.

Solar DAO
Solar DAO

Solar DAO is a closed-end investment fund built on Ethereum blockchain. The company will raise funds with the two ICO campaign and invest them globally in PV solar plant construction, with a particular focus on the Israeli, Portuguese, Kazakhstani and Ukrainian markets, over the next four years.

The project was established in 2012, and the development team has worked in the solar energy (photovoltaic) market since 1991. The team behind Solar DAO has already implemented 70 MW PV plants across Europe, developed 270 MW plants in Russia and 150 MW plants in Kazakhstan. They have also implemented four production facilities for PV cells and modules in Russia, Spain, Germany and South Africa.

Solar DAO team is currently helping its clients invest in PV solar plants across the globe through UNISOLEX, a Russian entity. The platform has attracted significant multi-million investors in different regions. These solar plants sell electricity to the central grid with special tariffs implemented for up to 25 years and continue to sell for an average market price after expiry.

The PV solar plants will be refinanced to construct new plants and subsequently increasing the total installed power capacity of plants run by Solar DAO. When the ICO finishes, major investors will be targeted to buy existing tokens from ICO participants. Solar DAO also aims to payback tokens and sell them to major investors.

Solar DAO ICO

The Solar DAO ICO campaign will consist of two stages, a Pre-ICO and a core ICO. The Preliminary ICO will run from, July 27, 2017, to August 31, 2017, while the core ICO planned to run on the end of October, 2017. There will be a total available supply of 80,000,000 Solar DAO (SDAO) tokens, with an initial token price of $1.00 per token.

SDAO token holders will benefit from membership in Solar DAO, which comes with full access to 100 percent of the net profits generated by the solar plants, across the globe. SDAO tokens are executed by Ethereum smart contracts for increased transparency and security. Any undistributed tokens will be eliminated through smart contracts, and any release of additional tokens is closed out at this stage.

ICO participants will receive tokens in exchange for their investment which entitles them to Solar DAO shares and grants them access to 100 percent of profits from all solar plants across the globe. The profits will consequently be distributed quarterly in ETH to tokens holders' wallets.

Early bird investors will receive the following bonuses for the Pre-ICO:

• Week one bonus – 100%
• Week two bonus – %80%
• Week three bonus – %70%
• Week four bonus – %60%
• Week five bonus – 50%

Early bird investors will receive the following bonuses for the core ICO:

• First four days – 25%
• Week one bonus – 20%
• Week two bonus – 15%
• Week three bonus – 10%
• Week four bonus – 5%
• Week five bonus – 0%

About Solar DAO

Solar DAO is closed-end investment fund built on Ethereum blockchain. Built on profit-sharing smart contract, it is dedicated to reducing risks and costs and surpass technical barriers when investing in PV solar plants worldwide. Solar DAO allows individuals to invest in PV solar plants worldwide and get profitability as major investors do. PV plants get profit from electricity sale to the central grid with special tariffs (feed-in-tariff) dedicated for 15-25 years. Solar DAO will raise funds with ICO. Tokens reflect Solar DAO shares and provide dividends distribution for token holders.

Solar DAO Official Website Here – http://solardao.me
Follow Solar DAO on Facebook Here – 


Follow Solar DAO on Twitter Here – https://twitter.com/SolarDAO
Follow Solar DAO on Telegram Here – https://t.me/solardao
Solar DAO Whitepaper Here – http://solardao.ru/files/wpeng.pdf
Follow Solar DAO Slack Here – https://solardao.herokuapp.com

Media Contact

Contact Name: Dmitriy Solodukha
Contact Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Location: Rishon LeZion, Israel

Solar DAO is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Related Links

Bitcoin PR Buzz

Solar DAO

View original content with multimedia:http://www.prnewswire.com/news-releases/blockchain-startup-solar-dao-announces-ico-campaign-to-support-pv-solar-plant-construction-300491770.html

SOURCE Solar DAO

HILLSBORO, Ore.--(BUSINESS WIRE)--SolarWorld Americas Inc., the largest U.S. crystalline-silicon solar manufacturer for more than 42 years, today announced another in a long line of industry innovations: the SolarWorld Assurance™ Warranty Protection Program, featuring supplemental protection plans for residential and small commercial customers.

SolarWorld Americas’ standard coverage includes a 20-year product warranty and a 25-year performance guarantee for most solar panels. In addition to SolarWorld Americas’ product warranty and performance guarantee, the SolarWorld Assurance™ program provides supplemental, third-party-backed warranties to the system owner with no deductibles. The Dual Warranty™ protection plan is for solar panels installed this year, and SolarWorld covers the premium. The Extend Warranty™ plan covers solar panels installed from 2012 through 2016.

The SolarWorld Assurance™ Warranty Protection Program is backed by an A.M. Best “A”-rated company and covers systems from 3 to 20 kilowatts. The warranties immediately go into effect in the event that the original factory coverage could no longer be supported; they also are transferable to new system owners. Unlike typical warranty insurance advertised by other solar panel manufacturers, the SolarWorld Assurance™ protection plans are true warranties, not insurance policies.

“SolarWorld has been innovating product offerings for more than 40 years,” said Shane Messer, the company’s vice president of sales and marketing. “The SolarWorld Assurance Program is another first. By offering this program, we’re providing true, secondary warranties to our customers, with no deductibles, to assure peace of mind.”

About SolarWorld REAL VALUE: SolarWorld Americas Inc., the largest U.S. crystalline-silicon solar manufacturer for more than 42 years, produces and sells high-tech solar power solutions and, in doing so, contributes to a cleaner energy supply throughout the Americas. The company maintains 430 megawatts of annual capacity to produce solar cells and 550 MW of capacity to manufacture solar modules. The company’s brand stands for a proven track record of quality and reliability, and SolarWorld is the only producer whose industrial lineage has outlived its products’ 25- and 30-year performance guarantees. SolarWorld upholds high social standards and commits itself to resource- and energy-efficient production. With its program Solar2World, the company supports the expansion of solar power in developing countries in Latin America. Connect with SolarWorld on Facebook, Twitter, LinkedIn, Instagram and www.solarworld.com.

SHANGHAI, July 11, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the PV industry, today announced that it is partnering with TUVRheinland, an independent provider of technical services for testing, inspection, certification, consultation and training, to develop standardized testing methods for bifacial PV technology.

As the convener of the IEC/TC82 solar cell working group, Dr. Jin Hao, Vice President of JinkoSolar, has been inviting domestic and foreign experts to discuss about the draft for IEC60904-1-2 bifacial standards and the difficulties of bifacial technology. By participating in IEC meetings, PVQAT meetings as well as a number of other forums, JinkoSolar has been working to further develop its bifacial technology and establish industry standards for future testing methods. JinkoSolar has joined a working group organized by Dr. Christos from TUVRheinland to develop standardized testing methods for bifacial modules and a draft of the testing method is now released. JinkoSolar is one of the first companies to receive a final testing report based on this draft.

"As an industry leader, JinkoSolar has deployed considerable resources towards further developing its bifacial technology and standardizing testing methods," commented Dr. Jin Hao, Vice President of JinkoSolar. "We will continue to work with authoritative independent technical service providers such as TUVRheinland to further study and standardize testing methods for bifacial modules used in outdoor power generation systems."

About JinkoSolar Holding Co., Ltd.
JinkoSolar (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, the 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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China (5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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 U.S. Securities and Exchange Commission, 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.

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

View original content:http://www.prnewswire.com/news-releases/jinkosolar-partners-with-tuv-rheinland-to-develop-standardized-testing-methods-for-bifacial-modules-300485842.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, June 26, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that JinkoSolar Japan K.K. ("JinkoSolar Japan"), a subsidiary of the Company, has signed a JPY4.1 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation ("SMBC"). The financing will be used to support strong shipments growth in Japan and to supplement JinkoSolar Japan's working capital.

"I am pleased to have the opportunity to work with SMBC again in increasing our line of credit. As one of the largest commercial banks in Japan, SMBC upholds the highest standards and thoroughly evaluates the financial position of each company applying for a loan," commented Mr. Charlie Cao, JinkoSolar's Chief Financial Officer. "I believe this loan agreement demonstrates the trust and recognition of a respected financial institution in JinkoSolar's brand, business scale, operations and financial position. We look forward to working closely with SMBC and other local banks to further expand our business in Japan."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (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, the 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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China (5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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 U.S. Securities and Exchange Commission, 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:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms.Linda Bergkamp
Christensen,
Scottsdale, Arizona
Tel: +1-480-614-3004
Email:
This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-signs-jpy41-billion-syndicated-loan-agreement-with-japanese-bank-consortium-led-by-smbc-300479415.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, June 22, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company"), a global leader in the photovoltaic (PV) industry, today announced that it will supply 38.4 MW of PV modules to Fuji Electric Co., Ltd., for use in a solar plant in Tomakomai, on the southern Japanese island of Hokkaido.

Under the terms of the agreement, JinkoSolar will deliver its high efficiency solar modules from July to November in 2017 for a solar power plant in Hokkaido. This project includes a 10MWh sophisticated energy storage system, which will help adjust to variable load. This power plant is expected to be connected to the grid in 2018 and will enjoy a feed-in tariff (FIT) rate of ¥40 /kWh. This solar plant is funded via Tokumei Kumiai investments by Japanese institutional investors, Aquila Capital from Germany and Green Power Development Corporation of Japan. GI capital management provides Asset Management services to act the solar plant.

"We, Fuji Electric, has a Management Policy of 'Through our innovation in energy and environment technology, we contribute to the creation of responsible and sustainable societies.' The solar power generation project in Hokkaido is certainly the one which implements our Management Policy and we immensely expect from JinkoSolar as the module supplier. Fuji Electric considers JinkoSolar as an extremely important business partner." commented by Mr.Sasaki, Senior Manager of Photovoltaic & Wind Power Engineering Dept. Alternative Energy Plant Division Power & Social Infrastructure Business Group of Fuji Electric.

"We are glad to work with Fuji Electric for this interesting project in Hokkaido," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar. "We will continue to provide high-quality PV products that our partners can rely on, and devote our efforts to the green energy development in Japan. We look forward to collaborating with Fuji Electric on future projects."

