Europe’s efforts to reduce reliance on imports of Russian fossil fuels will boost demand for solar energy as soon as this year, according to JinkoSolar Holding Co.
JinkoSolar Holding Co, is the world’s third-largest supplier, and estimates that the clean energy will play a bigger role in Europe in years to come.
Global solar capacity installations estimated will rise to 250 gigawatts this year as nations seek alternatives to Russian supplies, the Shangrao, China-based producer said in an earnings statement.
Installations were 184 gigawatts in 2021, according to Bloomberg
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“The Russia-Ukraine war,
has highlighted the need for solar energy, with incremental demand expected within the year and further steady increases over time, Chief Executive Office Xiande Li said in the statement.
Solar will “make up a higher proportion of the energy mix in countries traditionally reliant on gas-fired and thermal power,” Li said.
JinkoSolar’s first-quarter revenue jumped 92% on the same period a year earlier to $2.3 billion on higher solar module sales, according to the statement.