Document:

PV Module Sales Contract dated August 18, 2010

  
 Exhibit 10.31

  
 **** INDICATES CONFIDENTIAL MATERIAL OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND FILED WITH THE SECURITIES AND EXCHANGE COMMISSION SEPARATELY WITH A REQUEST FOR CONFIDENTIAL TREATMENT. 
  

PV Module Sales Contract 
  

Contract No.: 2010-JKZJXS-0178-01 
  

This Sales Contract (“Contract”) is made on August 18, 2010 (“Execution Date”) by and between:

  

	 	(1)	 	The Buyer: M+W Italy Srl 

  

Address: Palazzo Andromeda 2, via Paracelso 18, 20041 Agrate Brianza - MB, Italy 
  
 Tel.:+39 0396573321 
  

Fax.: +390396573345 
  

	 	(2)	 	The Seller: Jinko Solar Import and Export Co. Ltd. 

  

Address: Xuri District, Shangrao Economic Development Zone, Jiangxi Province, P.R.C. 

 
 Tel: +86-793-8469699 

 
 Fax: +86-793-8461152 

 
 It is hereby agreed as follows: 

 

	1.	Definitions 

  

	1.1	 	“Goods” means Photovoltaic Solar Modules with specification stipulated in this Contract. 

 

	1.2	 	“Proforma Invoice” (hereinafter referred to as “PI”) means the written document prepared by the Seller indicating the detailed power,
quantity, payment terms, prices and shipment date for each shipment. 

  

	2.	Duration of the Contract 

  

This Contract shall be effective upon being signed and sealed by both parties. Unless the Contract is terminated in accordance with the Article 6, it will
remain in full force and effect until Goods are delivered and the Seller has received the payment in full amount in accordance with the Article 4. However, the Warranty provided by the Seller in this Contract shall survive the expiration of this
Contract. 
  

	3.	Purpose and Implementation of the Contract 

  

The Seller undertakes to manufacture and sell and the Buyer undertakes to purchase the Goods in accordance with the quantity and price agreed in Article
4.2. 
  
 PI is used for the sole purpose of administration and
information (such as import and export) to specify the exact power, quantity and shipment date of each shipment and the Contract is legally binding even without PI. Once the Seller issues the PI according to this Contract, the Buyer shall accept the
delivery and make the payment according to Article 4. 

  
 1 

  
 The Buyer shall acknowledge receipt of
the PI by signing and returning the PI to the Seller within 3 business days upon its receipt. Failure of the Buyer to acknowledge receipt of the PI shall not affect the validity of this Contract or the obligations of the Buyer to take delivery of
the shipments under the Contract. 
  

	4.	Contract Provision 

  

4.1 Specification of Goods 

 
 60-cell Module made with 156×156 mm Multi-crystalline Solar cells with
rated power as defined in Article 4.2 with the following data sheet: 
  

	 	•	 	 Power tolerance: ±3.0% 

  

	 	•	 	 Maximum system voltage: DC 1000 Voltage 

  

	 	•	 	 Dimension 1650*992*45mm 

  

Packing details: 20 pcs/pallet, 560 pcs/40ft 

 
 During the term of the Contract, the Seller may, but is not obligated to,
make use of improved technology to produce the Goods so that the quality of the Goods delivered as compared to the specifications mentioned in this Article such as, but not limited to, power, cells type, back sheet, 60-cell modules, junction box,
and connectors, may be different but will not be worse. Any change in the specifications will be effective after agreement with the Buyer which shall not be unreasonable withheld. In considering the installation project conducted by the Buyer, No
changes are acceptable to dimensions, frame height, connector compatibility and peak power. 
  