About JinkoSolar Holding Co., Ltd.
JinkoSolar (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, the 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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China(5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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 U.S. Securities and Exchange Commission, 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:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-to-supply-384-mw-of-pv-modules-to-solar-plant-in-hokkaido-300478114.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, June 12, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd.("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that its Japan subsidiary ("Jinko Japan") has entered into a 187MW Cooperation Agreement (the "Agreement") with Quantum Power GK, a Japanese company within Quantum Group.

Quantum Group is a global company leader in the renewable energy industry providing project development, engineering, financing, EPC contracting and asset management including O&M services with more than 4 GW developed worldwide.In accordance with the Agreement, Jinko Japan will exclusively supply 187MW worth of 275Wp modules for three projects of Quantum Power in Japan located in Ibaraki, Gunma and Mie prefecture (the "Projects"). The last one is the largest integrated renewable project for Quantum, located in Matsuzaka, Mie prefecture, 330 km southwest of Tokyo. The project will operate a solar power plant, which generates 127,500 MWh per year and provides clean energy nearly to 90,000 households in the region. The power plant will start construction from July 2017 and is scheduled to complete by November 2018. The shipment of the modules for the Projects is supposed to commence in the fourth quarter of 2017.

"We are excited to build a partnership with JinkoSolar -- an innovative leader in the Solar Industry," said Lluis Torrent, Managing Director of Quantum Power Japan. "We are always looking to support and join with innovators and companies that we know will provide the most value to our solar customers."

"We are pleased to enter into this strategic relationship with Quantum Power GK," commented Mr. Gener Miao, JinkoSolar's Vice President of Global Sales and Marketing. "Our influence in the Japanese market will further increase and our efforts to support our customers in Japan will be greatly enhanced through this new relationship."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (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, the 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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China(5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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

About Quantum Group

Quantum Group is a global company leader in the renewable energy industry providing project development, engineering, financing, EPC contracting and Asset Management including O&M services with more than 4 GW developed worldwide. Quantum Group is one of the pioneers and leaders in hybridization & water management within renewables, by means of the integration of the different technologies.

For more information, visit www.quantum.group/en/

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 U.S. Securities and Exchange Commission, 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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-signed-a-cooperation-agreement-with-quantum-power-gk-in-japan-300472155.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, June 5, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the first quarter ended March 31, 2017.

First Quarter 2017 Highlights

  • Total solar module shipments were 2,068 megawatts ("MW"), an increase of 19.3% from 1,733 MW in the fourth quarter of 2016 and an increase of 29.3% from 1,600 MW in the first quarter of 2016.
  • Total revenues were RMB5.78 billion (US$839.3 million), an increase of 12.8% from the fourth quarter of 2016 and an increase of 9.4% from the first quarter of 2016.
  • Gross margin was 11.2%, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.
  • Income from operations was RMB56.8 million (US$8.3 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB60.6 million (US$8.8 million) in the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7 million in the first quarter of 2016.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.88(US$0.28).
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB2.52(US$0.36) and RMB2.48(US$0.36) respectively in the first quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter hit a record high of 2,068MW, a 19.3% increase sequentially while generating US$839.3 million in revenue. We continued to capitalize on the growing recognition of JinkoSolar's brand and high quality products and services to increase our market share and capture new opportunities during the quarter."

"Our gross margin contracted to 11.2% from 14.3% last quarter as a result of a slight decline in the average selling prices ("ASP") of solar modules, increased silicon prices and material costs caused by a shortage of supply in the first quarter. We believe our margins have room to improve in the second quarter and throughout the second half of the year as our mono wafer and PERC cell capacity increases and polysilicon prices stabilize."

"Demand in China remains strong with growth momentum expected to continue into the next quarter. While the June 30 Feed-in-Tariff has created some uncertainties in China's utility-scale market, we haven't seen demand weaken. Our deep involvement in the Top Runner and PV Poverty Alleviation projects as well as distributed generation projects will provide strong support for demand during the second half of the year."

"We strongly oppose the petition under Section 201 in the US, but believe growth momentum there will continue. ASPs of solar modules in the US have risen slightly in recently months due to strong demand. Demand from India and other emerging markets where we are devoting more resources to expand our leading market share also continue to grow rapidly. With such strong demand from across the globe, we expect module shipments to increase by approximately 25% sequentially in the second quarter of 2017."

"We continue to ramp up our mono wafer and PERC cell capacity, which will reduce the overall cost of our mono products and help increase our margins. Our mono PERC products are in short supply and have been fully booked out for the rest of the year, demonstrating the strong demand for our high quality products. In the meanwhile, our team is working hard to optimize the cost structure of both our mono and multi products."

"While we are facing some short-term industry headwinds, the continued development of the global solar industry is irreversible. We are confident in the long-term prospects of the solar industry and our sustainable growth strategy."

First Quarter 2017 Financial Results

Total Revenues

Total revenues in the first quarter of 2017 were RMB5.78 billion (US$839.3 million), an increase of 12.8% from RMB5.12 billion in the fourth quarter of 2016 and an increase of 9.4% from RMB5.28 billion in the first quarter of 2016. The sequential and year-over-year increases were mainly attributable to an increase in solar module shipments in the first quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2017 was RMB649.0 million (US$94.3 million), compared with RMB730.0 million in the fourth quarter of 2016 and RMB1.08 billion in the first quarter of 2016. The sequential and year-over-year decreases were mainly attributable to a decline in the ASP of solar modules in the first quarter of 2017.

Gross margin was 11.2% in the first quarter of 2017, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2017 was RMB56.8 million (US$8.2 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016. Operating margin in the first quarter of 2017 was 1.0%, compared with 1.5% in the fourth quarter of 2016 and 10.0% in the first quarter of 2016.

Total operating expenses in the first quarter of 2017 were RMB592.2 million (US$86.0 million), a decrease of 9.2% from RMB652.1 million in the fourth quarter of 2016 and an increase of 6.6% from RMB555.7 million in the first quarter of 2016. The sequential decrease was primarily due to the reversal of an allowance for doubtful accounts because of subsequent collection. The year-over-year increase was mainly due to increased shipping costs which were in line with the increase in solar module shipments.

Total operating expenses accounted for 10.3% of total revenues in the first quarter of 2017, compared to 12.7% in the fourth quarter of 2016 and 10.5% in the first quarter of 2016.

Interest Expense, Net

Net interest expense in the first quarter of 2017 was RMB57.1 million (US$8.3 million), a decrease of 23.4% from RMB74.5 million in the fourth quarter of 2016 and a decrease of 25.7% from RMB76.9 million in the first quarter of 2016.The sequential decrease was due to the repurchase of US$61.1 million in convertible senior notes. The year-over-year decrease was due to the repurchase of US$184.0 million in convertible senior notes and the repayment of US$17.4 million in bond payables.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB5.2 million (US$0.8 million) in the first quarter of 2017, compared to a net exchange gain of RMB17.7 million in the fourth quarter of 2016 and a net exchange gain of RMB29.5 million in the first quarter of 2016.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax expense of RMB1.5 million (US$0.2 million) in the first quarter of 2017, compared with an income tax benefit of RMB49.2 million in the fourth quarter of 2016 and an income tax expense of RMB100.3 million in the first quarter of 2016. The sequential change was mainly due to the successful renewal of a National High and New Technology Enterprise license which grants one of the Company's subsidiaries a preferential tax rate. The year-over-year change was due to one of the Company's overseas subsidiaries receiving a tax exemption for a five-year period starting from August 2015.

The Company adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" in 2017, which is effective for annual and interim periods beginning after December 15, 2016, and prospectively classified deferred tax liabilities and assets as noncurrent in the financial statements during the quarter ended March 31, 2017. 

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB60.6 million (US$8.8 million), compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7million in the first quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were RMB0.48(US$0.07) and RMB0.47(US$0.07), respectively, during the first quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB1.92(US$0.28) and RMB1.88(US$0.28), respectively.

Non-GAAP net income in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.63(US$0.09) and RMB0.62(US$0.09), respectively, during the first quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB2.52(US$0.36) and RMB2.48(US$0.36), respectively.

Financial Position

As of March 31, 2017, the Company had RMB1.71 billion (US$249.0 million) in cash and cash equivalents and restricted cash, compared with RMB2.82 billion as of December 31, 2016.

As of March 31, 2017, the Company's accounts receivables due from third parties were RMB5.93 billion (US$860.9 million), compared with RMB4.75 billion as of December 31, 2016.

As of March 31, 2017, the Company's inventories were RMB5.37 billion (US$780.2 million), compared with RMB4.47 billion as of December 31, 2016. The strategic increase in inventories was primarily due to strong anticipated demand during the second quarter of 2017.

As of March 31, 2017, the Company's total interest-bearing debts were RMB6.10 billion (US$886.0 million), compared with RMB6.44 billion as of December 31, 2016.

First Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the first quarter of 2017 amounted to 2,068 MW.

Solar Products Production Capacity

As of March 31, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 5.0 GW, 4.0 GW and 6.5 GW, respectively.

Recent Business Developments

  • In May 2017, JinkoSolar was the only Chinese company invited to participate in The Business 20 (B20) Summit held in Berlin, Germany.
  • In April 2017, JinkoSolar supplied 42 MW of solar modules to Asunim for use in two PV power plants in Izmir Province, southwest Turkey.
  • In March 2017, JinkoSolar, in partnership with GRID Alternatives, donated over 620 kW of high-efficiency solar modules to support GRID Alternatives' work brining solar power and job training to underserved communities.
  • In March 2017, JinkoSolar partnered with CleanFund Commercial PACE Capital to offer long-term project financing to US commercial project customers through the SolarPACETM program.
  • In March 2017, JinkoSolar and Marubeni Corporation entered into a Power Purchase Agreement with the Abu Dhabi Water and Electricity Company for the Solar PV Independent Power Project located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates.
  • In February 2017, JinkoSolar completed the repurchase of certain 4.00% Convertible Senior Notes due in 2019 at the option of holders of the Notes.
  • In February 2017, JinkoSolar supplied 106.4 MWdc of PV modules to sPower for the Solverde 1 solar project in California.

