JinkoSolar signed three power purchase agreements (PPAs) with Mexico's Federal Electricity Commission (Comision Federal de Electricidad or "CFE") for the three projects totaling 188MWac that was awarded in April 2016 under the Mexico's First Long Term Electricity Auction.
According to the terms of the PPAs, JinkoSolar will begin generating solar energy by approximately mid-2018. All the electricity generated will be sold to the CFE under the PPAs for a 15-year period and related Clean Energy Certificates ("CELs") for a 20-year period.
"I'm pleased to have completed these PPAs after having been awarded our first large scale overseas projects in Mexico," commented Mr. Xiande Li, Chairman of JinkoSolar. "Solar is becoming increasingly competitive in an ever expanding number of countries and regions. Mexico is an attractive market for solar power and is showing great potential which we intent to take advantage of. We are proud to have earned the trust of CENACE (National Center of Energy Control), SENER (Mexican Ministry of Energy), and CFE, and look forward to providing clean energy to Mexican customers."
The Mexican Minister of Energy congratulated the 11 companies that were awarded the first 18 clean projects as part of the nation's first tender auction, "I want to give a very special greeting to all the companies that were awarded in this first auction. Mexico is very optimistic about the nation's clean energy. The second auction is planned to be in September and is expected to be as successful as the first one."