4.2 Price and Volume 
  

													
	 Expected Time of

Delivery (“ETD”)
	  	Products	 	 	 Committed

Quantity(MWp)
	  	Price CIF Ancona
(Italy) (USD/Wp)	 	 	Total Amount (USD)
	****. 2010	  				 	**** MWp	  				 	****
	****. 2010:	  	 	JKM215P-60	  	 	**** MWp	  	 	$****	  	 	****
	****. 2010	  	 
  

 
 
	  
 JKM220P-60

JKM225P-60
  
	 
   

  
 
	 	**** MWp	  	 	****
	(**) ****. 2010	  	 	**** MWp	  				 	****
	Subtotal	  	 	**** MWp	  				 	****
	****.2011	  	 	(*)	  	 	**** MWp	  	 	$****	  	 	****
	****.2011	  				 	**** MWp	  	 	$****	  	 	****
	Subtotal	  				 	**** MWp	  				 	****
	Total	  				 	26 MWp	  				 	****

  

	(*)	 	the average power for the 8.5 MWp to be delivered in 2010 should be 220 Mp or above. 

  
  

	****	 	Confidential material omitted and filed separately with the Commission. 

  
 2 

  
 (**)The Seller will try its best effort
to make the shipment with ETD on **** 2010(**** MWp) to be shipped before ****. 2010, however, failure of which shall not be deemed as a breach of contract by the Seller and no liability shall be borne by the Seller. 

 
 According to the unit price and Total Committed Quantity in the above
schedule, the total purchase price under the Contract is amount to **** US dollar (**** US dollars). 
  
 The purchase price for each shipment will be calculated based on the cumulative nominal power output of the solar modules as recorded on the PI. 
  
 The export port is Shanghai, China, and the destination port is Italian main port (i.e. Ancona, Italy). The destination port
shall be notified by the Buyer to the Seller within 30 days before the month of shipment. 
  

4.3 Payment Terms 
  

Down Payment for this Contract: 
  

**** US dollar representing ****% of the total Contract purchase price as Down Payment shall be paid by the Buyer by T/T within
**** working days upon receiving the bank guarantee letter issued by the Seller. Such bank guarantee letter shall only become effective after the Seller received the Down Payment in full paid by the Buyer. The Down Payment shall be offset for
****% of the price of each shipment. 
  
 The remaining payment:

  

	 	•	 	 The remaining ****% payment for each monthly quantity shall be paid by irrevocable L/C within **** days against the date of Bill of Lading.

  
 For the shipment in 2010, the
Buyer shall issues the L/C within **** working days upon the execution of this Contract and which shall be acceptable to Seller and in favor of Seller covering the ****% of the total payment for the Goods with ETD in 2010 (**** US dollar in
total) 
  
 For the shipment in 2011, the Buyer shall
issues the L/C at least **** days before the first ETD in 2011 and which shall be acceptable to Seller and in favor of Seller covering the ****% of the total payment for the Goods with ETD in 2011 (**** US dollar in total). 

 
 If the L/C is not in effect when a payment is due or is not
sufficient to cover the entire amount owed to the Seller, the Buyer will pay the amount owned to Seller by T/T by the due date set forth above. Payment will not be considered made until Seller has a credit entry on its bank account. 

  
  

	****	 	Confidential material omitted and filed separately with the Commission. 

  
 3 

  
 The Seller shall be entitled to adjust
the ETD and the Committed Quantity agreed in the Article 4.2, in case the Buyer delays to make payment in accordance with this Article 4.3. 
  

If the Seller provides PI in accordance with the Contract, the Buyer shall make payment according to PI, otherwise the Buyer shall pay ****% of the due
payment per week as liquidated damages, with a cap of ****% of the purchase price for unpaid shipment. If the late payment lasts for more than **** weeks, the Seller shall be entitled to terminate this Contract and retain the unabsorbed Down
Payment. 
  
 4.4
Quantity & Shipment 
  
 Detailed shipment schedule is set forth in the schedule in Article 4.2: 
  

The Goods shall be shipped on or before the ETD, only provided that all purchase price, including the down payment, has been paid by the Buyer according
to Article 4.3 of this Contract. 
  
 Meanwhile, if the Seller is not
able to ship according to the Committed Quantity for any particular shipment the Seller is entitled to deliver the quantities in the following shipments and the Buyer has the obligation to accept such make-up quantities, however, the Buyer only
obliged to take such delayed quantity once in a month. This paragraph shall not apply to the last two installment shipments in 2010 and the last installment 2011. 