Operations and Business Outlook

Second Quarter and Full Year 2017 Guidance

For the second quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.5 GW to 2.6 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, June 5, 2017 at 7:30 a.m. U.S. Eastern Time (7:30 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852-5808-3202


U.S. Toll Free:

+1-855-298-3404


Passcode:

JinkoSolar


Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, June 12, 2017. The dial-in details for the replay are as follows:

International:

+61-2-9641-7900


U.S. Toll Free:

+1-866-846-0868


Passcode:

5716028


Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (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, the 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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China(5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income , non-GAAP earnings per Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

  • Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, change in fair value of derivative liability, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of March 31, 2017, which was RMB6.8832 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

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 U.S. Securities and Exchange Commission, 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:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


March 31, 2016


December 31, 2016


March 31, 2017

 Continuing operations 

RMB


RMB


RMB


USD

 Revenues from third parties 

5,214,532


5,085,938


5,753,080


835,815









 Revenues from related parties 

66,611


35,565


23,724


3,446









 Total revenues 

5,281,143


5,121,503


5,776,804


839,261









 Cost of revenues 

(4,196,265)


(4,391,518)


(5,127,779)


(744,970)









 Gross profit 

1,084,878


729,985


649,025


94,291









 Operating expenses: 








   Selling and marketing 

(338,369)


(350,662)


(413,812)


(60,119)

   General and administrative 

(178,983)


(221,810)


(115,950)


(16,845)

   Research and development 

(38,395)


(57,231)


(62,486)


(9,078)

   Impairment of long-lived assets 

-


(22,377)


-


-

 Total operating expenses 

(555,747)


(652,080)


(592,248)


(86,043)









 Income from operations 

529,131


77,905


56,777


8,248

 Interest expenses, net 

(76,891)


(74,538)


(57,121)


(8,299)

 Change in fair value of derivative liability 

(1,109)


(10,364)


376


55

 Subsidy income 

35,193


81,222


55,192


8,018

 Exchange gain/(loss) 

47,592


17,674


(6,339)


(921)

 Change in fair value of forward contracts 

(18,088)


19


1,105


161

 Change in fair value of convertible senior
   notes and capped call options 

(30,771)


(14,712)


-


-

 Other income/(expense), net 

(1,485)


9,437


11,943


1,735

 Investment income 

(482)


4,812


-


-

 Gain on disposal of subsidiaries 

-


5,018


-


-

 Income from continuing operations before income taxes

483,090


96,473


61,933


8,997

 Income tax (expense)/benefit 

(100,305)


49,200


(1,528)


(222)

Income from continuing operations, net of tax

382,785


145,673


60,405


8,775

 Discontinued operations 








 Gain on disposal of discontinued operations 

-


1,007,884


-


-

Loss from discontinued operations before income taxes   

(21,408)


(97,396)


-


-

Income tax expense, net

(137)


(53,020)


-


-

(Loss)/income from discontinued operations, net of tax

(21,545)


857,468


-


-









 Net income 

361,240


1,003,141


60,405


8,775

 Less: Net income/(loss) attributable to non-controlling
          interests from continuing operations 

89


(123)


(169)


(25)

 Less: Net income attributable to non-controlling
          interests from discontinued operations 

1,595


761


-


-

 Less: Allocation of net income to participating preferred shares issued
          by discontinued operations 

-


(13,895)


-


-

 Less: Accretion to redemption value of redeemable non-controlling
          interests of discontinued operations 

46,226


16,776


-


-

 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders 

313,330


999,622


60,574


8,800

































 Earnings/(loss) per share for ordinary shareholders, basic 








 Continuing operations 

3.05


1.15


0.48


0.07

 Discontinued operations 

(0.55)


6.75


-


-

 Total earnings/(loss) per share for ordinary shareholders, basic 

2.50


7.90


0.48


0.07

















 Earnings/(loss) per share for ordinary shareholders, diluted 








 Continuing operations 

2.80


1.14


0.47


0.07

 Discontinued operations 

(0.47)


6.68


-


-

 Total earnings/(loss) per share for ordinary shareholders, diluted 

2.33


7.82


0.47


0.07









 Earnings/(loss) per ADS for ordinary shareholders, basic 








 Continuing operations 

12.20


4.60


1.92


0.28

 Discontinued operations 

(2.20)


27.00


-


-

 Total earnings/(loss) per ADS for ordinary shareholders, basic 

10.00


31.60


1.92


0.28









 Earnings/(loss) per ADS for ordinary shareholders, diluted 








 Continuing operations 

11.20


4.56


1.88


0.28

 Discontinued operations 

(1.88)


26.72


-


-

 Total earnings/(loss) per ADS for ordinary shareholders, diluted 

9.32


31.28


1.88


0.28









 Weighted average ordinary shares outstanding: 








   Basic 

125,477,086


126,412,714


126,820,607


126,820,607

   Diluted 

147,904,878


127,872,331


128,179,515


128,179,515









 Weighted average ADS outstanding: 








   Basic 

31,369,272


31,603,178


31,705,152


31,705,152

   Diluted 

36,976,220


31,968,083


32,044,879


32,044,879









UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME









 Net income 

361,240


1,003,141


60,405


8,775

 Other comprehensive income: 








   -Unrealized loss on available-for-sale securities 



-


-


-

   -Foreign currency translation adjustments 

(1,579)


108,078


(17,563)


(2,552)

 Comprehensive income 

359,661


1,111,219


42,842


6,223

 Less: Comprehensive income attributable to non-controlling interests 

1,684


638


(169)


(25)

 Less:Allocation of net income to participating preferred shares issued
          by discontinued operations 

-


(13,895)


-


-

 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders 

357,977


1,124,476


43,011


6,248

























 Reconciliation of GAAP and non-Gaap Results(Excluding discontinued operations) 















 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 
















 GAAP net income attributable to ordinary shareholders from continuing
operations 

382,695


145,796


60,574


8,800









 Change in fair value of derivative liability 

1,109


10,364


(376)


(55)









 Change in fair value of convertible senior notes and capped call options 

30,771


14,712


-


-









 4% of interest expense of convertible senior notes 

13,529


5,180


1,555


226









 Exchange (gain)/loss on  convertible senior notes and capped call options 

(3,005)


18,536


844


123









 Stock-based compensation expense 

12,669


33,987


17,402


2,528









 Non-GAAP net income attributable to ordinary shareholders from
continuing operations 

437,768


228,575


79,999


11,622









 Non-GAAP earnings per share attributable to ordinary shareholders from
continuing operations - 








   Basic 

3.49


1.81


0.63


0.09

   Diluted 

2.96


1.79


0.62


0.09









 Non-GAAP earnings per ADS attributable to ordinary shareholders from
continuing operations - 








   Basic 

13.96


7.24


2.52


0.36

   Diluted 

11.84


7.16


2.48


0.36









 Non-GAAP weighted average ordinary shares outstanding  








   Basic 

125,477,086


126,412,714


126,820,607


126,820,607

   Diluted 

147,904,878


127,872,331


128,179,515


128,179,515









 Non-GAAP weighted average ADS outstanding  








   Basic 

31,369,272


31,603,178


31,705,152


31,705,152

   Diluted 

36,976,220


31,968,083


32,044,879


32,044,879









Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2016


March 31, 2017


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

2,501,417


1,468,630


213,364

  Restricted cash 

318,785


245,141


35,614

  Restricted short-term investments

3,333,450


3,362,971


488,577

  Short-term investments

71,301


174,557


25,360

  Accounts receivable, net - related parties

1,414,084


906,636


131,717

  Accounts receivable, net - third parties

4,753,715


5,925,716


860,896

  Notes receivable, net - related parties

610,200


610,000


88,622

  Notes receivable, net - third parties

915,315


430,258


62,508

  Advances to suppliers, net - related parties

662


-


-

  Advances to suppliers, net - third parties

325,766


312,962


45,468

  Inventories, net

4,473,515


5,370,024


780,164

  Forward contract receivables

641


1,029


149

  Deferred tax assets - current

130,676


-


-

  Other receivables - related parties

79,125


77,426


11,249

  Prepayments and other current assets

766,645


1,133,643


164,697

Total current assets

19,695,297


20,018,993


2,908,385







Non-current assets:






  Restricted cash

197,214


161,860


23,515

  Project Assets

55,063


89,484


13,000

  Long-term investments

7,200


9,080


1,319

  Property, plant and equipment, net

4,738,681


5,278,158


766,817

  Land use rights, net

450,941


449,434


65,294

  Intangible assets, net

20,297


20,853


3,030

  Deferred tax assets - non current

134,791


265,467


38,567

  Other assets - related parties

173,376


175,255


25,461

  Other assets - third parties

617,780


534,468


77,650

Total non-current assets

6,395,343


6,984,059


1,014,653







Total assets

26,090,640


27,003,052


3,923,038







LIABILITIES






Current liabilities:






  Accounts payable - third parties

4,290,071


5,737,776


833,591

  Notes payable - third parties

4,796,766


4,608,253


669,493

  Accrued payroll and welfare expenses

582,276


541,267


78,636

  Advances from related parties

60,541


62,900


9,138

  Advances from  third parties

1,376,920


1,388,464


201,718

  Income tax payable

168,112


131,247


19,068

  Other payables and accruals

1,019,419


993,597


144,352

  Other payables due to related parties

76,034


77,349


11,237

  Convertible senior notes - current

423,740


-


-

  Deferred tax liabilities - current

17,074


-


-

  Derivative liability -  current

10,364


9,988


1,451

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

5,488,629


5,617,682


816,144

  Guarantee liabilities to related parties

52,711


47,376


6,882

Total current liabilities

18,362,657


19,215,899


2,791,710







Non-current liabilities:






  Long-term borrowings

488,520


445,734


64,757

  Long-term payables

44,014


35,022


5,089

  Accrued warranty costs - non current

511,209


531,498


77,217

  Convertible senior notes

-


69


10

  Deferred tax liability - non current

50,651


67,725


9,839

  Guarantee liabilities to related parties 
   - non current

173,376


169,867


24,678

Total non-current liabilities

1,267,770


1,249,915


181,590







Total liabilities

19,630,427


20,465,814


2,973,300







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 127,988,106 shares issued and
outstanding as of  December 31, 2016 and
March 31, 2017, respectively)

18


18


3

Additional paid-in capital

3,145,262


3,179,445


461,914

Statutory reserves

466,253


466,253


67,738

Accumulated other comprehensive income

104,784


87,221


12,671

Treasury stock, at cost; 1,723,200 shares of
ordinary shares as of December 31, 2016 and
March 31, 2017, respectively

(13,876)


(13,876)


(2,016)

Accumulated retained earnings

2,758,268


2,818,842


409,525







Total JinkoSolar Holding Co., Ltd. shareholders' equity

6,460,709


6,537,903


949,835







Non-controlling interests

(496)


(665)


(97)







Total liabilities and shareholders' equity

26,090,640


27,003,052


3,923,038

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2017-financial-results-300468445.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, May 31, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it has supplied 65 MW of high efficiency Eagle Series modules to Energon Solar Sources Pvt. Ltd ("Energon Solar") for one of the largest utility scale solar project in Medak, Telangana, India.

