JinkoSolar Introduces Product Warranty from PowerGuard Non-cancellable policy provides coverage for 25 years SHANGHAI, June 3, 2011 - JinkoSolar Holding Co., Ltd. (the "Company") (NYSE: JKS), a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in China, today announced that the company’s solar panels are now under warranty with PowerGuard Speciality Insurance Services, a firm specializing in unique insurance and risk management solutions for the wind and solar energy industries. Renowned insurance broker Marsh facilitated the agreement. Conceived and underwritten by PowerGuard, the policy offers back-to-back coverage through a five-year limited product warranty, as well as a tiered performance guarantee spanning 25 years, namely, a 10-year warranty for 90 percent power performance and an additional 15-year warranty for 80 percent performance for the solar panels sold by the company and covered by this policy. Backed by PowerGuard’s extensive network of insurance providers, the terms of the warranty are non-cancellable, providing coverage even in the event of a module provider’s insolvency or bankruptcy. A client of Marsh China, JinkoSolar is among the pioneering China-based solar companies to implement PowerGuard’s insurance solution. Mr. Kangping Chen, CEO of JinkoSolar, said, “PowerGuard’s coverage provides our customers with an additional layer of economic security in the event of an unforeseen change in solar module performance. Additionally, offering an insurance option from a respected third party will better facilitate the financing of projects incorporating Jinko modules.” Larry Liu, Senior Vice President and Technology Practice Leader of Marsh China, said, “This solution is an important way that solar panel producers can provide a greater degree of business certainty and allows developers of solar parks to finance photovoltaic installations more easily and with increased flexibility. The solar panel manufacturing sector in Asia continues to grow rapidly, with China leading the way in terms of manufacturing output.” Mike McMullen, Managing Principal of PowerGuard, said, “The expansion of new energy production offers new business opportunities for industrial insurers. PowerGuard is proud to see that our unique and innovative risk-transfer product has been adopted by leading solar module manufacturers around the world. PowerGuard will continue to support the development of the global renewable energy industry.” About Marsh Marsh, the world’s leading insurance broker and risk advisor, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has over 24,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a member of Marsh & McLennan Companies, a global professional services firm with 52,000 employees worldwide and annual revenue exceeding $10 billion, which is also the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy. Its stock (ticker symbol: MMC) is listed on the New York, Chicago and London stock exchanges. Follow Marsh on Twitter @Marsh_Inc.
Legal Statement
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 11.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules, as of December 31, 2019.
JinkoSolar has over 15,000 employees across its 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.
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:
Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com