 
 The Buyer and the Seller agree on a grace period 15 calendar days for late
shipment starting from the ETD. After this delay, the Seller shall pay liquidated damages of ****% of the amount of the PI for the delayed Goods per week until the actual shipment date. Nevertheless, the maximum liquidated damages shall not exceed
the ****% of the amount of the PI for such delayed Goods. 
  
 Risk of
loss and damage will be transferred from Seller to Buyer immediately after such Goods has passed over the ship rail at the shipment port. However, the title to each shipment shall be passed to Buyer only after the payment for such shipment has been
received in full. 
  
 4.5 Take or
Pay  
  
 The purchase of the Committed Quantity is a “take
or pay” obligation on the part of the Buyer such that Buyer is absolutely and irrevocably required to accept and pay for the Committed Quantity over the period at the price set forth in Article 4.2. In the event that Buyer fails to take any or
all shipments of delivery of its Committed Quantity in a given year, Seller shall invoice Buyer at the end of the year the ****% of the total unfulfilled committed amount. Buyer shall pay the difference within **** days immediately after the
invoice date. Payment of such amount shall be deemed to be liquidated damages for Buyer’s breach of its obligation to purchase the Committed Quantity. 

  
  

	****	 	Confidential material omitted and filed separately with the Commission. 

  
 4 

  
 4.6
Seller’s Bank Account: 
  
 Bank Name: China
Minsheng Banking Corp., Ltd., Nanchang Branch 
  

Address:NO.237 XIANGSHAN NORTH ROAD NANCHANG, JIANGXI PROVINCE, CHINA 
  
 SWIFT: MSBCCNBJ035 
  

BENEFICIARY’s Name: JINKO SOLAR IMPORT AND EXPORT CO.,LTD. 

 
 BENEFICIARY’s Address: Xuri District,Shangrao Economic
Development Zone, Jiangxi Province, CHINA 
  

BENEFICIARY’s A/C 3501144170000079 
  

	5.	Inspection/Claim/Warranty 

  

5.1 Inspection 
  

Within **** days after arrival of the Goods at the port of destination out of custom clearance, the Buyer shall conduct an inspection of the Goods in
respect of quality, specification and quantity. The Buyer shall make a claim for any non-conformity and quality defect within this period. The said shipment shall be deemed to have been delivered as ordered and the Goods shall be deemed to conform
to the agreed products specifications if the Buyer does not notify the Seller of the defect within **** days after the custom clearance at the port of destination. 

 
 5.2 Claim 

 
 If any of the Goods delivered by the Seller under this Contract is defective
or damaged in full or in part for the reason attributable to the Seller, the Buyer shall claim replacement of said defective or damaged Goods within **** days calculating from arrival date at destination port out of custom clearance by showing
inspection report issued by public recognized inspecting institute selected and confirmed by both parties in advance. The Seller shall replace the defective or damaged Goods thereafter within **** calendar days. 

 
 5.3 Warranty 

 
 The warranty period for material defects
and workmanship is 5 (five years) from the date of Shipment. 
  
 The
warranty period with respect to power output continues for a total of 25 years from date of Shipment, the first 12 years at 90% rated power output at STC and up to 25 years at 80% rated power output at STC. 

 
 Other stipulation of warranty is included in Appendix 1- Limited Warranty
Policy. 
  

	6.	Termination 

  
 Other than the Circumstance stipulated in the Article 4.3 and Article 8, either party shall be entitled to terminate the Contract, if the other party is bankrupt, liquidated or insolvent. 

 
 In case the major part of the PV modules don’t reach the output power
performance or show material defects at the time of inspection upon arrival, the buyer is entitled to terminate the contract. 