Energon Solar is the developer executing this project under the tender of India'sNational Thermal Power Corporation Limited (NTPC). The project is now fully operational.

"We are pleased to corporate with Energon Solar for this remarkable project in Medak, Telangana," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar, "India market is growing rapidly. We feel excited about the huge potential and will continue to expand our presence there."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (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, the 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 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. 18 global sales offices in China (2),United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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 U.S. Securities and Exchange Commission, 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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-supplies-65mw-of-solar-modules-for-energon-solar-in-medak-telangana-india-300466181.html

SOURCE JinkoSolar Holding Co., Ltd.

Print
ET | Source: Scatec Solar

Q2 2017 Presentation.pdf

Q2 2017 Report.pdf

Oslo, July 21, 2017: Scatec Solar's second quarter consolidated revenues reached NOK 279 million, up from 213 million in the same period last year. Consolidated EBITDA reached NOK 217 million, up from NOK 153 million last year. The year on year increase in revenues and EBITDA is mainly explained by better solar irradiation, additional revenues from the new plants in Jordan and a strengthening of ZAR/NOK of 17%.

Scatec Solar's proportionate share of revenues reached NOK 165 million, down from 437 million in the same period last year. The proportionate EBITDA reached NOK 100 million in line with the same period last year. Cash flow to equity across all business activities reached NOK 20 million in the second quarter, compared to NOK 31 million in the same period last year.

Power production reached 147 GWh in the second quarter, up 24% from same quarter last year, excluding divestments, and down 6% from previous quarter due to seasonally lower production in South Africa.

"We have made significant progress on the 1,143 MW project backlog over the last few months and several projects are approaching financial close. With these projects, we are set to strengthen our position as a leading emerging market focused IPP. With technology innovation and cost reductions in the industry we are exploring additional partnerships and new business models that will allow us to add to our growth opportunities ", says Scatec Solar's CEO, Raymond Carlsen.

For more details, please see attached the second quarter report and presentation.

A presentation of the results will be held today at 08.00 at Høyres Hus, Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be followed through a live webcast from our website www.scatecsolar.com/investor.

For further information, please contact:

Mr. Raymond Carlsen, CEO,          tel: +47 454 11 280           This email address is being protected from spambots. You need JavaScript enabled to view it. 

Mr. Mikkel Tørud, CFO,                  tel: +47 976 99 144           This email address is being protected from spambots. You need JavaScript enabled to view it.


About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of 600 MW.

The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan. With an established global presence, the company is growing briskly with a project backlog and pipeline of 1.8 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.

To learn more, visit www.scatecsolar.com

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/d1b33de7-47be-4840-adc5-8335dc3dbead

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/81ed551f-b93c-4e21-8214-4e4c2f820b02

Print
ET | Source: Franklin Electric

FORT WAYNE, Ind., July 20, 2017 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ:FELE) announces its partnership with STAR Island, the world’s first-of-its-kind, off-grid sustainable island destination. STAR (Sustainable Terrain And Resources) Island, a 35-acre cay located off the northern coast of Eleuthera, Bahamas, is proving travelers can enjoy sustainability without sacrifice. The island’s integrated off-grid philosophy is employed to generate electricity using solar panels, producing pure drinking water from a reverse osmosis system running on Franklin Electric’s solar powered pumps, and providing organically-grown food, highlighting just a few of the island’s innovative green solutions.

Franklin Electric’s new Fhoton SolarPAK System was selected to supply the island with its potable water and will be the first of many pumping systems the company supplies for STAR Island. Franklin Electric and STAR Island are committed to further innovation with green pump technologies to assist with other water-based applications such as the removal of wastewater, decorative water features, and water pressure boosting applications.

The Fhoton SolarPAK System features a Franklin Electric submersible pump and motor, and the Fhoton solar controller in one package. When used with solar panels to power the pump and motor, the system draws groundwater to the surface for a variety of uses. The system is an ideal choice for remote or “off grid” areas where delivering water is impractical due to the availability of electricity or for those that simply want to conserve energy. The catalyst behind this new system, the Fhoton solar controller, features a compact modular design, providing installation flexibility for the contractor. For added durability, it touts a robust IP66, NEMA 4 enclosure that protects against wildlife, insects, dust, and weather. The controller includes diagnostic features and built-in protection from potential harmful conditions, such as: surge, underload (dry run), overvoltage, locked pump, open and short circuit, overheated controller, and reverse polarity.

The Franklin Electric Fhoton SolarPAK System is cULus and UL approved and available in a variety of flow rates from 2.5 to 90 gpm (9.5 to 270 lpm) and power ratings of 0.75 and 1.5 hp (0.55 or 1.1 kW). Fhoton’s motor control algorithm and hardware design enable the end user to get a higher solar- or photon-to-water energy conversion ratio, which means more water with less sunlight needed. It can drive a broad range of submersible and surface motor types and can be used in a new solar array or retrofit to an existing array in many cases, providing added application flexibility.

The Fhoton SolarPAK System supports a variety of pumping applications, including: livestock watering, tank/cistern filling, wildlife refuge and game farms, rural water supply for villages and homesteads, irrigation systems, fountains, vineyards, renewable energy projects, effluent pumping, rain harvesting, and more.

“We are so honored to be a part of the STAR Island initiative. Franklin Electric remains dedicated to providing the market with new products, systems, and services to address application challenges, so we appreciate Mr. David Sklar’s pioneering vision and contribution to the ever-growing green initiative. Like most locations globally, STAR Island has ample sunlight to run a solar pumping system. Given the fact that solar panels are as cost effective as ever and delivering water via the grid is impractical, in this case, due to the unavailability of electricity, the Fhoton SolarPAK System is an ideal choice for this project,” said Mr. Don Kenney, President, North America Water Systems and Vice President, Franklin Electric Co., Inc.

Against incredible odds and with limited resources, STAR Island Bahamas set out on a mission to be the world’s first sustainable island destination, with guilt-free comfort to demonstrate that a desirable carbon-neutral lifestyle is both possible and realistic.

According to the project’s founder and CEO, David Sklar, a Bluffton, South Carolina ‘eco-tect’ recognized for his innovative design solutions, “Our development priorities include showcasing the latest clean technologies, sustainable products and green building, all with an eye to being able to scale and replicate the project. We envision the island as a blueprint for the future, reducing the learning curve for others in the fight against pollution of the planet and climate change.”

The first phase of the project featuring The Beach Bar & Grill, beach cabanas and Organic Island Garden opened to the public this spring. Visitors now can enjoy lunch by the beach featuring organic island-grown produce and fresh local catches. Activities such as bone fishing, kayaking, paddle boarding, snorkeling, birdwatching and spotting sea turtles are also available. Guests can also book the island for private events to create the perfect wedding, party or secluded escape in a natural and exclusive setting.

STAR Island recently opened its first overnight stay unit called “The Nest”, offering guests an opportunity to take a sustainable lifestyle for a test drive. The Nest is a 650 sq. ft. suite located only a few steps from the beach, Organic Garden, and The Beach Bar & Grill. It features a modern Caribbean design with private balconies offering amazing views of its crystal turquoise waters – a perfect getaway for couples looking for a relaxing retreat. The Nest is open for reservations.

Phase 2 of the project, includes construction of beachfront bungalows, as well as expansion of the power and water systems and the construction of a hydroponic greenhouse and aquaculture program.

The island is conceived as an ongoing project, where guests can get involved and experience something new and interactive: whether helping harvest produce, plant a tree or creating an artificial reef, it's sure to be a visit to remember.

For solar installers looking to partner with a drilling or pump installation expert, Franklin Electric will connect them with its expansive network of water systems professionals. For more information on all Franklin Electric solar products, visit www.franklinwater.com.

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.

STAR Island Bahamas was established in 2006 by a small group of individuals with a single mission: to provide the world’s first sustainable island destination, where desirable experiences and environmental care intersect. The project showcases innovative solutions to produce clean power, pure water and fresh food on-site while offering a unique hands-on travel experience to visitors. STAR Island Bahamas has been recognized and acclaimed by the Bahamian government as a pioneer in a new era of sustainable development and tourism. For more information, please visit www.starislandbahamas.net.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2016, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

Contact:
Eric Pulley
Franklin Electric Co., Inc.
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ET | Source: Fortum

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FORTUM CORPORATION HALF-YEAR FINANCIAL REPORT JANUARY-JUNE 2017 20 JULY 2017 AT 9:00 EEST

April−June 2017

  • Comparable EBITDA EUR 219 (209) million, +5%
  • Comparable operating profit EUR 109 (122) million, -11%
  • Operating profit EUR 66 (67) million, of which EUR -42 (-54) million related to items affecting comparability
  • Earnings per share EUR -0.08 (0.06), of which EUR -0.14 (0.00) related to a Swedish income tax case and EUR -0.04 (-0.05) related to items affecting comparability
  • Cash flow from operating activities totalled EUR 232 (-5) million
  • Fortum and City of Oslo to restructure ownership in Hafslund

January−June 2017

  • Comparable EBITDA EUR 642 (566) million, +13%
  • Comparable operating profit EUR 421 (397) million, +6%
  • Operating profit EUR 456 (437) million, of which EUR 34 (40) million related to items affecting comparability
  • Earnings per share EUR 0.30 (0.43), of which EUR -0.14 (0.00) related to a Swedish income tax case and EUR 0.03 (0.03) related to items affecting comparability
  • Cash flow from operating activities totalled EUR 514 (370) million
  • City Solutions division divided into City Solutions and Consumer Solutions to support strategy implementation
  • The operating profit target level (EBIT) of RUB 18.2 billion for the Russia segment was reached in the first quarter of 2017

Summary of outlook

  • Fortum continues to expect the annual electricity demand to grow in the Nordic countries by approximately 0.5% on average
  • The Generation segment's Nordic generation hedges: approximately 45% hedged at EUR 30 per MWh for the rest of 2017 and approximately 45% hedged at EUR 28 per MWh for 2018.

