JinkoSolar puts off Brazilian factory plans - report
Solar panel. Author: Oregon Department of Transportation. License: Creative Commons
Chinese solar products maker JinkoSolar Holding Co Ltd (NYSE:JKS) has put on hold its plans for a photovoltaics (PV) factory in Brazil as the local economy does not provide the stability needed for such a move, Bloomberg reported.
After winning a number of orders along with all necessary permits to start selling its products in Brazil, the company saw a new opportunity to expand its presence there by building a manufacturing facility to comply with local content rules. Still, the currency risk arising from the falling Brazilian real have prompted the firm to think twice before setting foot into a market with such a level of uncertainty, emerging markets head, Arturo Herrero, was cited as saying by the news agency.
JinkoSolar has rather delayed than scrapped the plan completely. The firm sees great potential in both the utility-scale and distributed generation (DG) solar segments in Brazil, Latin America and Italy, general manager Alberto Cuter told Bloomberg.
JinkoSolar currently has five factories, located in China, Malaysia, Portugal and South Africa, according to the report.