  
  

	****	 	Confidential material omitted and filed separately with the Commission. 

  
 5 

  

	7.	Confidentiality 

  

Either party undertakes that it and its directors, officers, employees, representatives, agents, Contractors or affiliates will fully respect the
confidentiality of internal business affairs of the other party. Each of the parties hereby undertakes to treat as confidential all information obtained from the other party or communicated to the receiving party pursuant to this Contract (or
through discussions or negotiations prior to the Contract being entered into) or acquired in the performance of the Contract, and will not divulge such information to any person (except to its own employees and then only to employees who need to
know the same) and will use such information solely in connection with performing its obligations under this Contract and not for its own benefit or for the benefit of any third party, provided that this Article shall not extend to information:

  

	A.	 	which is rightfully in possession prior to the commencement of the negotiations resulting in the Contract; or, 

 

	B.	 	which is already public knowledge or becomes so at a further date (other than as a result of breach of this Article); or, 

 

	C.	 	which is communicated or disclosed to the receiving party by a third party lawfully in possession thereof and entitled so to disclose it. 

 
 However one party or its affiliate (including parent company, branch or
subsidiary) may disclose the content of this Contract if so required by local law or relative government where such party or its affiliate is located. 
  

As required by the applicable securities laws and stock and securities regulatory authority, either party may file a copy of this Contract or disclose
information regarding the provisions hereof or performance hereunder. 
  

	8.	Force Majeure 

  

Neither party shall be liable for failure to perform its obligations under the Contract if such failure results from circumstances beyond such
party’s reasonable control. Therefore, there is no right to claim any indemnification for such a Force Majeure event which includes fire, flood, typhoon, earthquake, and other unforeseeable and unavoidable events. 

 
 The affected party will notify the other party as soon as reasonably
practicable after the Force Majeure event occurring, and use reasonable endeavors to mitigate the effect of the event and to put right the Force Majeure event as soon as possible. 

 
 In case, the Force Majeure occurrence continues for a prolonged period more
than 6 weeks, then the Seller or the Buyer shall have the right to terminate the Contract. 

  
 6 

  
 The Parties acknowledge and accept
that the following events do not constitute a Force Majeure event: 
  

	 	•	 	 Weather conditions which might reasonably have been forseen by the Party claiming Force Majeure and which are not unusually adverse.

  

	 	•	 	 Shortages or price fluctuations (including as a result of currency fluctuations) delayed delivery with respect to materials, supplies or components of
equipment or other Services. 

  

	 	•	 	 Strikes or other employee disturbances affecting only employees of the Contractor and of the Subcontractors. 

 

	 	•	 	 Any delay or default of any Subcontractors to the extent not caused by the occurrence of Force Majeure event, as well as the rejection of any upllied
materials or Spare Parts 

  

	9.	Governing Law 

  

This Contract shall be construed under and governed by the laws of Switzerland. 

 

	10.	Arbitration 

  
 All disputes in connection with this Contract or the execution thereof shall be settled through amicable negotiations. In cases no settlement can be reached, the case may then be submitted for arbitration
to the ARBITRATION INSTITUTE OF THE STOCKHOLM CHAMBER OF COMMERCE in accordance with the procedures promulgated by the said Arbitration Commission. The decision of the arbitration tribunal shall be final and binding upon both parties; neither party
shall seek recourse to a court of law or other authorities to appeal for a revision of the decision. The arbitration fee shall be borne by the losing party. 
  

	11.	Liabilities 

  
 The Seller limits the liability in respect of any loss or damage whether to property or otherwise, or death or injury to persons arising out of or in connection with the supply of the Goods to a maximum
indemnity equivalent to the value of the Goods. 
  
 In no event will
any party be liable to the other party for loss of profits or for any indirect, incidental, consequential, special, or exemplary damages arising from the breach of this agreement, regardless of the type of claim and even if that party has been
advised of the possibility of such damages. 
  
 Based on the
requirement of Seller’s commercial strategy, Buyer warrants that it shall not resell Seller’s Goods into the country of Israel, failing of which Buyer shall be fully responsible for all of loss of Seller. 

 
 Buyer shall be responsible for any loss arising from its failure upon timely
receipt of the Goods of Seller at the destination port. 

  
 7 

  
 In case that any party terminates the
Contract unilaterally, the breaching party shall pay liquidated damages equal to **** % of the Contract amount to observant party without limiting the observant party’s other rights under the Contract. 