Key financial ratios 

  2016 LTM
Return on capital employed, % 4.0 4.3
Comparable net debt/EBITDA 0.0 0.6

 Key figures 

EUR million or as indicated II/17 II/16 I-II/17 I-II/16 2016 LTM
Sales 937 768 2,169 1,757 3,632 4,044
Comparable EBITDA 219 209 642 566 1,015 1,091
Comparable operating profit 109 122 421 397 644 668
Operating profit 66 67 456 437 633 652
Share of profits of associates and
joint ventures
35 38 94 105 131 120
Profit before taxes 49 61 461 451 595 605
Earnings per share, EUR -0.08 0.06 0.30 0.43 0.56 0.43
Net cash from operating activities 232 -5 514 370 621 765
Shareholders’ equity per share, EUR     14.22 14.92 15.15  
Interest-bearing net debt (at end of period)     605 -934 -48  

Fortum’s President and CEO Pekka Lundmark:

“Fortum's strategy implementation and capital redeployment continued during the second quarter. Over the last two years we have made three significant acquisitions: DUON, Ekokem and, in the second quarter 2017, Hafslund. At the same time, we have stepped up our investments for the future. Recent initiatives include solar power in India, wind power in the Nordics and Russia, nuclear services in Germany, expanding our Charge & Drive network as well as digitalising our customer interface with the MyFortum app. Once these investments are completed we will have redeployed around 20% of the capital, and recovered close to 100% of the cash flow generated by the divested electricity distribution business. We will continue on the path set out by our strategy to increase our profitability and secure our long-term competitiveness.

The second quarter of 2017 did not show substantial improvements in the market conditions. Nordic spot prices remain on a fairly low level, although higher than the very low prices in 2016. Forward prices have improved somewhat, but are still on lower levels than the current spot prices. The quarter was characterised by colder weather and stable water reservoirs. The reservoir level at the end of June was close to the long-term average levels and changed only marginally during the quarter.

The comparable operating profit for the second quarter declined by 11% to EUR 109 million. Still the half-year result was above last year due to the strong performance in the first quarter.

Heat sales increased thanks to the colder weather, which positively affected the results of City Solutions. Consequently the comparable operating profit increased by EUR 6 million compared to the second quarter of 2016. In spite of good availability in our nuclear production, the result of Generation declined. The result was burdened by slightly lower hydro volumes and a lower achieved power price. The Russia segment continued the strong performance, improving its results by EUR 19 million. We have strengthened our development efforts in new ventures and R&D and expect them to start paying back from 2018.

The highlight of the quarter was the successful restructuring of our ownership in Hafslund, announced at the beginning of the quarter. Fortum will gain 1.1 million new customers through the restructuring, increasing our Nordic customer base to 2.4 million. This offers a great platform for the development of new innovative solutions and services for our customers. Fortum will also join forces with the City of Oslo by merging Hafslund's Heat business area with the City of Oslo's waste-to-energy plant, Klemetsrudanlegget. The transactions are completely in line with our strategic ambitions and will have a positive effect on our EBITDA. In June, the Oslo City Council approved the transactions. Also all required regulatory approvals have been received.

After finalising our investment programme in conventional power and heat generation in Russia last year, we embarked on diversifying our portfolio by investing in the Ulyanovsk wind park. It is the first industrial-scale wind park in Russia, with commissioning expected in the beginning of 2018. During the second quarter of 2017 we announced the establishment of the Fortum-RUSNANO wind investment fund. The investment supports our previously announced ambition to secure around 500 MW of wind power capacity in Russia. The Russian CSA auction in June 2017 was a success for the fund, as it was able to secure substantial capacities for a price range of EUR 115-135 per megawatt-hour.

Fortum advocates for market-based solutions and improved coherence between policies and countries. This was stressed in the joint statement by Fortum and other large Nordic utilities in June. Fortum also fully supports the stronger coordination between the Nordic countries, as proposed in the Nordic Energy Ministers' Ollila-report in June. Coherent energy policy is and will be an essential factor in securing a sustainable transition to a clean energy system largely based on renewables in the decades to come.“

Financial results

Sales by segment 

EUR million II/17 II/16 I-II/17 I-II/16 2016 LTM
Generation 402 384 876 851 1,657 1,682
City Solutions 205 121 495 349 782 928
Consumer Solutions 164 146 406 321 668 753
Russia 238 182 586 431 896 1,051
Other 24 23 48 46 92 94
Netting of Nord Pool transactions -73 -69 -191 -189 -384 -386
Eliminations -23 -19 -52 -52 -79 -79
Total 937 768 2,169 1,757 3,632 4,044

Comparable EBITDA by segment 

EUR million II/17 II/16 I-II/17 I-II/16 2016 LTM
Generation 111 124 277 306 527 498
City Solutions 37 20 131 90 186 227
Consumer Solutions 8 15 22 29 55 48
Russia 88 64 256 169 312 399
Other -24 -15 -44 -28 -64 -80
Total 219 209 642 566 1,015 1,091

Comparable operating profit by segment 

EUR million II/17 II/16 I-II/17 I-II/16 2016 LTM
Generation 78 98 214 253 417 378
City Solutions 1 -5 57 39 64 82
Consumer Solutions 6 13 18 26 48 40
Russia 53 34 185 113 191 263
Other -28 -18 -52 -34 -77 -95
Total 109 122 421 397 644 668

 Operating profit by segment 

EUR million II/17 II/16 I-II/17 I-II/16 2016 LTM
Generation 34 32 264 243 338 359
City Solutions 0 -2 59 56 86 89
Consumer Solutions 8 20 -1 25 59 33
Russia 53 36 185 147 226 264
Other -28 -18 -52 -34 -77 -95
Total 66 67 456 437 633 652

April-June 2017

In the second quarter of 2017, sales were EUR 937 (768) million. The increase was mainly due to higher nuclear and thermal volumes, cold weather, the strengthening Russian rouble and the consolidation of Ekokem. Comparable EBITDA totalled EUR 219 (209) million. Comparable operating profit totalled EUR 109 (122) million. The comparable operating profit was burdened by lower hydro volumes and increased costs in the Other segment, mainly due to increased development efforts in new ventures and R&D. The reported operating profit totalled EUR 66 (67) million. Fortum's operating profit for the period was impacted by items affecting comparability, including sales gains, and the IFRS accounting treatment (IAS 39) of derivatives mainly used for hedging, as well as nuclear fund adjustments, amounting to EUR -42 (-54) million (Note 4).

The share of profit from associates and joint ventures was EUR 35 (38) million, of which Hafslund represented EUR 17 (18), TGC-1 EUR 19 (18) and Fortum Värme EUR 1 (1) million. The share of profit from Hafslund and TGC-1 are based on the companies' published first-quarter 2017 interim reports (Note 12).

January-June 2017

In January-June 2017, sales were EUR 2,169 (1,757) million. The increase was mainly due to the strengthening Russian rouble and the consolidation of Ekokem and DUON. Comparable EBITDA totalled EUR 642 (566) million. Comparable operating profit totalled EUR 421 (397) million and reported operating profit totalled EUR 456 (437) million. Fortum's operating profit for the period was impacted by items affecting comparability, including sales gains, and the IFRS accounting treatment (IAS 39) of derivatives mainly used for hedging, as well as nuclear fund adjustments, amounting to EUR 34 (40) million (Note 4).

The share of profit from associates and joint ventures was EUR 94 (105) million, of which Hafslund represented EUR 31 (32), TGC-1 EUR 20 (27) and Fortum Värme EUR 44 (45) million. The share of profit from Hafslund and TGC-1 are based on the companies' published fourth quarter 2016 and first quarter 2017 interim reports (Note 12).

Net financial expenses were EUR -88 (-91) million and include changes in the fair value of financial instruments of EUR -6 (2) million.

Profit before taxes was EUR 461 (451) million.

Taxes for the period totalled EUR 190 (62) million. The effective income tax rate according to the income statement was 41.2% (13.9%). The comparable effective income tax rate, excluding the impact of the share of profit from associated companies and joint ventures as well as non-taxable capital gains and Swedish income tax cases, was 20.3% (18.7%) (Note 8).

The profit for the period was EUR 271 (389) million. Earnings per share were EUR 0.30 (0.43), of which EUR -0.14 (0.00) related to a Swedish income tax case effect and EUR 0.03 (0.03) per share relates to items affecting comparability.

Financial position and cash flow

Cash flow

In January-June 2017, net cash from operating activities increased by EUR 144 million to EUR 514 (370) million, due to EUR 76 million increase in comparable EBITDA, EUR 191 million decrease in realised foreign exchange gains and losses, and EUR 169 million lower income taxes paid. The foreign exchange gains and losses of EUR -63 (128) million relate to the rollover of foreign exchange contracts hedging loans to Russian and Swedish subsidiaries. In June 2016, Fortum paid income taxes in Sweden totalling EUR 127 million regarding an ongoing tax dispute. The change in working capital increased by EUR 58 million to EUR 65 (7) million, which includes the effect of the daily cash settlements for futures in Nasdaq OMX Commodities Europe (Additional cash flow information).

Investments including acquisitions remained at the same level as the previous year, EUR 359 (357) million. Net cash used in investing activities decreased to EUR -199 (-641) million. The change was mainly due to the decrease in cash collaterals given as trading collaterals to commodity exchanges of EUR 72 (-269) million.

Cash flow before financing activities was EUR 315 (-271) million.

Fortum paid dividends totaling EUR 977 (977) million in April 2017. Payments of long-term liabilities totalled EUR 464 (808) million, including the repayment of bonds totalling EUR 343 million and loan payments of 120 million. The net decrease in liquid funds was EUR 1,034 (2,063) million.

Assets and capital employed

Total assets decreased by EUR 1,681 million to EUR 20,283 (21,964 at the end of 2016) million.

Liquid funds at the end of the period were EUR 4,106 (5,155 at the end of 2016) million.

Capital employed was EUR 17,431 (18,649 at the end of 2016) million, a decrease of EUR 1,218 million.

Equity

Equity attributable to owners of the parent company totalled EUR 12,635 (13,459 at the end of 2016) million.

