JinkoSolar sales performed positively in India in Q4, delivering close to 160MW panels. As such, it achieved its best quarterly result ever in India, particularly achieving 24% marketing share in mono segment. Not to mention Jinkosolar leads the mono PERC segment in India with about 45% market share, exclusively offering bigger size cell of mono PERC.
In the wake of a difficult environment in India, JinkoSolar has repositioned itself as premium market leader especially in the mono PERC technology segment. The company watched out for the megatrend in India that demand has shifted from poly towards mono, from conventional mono towards premium mono PERC. It gives JinkoSolar an exceptionally good opportunity because in premium mono segment like 380Wp or more, JinkoSolar ranked among the Top 1 or 2 varied in countries, now including India.
According to Jinkosolar, 2019 will also be dominated by the switch to Mono by many new highly compelling models such as Cheetah while Jinko already obtained the Cheetah BIS certification successfully in Q1 2019. In India, the mono PERC models or other premium technology in particular will take center stage. JinkoSolar$B!G(Js strength in this sector exactly fits this trend and market even though it is one of few companies who have expanding portfolio and offer quality poly, mono and mono PERC models. The company will be unveiling the all new Swan bifacial module with transparent backsheet up to 430Wp, front plus rear side generation, at Intersolar EU in Munich this year. It will also be showcased in India at RenewX in Hyderabad in April.
Mono, especially mono PERC models will remain a very strong growth driver in India. It has been witnessed by robust demand for JinkoSolar$B!G(Js higher power mono products and better ASP. Rising above average ASP demonstrates that India customers have become more focused on technology and quality than ever before. It$B!G(Js a big change. Developers and investors have recognized that performance of investment relies 100% on the performance of technology and quality select. They understood that the impact of lower power, lower cost and the limited portfolio continues to be felt in the long term, with a knock-on effect in terms of plant performance. So now more and more Indian customers would like to pay a bit more for better technology and better quality products, and trust more on brand.
Another obvious trend is the emerging market of floating solar and rooftop. The Indian government has expressed intentions to launch a highly ambitious floating solar power program. Developers will be selected by tender and will be given an assured off-take of solar power generated from the projects via long-term PPAs. One pilot floating solar plant of 25MW adopting Jinko solar$B!G(Js premium Cheetah panels of 380watt, is expected to be one of the largest floating solar parks of this kind in India after being grid connected later this year. Moreover, India$B!G(Js rooftop market outpaced utility by adding more rooftop capacity in the last financial year than in the previous four years combined, making it the fastest-growing segment. In Q4 2018, 456MW rooftop systems were deployed in one single quarter, achieving 32% share.
Given that JinkoSolar has unparalleled advantage in mono PERC segment, its newly launched mono PERC based Cheetah of up to 400 Wp and Swan bifacial technology of front plus rear side generation up to 435 Wp have been developed with this objective in mind and exactly address these two application sectors.