 
 Without prejudice of the generality of the foregoing, in case the Buyer fails
to make the down payment in accordance with Article 4.3 of this Contract, the Seller will be entitled to terminate the Contract immediately and a ****% of the total contract price shall be paid by the Buyer to the Seller as the liquidated damages.

  
 Unless the Contract is terminated by the Buyer according to
article 6 of the Contract, the Buyer shall complete the Total Committed Quantity as stipulated in the article 4.4 of the Contract and pay the price according to article 4.2, failing of which will result to the liquidated damages amount to ****% of
the total price of the Committed Quantity. 
  

	12.	Variation 

  
 No amendment to or variation of this Contract shall be effective unless made in writing and signed by the duly authorized representatives of both parties hereto. 

 

	13.	Assignment 

  
 Each party shall not in whole or in part, assign, sell, mortgage its interests or rights under this Contract to any third party unless the other party has provided prior written notice of such intention
to this party. The Seller agrees to the assignment of the warranty under this Contract to the Buyer’s client. 
  

	14.	Notices 

  

	 	•	 	 All notice shall be written in English and served to the other party by e-mail, fax or courier to the addresses as provided on first page of this
Contract. 

  

	 	•	 	 If any changes of the addresses occur, the party, whose address has been changed, shall inform the other party of
the change of its address within 10 days after the change. 

  

	 	•	 	 Any kind of unilateral modification by hand writing or erasure other than printing words to this Contract shall be deemed as invalid unless both sides
sign and chop on such part. 

  

	15.	Third Party 

  
 Nothing in this Contract is intended to confer on any person who is not a party hereto any right to enforce any term of this Contract. 

  
  

	****	 	Confidential material omitted and filed separately with the Commission. 

  
 8 

  

	16.	Severance 

  
 If for any reason any provision contained in the Contract is declared illegal void or unenforceable, all other provisions contained in the Contract shall not be affected and accordingly shall remain in
full force and effect. 
  

	17.	Language 

  
 This Contract is drafted in Chinese and English. In case of any discrepancy between the two versions, the English version shall prevail. This contract is executed in duplicate. Each party holds one
version with the same effectiveness. 
  

	18.	Appendixes 

  
 Any Appendix of this Contract listed below constitutes part of this Contract. If there is any conflict between this Contract and the Appendixes, the content of this main Contract shall prevail.

  
 IN WITNESS WHEREOF, the parties
have signed this Contract as of the date first set forth above. 
  

	
	Signature and sealed
	
	 /s/ Jinko Solar Import and Export Co., Ltd.

	
	 /s/ Xiande Li

	
	For and on behalf of
	Jinko Solar Import and Export Co., Ltd.
	
	Signature
	
	 /s/ Harald Friedrich

	
	 /s/ Jochen Körner

	
	For and on behalf of
	M+W Italy Srl

  
 List of Appendixes 
  

			
	Appendix 1	  	Limited Warranty Policy—Jinko Warranty
		
	Appendix 2	  	TÜV and IEC Certificates

  

[The remaining part is intentionally left for blank] 

  
 9 

  

Appendix 1: 
  

Jinko Solar Warranty Terms 2010 
 Photovoltaic Module Limited Warranty 
  

	1.	Limited Product Warranty – Five Year Repair, Replacement 

 
 Jinko Solar Co., Ltd. (“Jinko”) warrants
that its photovoltaic modules together with the DC connector cable assemblies are free from defects, if any, in materials and workmanship under normal application, use, installation and service conditions for a period of pending sixty
(60) months from the shipment date of Jinko modules (“Modules”) to the original end-customer (“Customer”). If Modules become malfunction or inoperative due to defect in material or workmanship during such
pending sixty (60) months period set forth above, as proved by an independent testing agency whom will be selected and confirmed by Jinko and Customer in advance. Jinko will, at its own option, either repair or replace the Modules in problem.
The repair or replacement remedy shall be the sole and exclusive remedy provided under this Limited Warranty. 
  