The decrease in equity attributable to owners of the parent company totalled EUR 824 million, and was mainly due to the net profit for the period of EUR 265 million, translation differences of EUR -170 million and dividend payment of EUR 977 million.

Financing

Net cash decreased by EUR 653 million to EUR -605 (48 at the end of 2016) million.

At the end of June, the Group’s liquid funds totalled EUR 4,106 (5,155 at the end of 2016) million. Liquid funds include cash and bank deposits held by OAO Fortum amounting to EUR 223 (105 at the end of 2016) million. In addition to liquid funds, Fortum had access to EUR 1.9 billion of undrawn committed credit facilities (Note 14).

Net financial expenses were EUR -88 (-91) million, of which net interest expenses were EUR -67 (-79) million.

Fortum’s long-term credit ratings were unchanged. Standard & Poor's rating (affirmed in June 2017) is BBB+ and the short-term rating A-2. The outlook is stable. Fitch Ratings long-term Issuer Default Rating (IDR) and senior unsecured rating is BBB+ and the short-term IDR is F2 with a stable outlook.

Key figures

At the end of June, the comparable net debt to EBITDA for the last 12 months was 0.6 (0.0 at the end of 2016).

Gearing was 5% (0% at the end of 2016) and the equity-to-assets ratio 63% (62% at the end of 2016). Equity per share was EUR 14.22 (15.15 at the end of 2016). Return on capital employed for the last 12 months totalled 4.3% (4.0% at the end of 2016).

Market conditions

Nordic countries

According to preliminary statistics, electricity consumption in the Nordic countries was 88 (86) terawatt-hours (TWh) during the second quarter of 2017. The higher consumption was mainly caused by colder weather compared to the second quarter of 2016. In January-June 2017, electricity consumption was 202 (203) TWh.

At the beginning of 2017, the Nordic water reservoirs were at 75 TWh, which is 8 TWh below the long-term average and 23 TWh lower than a year earlier. By the end of June, reservoirs were 3 TWh below the long-term average and 2 TWh lower than a year earlier. The reservoir balance turned from a clear deficit to close to the long-term average during the first half of the year, due to the higher than long-term average precipitation in Norway.

In the second quarter of 2017, the average system spot price in Nord Pool was EUR 27.4 (23.9) per MWh. The main driver for the price increase was the clearly higher marginal cost of coal condense than a year earlier, which contributed to strong continental prices, increasing the export from the Nordics. Colder weather and the delayed spring flooding also contributed to the increase. The average area price in Finland was EUR 30.9 (30.2) per MWh and in Sweden SE3 (Stockholm) EUR 28.5 (26.5) per MWh.

In January-June 2017, the average system spot price in Nord Pool was EUR 29.3 (24.0) per MWh, the average area price in Finland was EUR 32.0 (30.3) per MWh and in Sweden SE3 (Stockholm) EUR 30.2 (25.3) per MWh.

In Germany, the average spot price in the second quarter of 2017 was EUR 29.8 (24.8) per MWh. In January-June 2017, the average spot price was EUR 35.5 (25.0) per MWh.

The market price of CO2 emission allowances (EUA) was EUR 6.5 per tonne at the beginning of the year and EUR 5.0 per tonne at the end of June 2017.

Russia

Fortum operates both in the Tyumen and Khanty-Mansiysk area of Western Siberia, where industrial production is dominated by the oil and gas industries, and in the Chelyabinsk area of the Urals, which is dominated by the metal industry.

According to preliminary statistics, Russian electricity consumption was 238 (230) TWh during the second quarter of 2017. The corresponding figure in Fortum’s operating area in the First price zone (European and Urals part of Russia) was 184 (176) TWh. In January-June 2017, Russian electricity consumption was 522 (510) TWh and the corresponding figure on Fortum's operating area in the First price zone was 402 (388) TWh.

In the second quarter of 2017, the average electricity spot price, excluding capacity price, decreased by 1.6% to RUB 1,148 (1,166) per MWh in the First price zone. In January-June 2017, the average electricity spot price, excluding capacity price, increased by 0.6% to RUB 1,164 (1,157) per MWh in the First price zone.

More detailed information about the market fundamentals is included in the tables at the end of the report (page 59).

European business environment and carbon market

Swedish nuclear and hydro taxes adopted

In May 2017, the Swedish parliament adopted the proposed changes of nuclear and hydropower taxation in accordance with the energy agreement from June 2016. The tax on installed effect in nuclear reactors will be reduced by 90%, starting from 1 July 2017, from SEK 14,770/MW/month to SEK 1,500/MW/month, and abolished on 1 January 2018. The hydro real-estate tax will be reduced from 2.8% to 0.5% in four steps until 2020.

Finnish waste plan published

In May 2017, the National Waste Plan was published for consultation. The main objective is to increase waste recycling. The target rate for municipal solid waste recycling is set to 55% by 2023. According to the plan, the current waste-to-energy capacity is sufficient for municipal solid waste, but for other waste requiring thermal treatment additional capacity of at least one waste-to-energy plant is needed. More capacity is also needed e.g. for pretreatment of waste and biogasification.

The plan also covers taxation of waste incineration and inclusion of waste incineration into the EU emissions trading system.

Finnish Parliament’s statement on the national climate and energy strategy

In May 2017, the Parliament gave its statement on the government’s proposal (November 2016) for the national climate and energy strategy for 2030. The Parliament requires, among others, that the government renews the support schemes for electricity and heat from renewable energy sources with the objective of having cost-efficient and truly technology-neutral schemes. The Parliament also highlights the preparatory measures for the electrification of transport. The government is requested to strengthen regional cooperation and coordination in the Nordic energy market and to study the preconditions for establishing a joint Nordic energy and climate strategy.

Development of Nordic energy cooperation: report by Jorma Ollila

The Nordic Council appointed Mr Jorma Ollila as an independent investigator to make proposals on how to improve Nordic energy cooperation. In June, Mr Ollila delivered his report, which contains several positive suggestions related to stronger coordination of national energy and climate policies, energy research as well as EU positions in order to strengthen the Nordic voice in Brussels. One important proposal is the establishment of a Nordic power market forum to bring together different energy stakeholders. The report supports further development of the energy-only market, stronger real-time price signals and harmonised retail markets. The Nordic energy ministers will discuss the report in their annual meeting in November 2017.

Outlook

Nordic market

Despite macroeconomic uncertainty, electricity is expected to continue to gain a higher share of total energy consumption. Electricity demand in the Nordic countries is expected to grow by approximately 0.5% on average, while the growth rate for the next few years will largely be determined by macroeconomic developments in Europe, and especially in the Nordic countries.  

During January-June 2017, the oil price decreased, whereas the coal price continued increasing and is at a clearly higher level than the second quarter of 2016. The price of CO2 emission allowances (EUA) remained on the same level. The price of electricity for the upcoming twelve months increased both in the Nordic area and in Germany.

In mid-July 2017, the quotation for coal (ICE Rotterdam) for the remainder of 2017 was around USD 80 per tonne and for CO2 emission allowances for 2017 around EUR 5.5 per tonne. The Nordic system electricity forward price in Nasdaq Commodities for the rest of 2017 was around EUR 30 per MWh and for 2018 around EUR 26 per MWh. In Germany, the electricity forward price for the rest of 2017 was around EUR 35 per MWh and for 2018 around EUR 31 per MWh. Nordic water reservoirs were about 2 TWh below the long-term average, close to the levels one year ago.

Generation

The Generation segment’s achieved Nordic power price typically depends on such factors as the hedge ratios, hedge prices, spot prices, availability and utilisation of Fortum's flexible production portfolio, and currency fluctuations. Excluding the potential effects from changes in the power generation mix, a 1 EUR/MWh change in the Generation segment’s Nordic power sales achieved price will result in an approximately EUR 45 million change in Fortum's annual comparable operating profit.

As a result of the nuclear stress tests in the EU, the Swedish Radiation Safety Authority (SSM) has decided on new regulations for Swedish nuclear reactors. For the operators, this means safety investments that should be in place no later than 2020.

The process to review the Swedish nuclear waste fees is done in a three-year cycle. The Swedish Nuclear Fuel and Waste Management Co (SKB) has updated the new technical plan for the SSM to review. The final decision on the new nuclear waste fees will be made by the Swedish government in December 2017. However, as a result of the decision on early closure of nuclear power plants, SSM recalculated the waste fees for the Oskarshamn and Ringhals power plants.

On 1 June 2017, the Swedish government submitted a proposal to the parliament regarding the calculations of nuclear waste fees and the investment of the nuclear waste fund. According to the proposal the operating time for calculating the waste fee will be 50 years, as opposed to the current 40 years. The fund would also be allowed to invest in other financial instruments than government bonds. The proposed changes and the legislation are expected to be effective from 1 December 2017.

In September 2016, the Swedish government presented the budget proposal for the coming years. One of the key elements was the proposal that taxation of different energy production forms should be more equal and the tax burden of nuclear and hydro should be taken to the level of other production technologies. The budget states that the nuclear capacity tax will be reduced to 1,500 SEK/MW per month from 1 July 2017 and abolished on 1 January 2018. In 2017, the tax for Fortum is estimated to decrease by approximately EUR 32 million to EUR 52 million due to the tax decrease and by another EUR 5 million due to the premature closure of Oskarshamn 1 in the middle of the year. In 2018, there is no capacity tax.

The hydropower real-estate tax will decrease over a four-year period beginning in 2017, from todays 2.8% to 0.5%. The real-estate tax on hydro will, as stated in the government’s budget, be reduced in four steps: in January 2017 to 2.2%; in January 2018 to 1.6%; in January 2019 to 1.0%; and in January 2020 to 0.5%. In 2017, the tax for Fortum is estimated to decrease by approximately EUR 20 million to approximately EUR 95 million.

In addition to the decrease in the tax rate, the hydropower real-estate tax values, which are linked to electricity prices, will be updated in 2019. The real-estate tax values are updated every six years. With the current low electricity prices, the tax values in 2019 will be clearly lower than today. The process for renewing existing hydro permits will also be reformed.

In October 2016, the Swedish Energy Agency presented a concrete proposal on how to increase the production of renewable electricity by 18 TWh in 2020-2030 within the electricity certificate system, as part of the Energy Agreement. In April 2017, the Swedish government decided that the increase will be carried out in a linear manner.

