JinkoSolar Introduces Product Warranty from PowerGuard
SHANGHAI, June 3, 2011 /PRNewswire via COMTEX/ --
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."
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.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in Jiangxi Province and Zhejiang Province in China and sales and marketing offices in Shanghai, China, Munich, Germany, San Francisco, U.S. and Bologna, Italy. JinkoSolar has built a vertically integrated solar product value chain with an integrated annual capacity of 900 MW each for silicon wafers, solar cells and solar modules as of March 31, 2011 and plans to expand its annual capacity to 1.5GW each for silicon wafers, solar cells and solar modules by end of 2011. JinkoSolar distributes its photovoltaic products to a diversified customer base in the global PV market, including Italy, Germany, Belgium, Spain, the United States, France and other countries and regions.
About PowerGuard Specialty Insurance Services
PowerGuard is a Managing General Agent and Lloyds cover holder specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies. PowerGuard's warranty product is the most comprehensive contractual liability coverage available to renewable energy manufacturers, project developers, power generation operators and the financial institution and private equity firms who invest in them.
SOURCE JinkoSolar Holding Co., Ltd.