In 2015, Swedish OKG AB decided to permanently discontinue electricity production at Oskarshamn’s nuclear plant units 1 and 2. Unit 1 was shut down on 17 June 2017, approximately 2 weeks earlier than planned, and unit 2 has been out of operation since June 2013. The closing processes for both units are estimated to take several years.

City Solutions

In City Solutions, steady growth, cash flow and earnings are achieved through investments in new plants and through acquisitions. Fuel cost, availability, flexibility and efficiency as well as gate fees are key drivers in profitability, but also the power supply/demand balance, electricity price and the weather affect profitability.

In May 2016, the Finnish government decided to increase the tax on heating fuels by EUR 90 million annually from 2017 onwards. The negative impact on Fortum is estimated to be approximately EUR 5 million per year.

Consumer Solutions

In Consumer Solutions, profitability is achieved through competitive product and service offerings, efficient operations, scale benefits in systems and operations as well as prudent risk management. As the Consumer Solutions segment hedges most of the market risk exposure, it is typically more exposed to short-term variations in power prices and demand than to long-term price trends. Short-term volatility, often caused by temperature, can have a substantial impact on power prices as well as on power demand.

The competitive environment affects the Consumer Solutions segment both through the sales margins of the products sold as well as the size of the customer base. The competition in the Nordic electricity retail market is expected to remain challenging over the coming years, putting pressure on sales margins.

Russia

The Russia segment's new capacity generation built after 2007 under the Russian Capacity Supply Agreement (CSA) is a key driver for earnings growth in Russia, as it is expected to bring income from new volumes sold and also to receive considerably higher capacity payments than the old capacity. Fortum will receive guaranteed capacity payments for a period of 10 years from the commissioning of a plant. The received CSA payment will vary depending on the age, location, size and type of the plants, as well as on seasonality and availability. CSA payments can vary somewhat annually because they are linked to Russian Government long-term bonds with 8 to 10 years maturity. In addition, the regulator will review the earnings from the electricity-only market three years and six years after the commissioning of a unit and could revise the CSA payments accordingly.

In June, 1,000 MW of the bids of the 50/50 owned Fortum-RUSNANO wind investment fund were selected in the Russian wind auction. The bids are for projects to be commissioned during the years 2018-2022 with a price corresponding to approximately EUR 115-135 per MWh. The projects will be covered by Capacity Supply Agreements (CSA) for a period of 15 years.

The long-term Competitive Capacity Selection (CCS) for the years 2017-2019 was held at the end of 2015, and the long-term CCS for year 2020 was held in September 2016. All Fortum’s plants were selected. For the volume of Fortum’s installed "old" capacity, 195 MW (out of 2,214 MW), Fortum has obtained forced mode status, i.e. it receives payments for the capacity at a higher rate.

The Russian annual average gas price growth was 3.6% in 2016. Fortum estimates the Russian annual average gas price growth to be 2.0% in 2017.

Capital expenditure and divestments

Fortum currently expects its capital expenditure, excluding acquisitions, to be approximately EUR 800 million in 2017. The annual maintenance capital expenditure is estimated to be below EUR 300 million in 2017, well below the level of depreciation.

Taxation

The effective corporate income tax rate for Fortum in 2017 is estimated to be 19-21%, excluding the impact of the share of profits of associated companies and joint ventures, non-taxable capital gains, non-recurring items and a Swedish income tax case.

On 11 May 2017, the administrative court in Stockholm, Sweden, gave its decisions related to Fortum’s income tax assessments for the year 2013. The court decisions were not in Fortum’s favour. Fortum will appeal the decisions. If the decisions remain in force despite the appeal, the impact on the net profit would be approximately EUR 28 million (approximately SEK 273 million). Fortum has not made a provision as, based on legal analysis, the EU Commission’s view and supporting legal opinions, the cases should be ruled in Fortum’s favour. The assessments concern the loans given in 2013 by Fortum’s Dutch financing company to Fortum’s subsidiaries in Sweden. The interest income for these loans was taxed in the Netherlands. The Swedish tax authority considers just over a half of the interest relating to each loan as deductible, i.e. deriving from business needs. The rest of the interest is seen as non-deductible. The decisions are based on the changes in the Swedish tax regulation in 2013.

On 30 June 2017, the Court of Appeal in Stockholm, Sweden, ruled against Fortum related to Fortum's income tax assessments in Sweden for the years 2009-2012. Due to the decision of the Court of Appeal, Fortum booked a tax cost of 1,175 MSEK (EUR 123 million) in the second-quarter 2017 results. The booking did not have any cash flow effect for Fortum, as the additional taxes and interest have already been paid in 2016. The case concerns Fortum’s right to deduct intra-group interest expenses in Sweden in the years 2009-2012. Fortum restructured its operations and reallocated loans in 2004-2005 to ensure future operations. Fortum does not agree with the Court's decision and will apply for the right to appeal from the Supreme Administrative Court.

Hedging

At the end of June 2017, approximately 45% of Generation's estimated Nordic power sales volume was hedged at EUR 30 per MWh for the rest of 2017 and approximately 45% at EUR 28 per MWh for 2018.

The reported hedge ratios may vary significantly, depending on Fortum's actions on the electricity derivatives markets. Hedges are mainly financial contracts, most of them electricity derivatives quoted on Nasdaq Commodities.

Change of Fortum Corporation's trading and issuer codes

As of 25 January 2017, Fortum Corporation changed its trading and issuer codes. The trading code of Fortum Corporation's share changed from FUM1V to FORTUM, and Fortum's issuer code was changed from FUM to FORTUM.

Dividend payment

The Annual General Meeting 2017 decided to pay a dividend of EUR 1.10 per share for the financial year that ended 31 December 2016. The record date for the dividend was 6 April 2017 and the dividend payment date was 13 April 2017.

Espoo, 19 July 2017

Fortum Corporation
Board of Directors

Further information:

Pekka Lundmark, President and CEO, tel. +358 10 452 4112
Markus Rauramo, CFO, tel. +358 10 452 1909

Investor Relations & Financial Communications: Måns Holmberg, tel. +358 44 518 1518, Rauno Tiihonen, tel. +358 10 453 6150, Pirjo Lifländer +358 40 643 3317, and This email address is being protected from spambots. You need JavaScript enabled to view it.

Media: Corporate Press Officer, Mari Kalmari, tel. +358 40 520 1709

The condensed Interim Report has been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the EU. The interim financials have not been audited.

Financial calendar in 2017

Interim Report January-September will be published on 26 October 2017 at approximately 9:00 EEST

Distribution:

Nasdaq Helsinki
Key media
www.fortum.com

More information, including detailed quarterly information, is available on Fortum’s website at www.fortum.com/investors

Print
ET | Source: RGS Energy

DENVER, July 17, 2017 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the nation’s original solar company since 1978, provided a business update on its progress during the second quarter, using its debt-free balance sheet, toward revenue growth and foundations for profitability.

Summary of Expectations Versus Results:

  April Business
Update Expectation
        2nd Quarter
Preliminary Results
Sales Growth   Gross sales increased ≈2x
Net sales increased ≈3x
Revenue Lag a quarter   Decreased ≈18%
Sales organization Growth   Increased ≈40%
Cost effective marketing Cost effective   Reduced ≈55%
Residential cycle time Reduce   Reduced ≈30%
Cost of goods sold per watt Reduce   Increased <1%
Cash flow Outflow until break-even   Outflow

Management Commentary:

“Our performance this quarter was in-line with expectations we set in our last business update,” said Dennis Lacey, CEO of RGS Energy.  “We made progress on what we see are the foundations for profitability, such as lowering customer acquisition expense and residential cycle time. To grow sales and continue to lay the groundwork for profitability, we have been expending cash as expected. However, we believe that we have sufficient working capital to build a business that will operate profitably and generate positive cash flow in the future.”

“With our last update, we advised that installation revenue would lag sales growth and that occurred this quarter,” continued Lacey. “Our residential segment gross margin percentage reflecting only actual construction crew time was approximately 22%, less than our target of upper 20’s because we cannot absorb well the fixed construction organization costs when our revenue is low.  Further, we are maintaining a larger construction organization than we would need for our current backlog because we are confident we will grow sales and require a larger construction organization.”

“We’ve said the process of achieving profitability will take some time,” continued Lacey. “Given our $16 million capital raise in February, it is important to note that this is our first full quarter of operating with what we feel is appropriate working capital in place. As this is the first quarter on this basis, we are heartened by the positive trends.”

Growing Sales for Future Revenue:

  2nd Quarter
2017
(Preliminary)
    1st Quarter
2017
(Reported*)
    % change
from Q1

Building current backlog: (000’s omitted)      
Beginning backlog   $7,392       $9,375   -21%  
Gross sales:      
Residential homeowners   4,871       2,848   71%  
Small business commercial   1,531       111   1,281%  
Sunetric (Hawaii)   1,003       82   1,124%  
Total   7,405       3,035   144%  
Cancellations   2,415       1,645   47%  
Net sales   4,990       1,390   259%  
Installation revenue   2,697       3,372   -20%  
       
Ending backlog   $9,685       $7,392   31%  
       
Service and other revenue   308       281   10%  
Total reported revenue   $3,006       $3,653   -18%  
       
Building Future Backlog:      
Awarded Community Solarize Programs:      
Residents in awarded community solarize areas   34,735       -  
Historical final close rate per resident   0.6%       -  
Historical average sales price ≈$27,000      
Growth of Sales Organization:
(monthly average headcount during quarter)
     
Customer acquisition employees   63       45   39%  
Direct sales representatives   40       27   49%  
 
* reclassified

Foundation for Profitability, Residential Segment, Our Largest Segment:

  2nd Quarter
2017
(Preliminary)
  1st Quarter
2017
(Reported*)
  % change
from Q1

Productivity of Sales Organization:      
Number of sales   173       105     65%  
Sales per direct salesperson (avg)   4.81       3.89     24%  
Controlling Customer Acquisition Expense:      
Per watt sold $0.62     $0.94     -34%  
Ratio of expense to sales   .27       .59     -55%  
Increasing Installation Revenue Gross Margin Percentage:      
Installation cycle time (avg)   111       161     -31%  
COGS per watt   2.84       2.82     <1%  
Gross margin % on actual installation time   22%       25%     -11%  
Gross margin % including idle time   6%       15%     -59%  
 
* reclassified

Financing in Place to Grow Sales:

Working Capital: June 30, 2017
(Preliminary)
    March 31, 2017
(Actual*)
Cash   $9,736
    $14,077
All Other Assets   6,494     6,593
Total Current Assets     16,230     20,670
Current Liabilities   3,310     3,824
Working Capital   $12,920     $16,846
 
* reclassified

 
Management Commentary:

Sales/Marketing: “We are excited to report progress in our growth strategy, our second quarter performance more than doubled gross sales,” said Seth Wiggins, RGS Energy’s vice president of sales. “We typically see an increase in the absolute number of cancellations when sales increase. Nonetheless, our net sales after cancellations more than tripled this quarter. Our small business commercial segment demonstrated especially strong growth as we increased our sales team to address this opportunity. Further, during the quarter we were awarded two solarize communities where we are selling to homeowners during the third quarter.”

Wiggins went on to say: “For some time, we have discussed why we need to control customer acquisition expenses and our plans to reduce this cost by using digital marketing, cost effective lead programs and improve the productivity of our sales representatives with training.  We are pleased to note the positive trends in reducing this requisite for profitability this quarter.”

Construction/Operations: “We are excited to report that during the second quarter we have reduced our cycle time by 31%. As expected, until we could commence our growth plans, our backlog was at our lowest point at March 31st,” said Brad Bentzen, RGS Energy’s director of operations. “With our new capital during February, we began to grow our sales which allowed us to increase our backlog by 31% by June 30th. We were successful in growing net sales but due to the time to secure customer incentives and loans, not all contracts were installable this quarter. As such, our revenue this quarter was less than the prior quarter and is consistent with our prediction in our last business update that while sales growth would start with the second quarter, revenue growth would be lagging. Because we believe that we will enjoy future sales growth, we have maintained our construction crews to meet that growth. We anticipate that our cost of idle time will decline and gross margin percentage improve, along with revenue growth.”

Finance/Working Capital: “Consistent with our expectations, we expended cash this quarter and expect this to continue until we have built a business that will operate on a positive cash flow basis,” noted Alan Fine, RGS Energy’s principal financial officer. “We anticipate positive cash flow from operations will arise when we achieve our quarterly break-even revenue target of $16 million. We project that if we realize our revenue target for the first quarter of 2018, our projected cash balance at that time would be approximately $4.5 million. If we achieve it in the second quarter of 2018, we project a cash balance of approximately $3 million. Each of these projected cash balances is without considering (i) the anticipated benefits from initiatives such as selling and installing battery storage, energy audits, the impact on new sales from new software and any new states of operation and (ii) an asset based lending facility which the company intends to arrange in the future.”

Fine went on to say: “We are expending cash to grow and train our sales organization, market for leads for our sales organization, develop software to enhance the customer experience, implement new products and services such as battery storage and energy audits, and fund working capital requirements for growth such as increases in inventory and accounts receivable.  All of these expenditures we believe are necessary to build the business that can meet and exceed our targeted break-even revenue target.”

Targets and Expectations:

  • Achieve break-even revenue in the first or second quarter of 2018.
  • Steady and improving progress in sales for the remainder of 2017, with installation revenue growth delayed a quarter.
  • Digital and content marketing, not vendor lead programs, to become the principal source of customer sourcing.
  • Introduce new products and services, such as battery storage and energy audits.
  • Cash outflow from operations until break-even results are achieved. 

Glossary:

Gross Sales - the contract value of contracts signed by customers.

Cancellations - the reduction in backlog from customers canceling contracts and customer deposits retained by the company are recognized as revenue at cancellation. Customers may cancel contracts during statutory rescission periods or for other reasons such as accepting a competitor’s offer or following final site evaluation, a customer determining the solar system will not meet expectations. Typically, during periods of sales growth, the company experiences an increase in cancellations.

Installation and Service Revenue - The company recognizes revenue on residential and small business commercial projects at the time of substantial completion of construction, and on large commercial projects revenue, on a percentage of completion basis.  Service revenue is recognized as earned.

Substantial Completion – the solar power system is fully operational and capable of generating energy, but has not yet received permission to operate from the utility.

Backlog - represents the dollar amount of revenue that may be recognized in the future from signed contracts to install solar energy systems that have not yet been installed without taking into account possible future cancellations. Backlog is not a measure defined by generally accepted accounting principles, and is not a measure of contract profitability. The company’s methodology for determining backlog may not be comparable to methodologies used by other companies in determining their backlog amounts. The backlog amounts we disclose are net of cancellations received and include anticipated revenues associated with (i) the original contract amounts, and (ii) change orders for which we have received written confirmations from customers. Backlog may not be indicative of future operating results, and projects in our backlog may be cancelled, modified or otherwise altered by customers.

Solarize Programs - community-based programs whereby residents work with an exclusive installer to purchase solar power systems at rates which enable members of a community, or a network of municipalities, to receive discounts on solar power systems over a fixed time period based upon the level of community participation. Typically, these programs may lead to sales, net of cancellations, to approximating 0.6% of the residences in a community. Sales arising from community solarize programs are not recognized in the company’s backlog until signing of contracts by individual homeowners.

Customer Acquisition Expense per Watt – Customer acquisition expenses represent the aggregate of the compensation of the sales organization, the compensation of the marketing organization and the cost of acquiring customers leads such as purchasing paid leads, the cost of digital marketing, and other marketing campaigns to acquire customers.  Customer acquisition per watt represents the customer acquisition expense incurred during the period divided by the watts on solar systems sold during the period.  The company presents certain metrics on a per watt basis as it believes this is a typical reporting convention for the solar installation industry.

Cycle Time - length of time from signing of customer contracts until substantial completion.

COGS Per Watt and Gross Margin Percentage on Installations - Cost of goods sold (“COGS”) include direct project installation costs (materials, labor, travel, financing fees, and estimated warranty costs) and indirect costs for project installation support (including un-utilized labor from idle time of construction crews, supplies, and insurance).  The company employs an internal time reporting system to determine COGS and resulting gross margin percentage based upon actual installation time that the company uses to measure its performance in achieving gross margin percentage targets.  Further, the company measures COGS per watt based upon COGS, excluding idle time, divided by the aggregate watts of systems installed during the period. For financial reporting purposes, COGS includes the idle time of construction crews currently maintained by the company in anticipation of future growth of backlog.

Financial Statement Reclassifications – Commencing with the preparation of the financial statements for the second quarter of 2017, the company is making certain reclassifications not impacting reported income, segment results, or stockholders’ equity. In prior periods, the company did not show its warranty liability separately for current and long-term amounts as such reporting would not be material. Commencing with the preparation of its financial statements for the second quarter of 2017, the company is reporting separately its current and long-term warrant liabilities. In addition, commencing with financial statements for the second quarter of 2017, the company is reporting separately revenue from installation of solar systems and revenue from service operations. Lastly, the company is separately disclosing its customer acquisition expense in the statement of operations as it is a key metric for its revenue growth strategy.

About RGS Energy
RGS Energy (NASDAQ:RGSE) is a residential and small business commercial solar Company since 1978 which has installed more than 25,000 solar power systems. RGS Energy makes it very convenient for customers to save on their energy bill by providing turnkey solar solutions - from system design, construction planning, customer financing assistance, installation, to interconnection and warranty.

For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. Information on such websites is not incorporated by reference into this press release.

RGS Energy is the Company’s registered trade name. The Company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”

Forward-Looking Statements and Cautionary Statements

The preliminary financial data discussed above consists of estimates derived from RGS Energy’s internal books and records and has been prepared by, and are the responsibility of, the company’s management. The preliminary estimates discussed above are subject to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the second quarter ended June 30, 2017 are finalized. Therefore, actual results may differ materially from these estimates and all of these preliminary estimates are subject to change.

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “expect,” “anticipate,” “project,” ”target,” “plan,” “future,” “believe,” “may,” “will” and similar expressions as they relate to us are intended to identify such forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.

Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the effect of electric power generation industry regulations in the states where RGS Energy operates, net electric power metering and related policies; the effect on the cost of photovoltaic panels from determinations by the US government for petitions filed under Section 201 of the 1974 Trade Act by Suniva and SolarWorld; the level of demand for RGS Energy’s solar energy systems; RGS Energy’s ability to implement its revenue growth strategy including expanding, training and improving the productivity of its sales organization, achieve its target level of sales, generating cash flow from operations, acquire cost-effective marketing leads, reduce cycle time for installations, reduce cost of goods sold and expand its product and service offerings; the availability and adequacy of RGS Energy’s working capital; RGS Energy’s ability to arrange an asset based lending facility in the future; RGS Energy’s ability to be awarded community solarize programs and sales thereunder; RGS Energy’s ability to achieve break-even and better results; future cancellations and backlog.

You should read the section entitled “Risk Factors” in our 2016 Annual Report on Form 10-K, as amended, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566

Print
ET | Source: JA Solar Holdings Co., Ltd.

BEIJING, July 13, 2017 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar power products, today provided details of a fire accident that occurred at the Company’s cell facility in Yangzhou, Jiangsu province, China.

The fire broke out at around 1:32 AM Beijing time on July 13, 2017 at Fab 7 of JA Solar’s cell facility in Yangzhou.  The fire was completely put out by firefighters at around 6:00 AM and there were no casualties or injuries in the incident. The equipment being affected were the old production lines installed in 2009 and had been scheduled for replacement within one year. The Company expects the interruption of the cell production to be minimum. Based on the Company’s estimates, the incident impacted approximately 6% of the Company’s total cell production capacity. JA Solar maintains insurance coverage for all its production equipment and has started the process to make insurance claims associated with the incident. The cause of the fire at the Yangzhou facility remains under investigation.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world’s largest producers of solar power products. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company distributes products under its own brand and also produces on behalf of its clients. The Company shipped 5.2 GW of solar power products in 2016. JA Solar is headquartered in Beijing, China, and maintains production facilities in Shanghai, Hebei, Jiangsu and Anhui provinces in China, as well as Penang, Malaysia and Hanoi, Vietnam.

For more information, please visit www.jasolar.com.

CONTACT:

The Blueshirt Group
Ralph Fong
Phone: +1 (415) 489-2195
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JA Solar Holdings Co., Ltd.

Zhabei, CHINA

CONTACT:

The Blueshirt Group
Ralph Fong
Phone: +1 (415) 489-2195
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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