	2.	Limited Peak Power Warranty and Limited Remedy 

  

	 	A.	12 years 

  

Provided that, within a period of twelve (12) years from the shipment date of the Modules to the Customer, any Module exhibits a
power output less than 90% of the minimum peak power at Standard Test Conditions, and the reason for such loss in power is due to Modules’ defects in material or workmanship attributed to Jinko, as proved by an independent testing agency whom
will be selected and confirmed by Jinko and Customer in advance. Jinko will, at its sole option and discretion, either [1] make up such loss in power by providing to Customer additional Modules; or [2] repair or replace the defective Modules
including free shipping to the place supplied by Jinko. 
  

	 	B.	25 years 

  

Provided that, within a period of twenty-five (25) years from shipment date of the Modules to the Customer, any Module exhibits a
power output less than 80% of the minimum peak power at Standard Test Conditions, and the reason for such loss in power is due to Modules’ defects in material or workmanship attributed to Jinko, as proved by an independent testing agency whom
will be selected and confirmed by Jinko and Customer in advance. Jinko will, at its sole option and discretion, either [1] make up such loss in power by providing to the end-user Customer additional Modules; or [2] repair or replace the defective
Modules including free shipping to the place applied by Jinko. 
  
 The remedies set forth in Section 2 are the sole and exclusive remedies provided under the limited minimum Peak Power Warranty. 

 

	3.	Exclusions and Limitations; 

  

	 	A.	 	Warranty claims, in any event, shall be filed in writing to Jinko or its authorized distributors within the applicable warranting period, not beyond the last day of the
applicable period of time as stated above. 

  

	 	B.	 	These Limited Warranties will not apply to the Modules included below at Jinko’s own discretion: 

 

	 	•	 	 Misuse, abuse, neglect, vandalism or accident; 

  
 10 

  

	 	•	 	 Alteration, improper installation or application 

 

	 	•	 	 Repair or modifications that do not strictly follow the manufacturer’s instructions; 

 

	 	•	 	 Non-observance of Jinko’s maintenance instructions; 

 

	 	•	 	 Power failure, electrical spikes or surges, lighting, flood, fire, accidental breakage or other events outside the control of Jinko.

  

	 	C.	 	These Limited Warranties only cover the transportation costs for shipment of any repaired or replaced Modules to the place applied by Jinko. Any costs for returning the
Modules to Jinko or its authorized agents and authorized distributors, or costs associated with installation, removal or reinstallation of the Modules, shall be borne by the end user Customer. 

 

	 	D.	 	Warranty claims will not be honored if the type or serial number of Jinko Modules have been altered, removed or made illegible without written authorization from Jinko.

  

	4.	Transferability 

  

This warranty is extended to the original end-user purchaser, and is also transferable to any subsequent owner of the location or holder
of the product when Module(s) remain at their original installed location upon satisfactory proof of succession or assignment. 
  

	5.	Obtaining Warranty Performance 

  

In order to obtain warranty service under the Jinko Limited Warranty, the end user Customer should promptly notify Jinko regional customer
service center. Together with the notification, the complete serial number printed on the module label and the shipment date of its Modules shall be marked as well. If the Modules will be returned for inspection, repair or replacement by Jinko,
Jinko will give the Customer a Return Merchandise Authorization (RMA). However, Jinko will not accept a return of any Modules without a RMA. 
  

	6.	Disputes 

  

No action, regardless of form, arising out of or in any way connected with this Limited Warranty, may be brought by the end user Customer
more than one (1) year from the date when causes of action occurred. 
  

	7.	Various 

  

The repair or replacement of the Modules or the supply of additional Modules does not lead to a new commencement of warranty terms, nor
shall the original terms of this Limited Warranty be extended. Any replaced Modules shall become the property of Jinko. Jinko shall at its own options to deliver another type of PV Modules (different in size, color, shape, or power), either a new
brand or the original one, in case of that Jinko has discontinued producing the module in question at the time of the claim. 
  

	8.	Force Majeure 

  

Jinko shall not be in any way be responsible or liable to the end user Customer or any third-party arising out of any non-performance or
delay in performance of any terms and conditions of sale, including this Limited Warranty, due to fire, flood, blizzard, hurricane, thunder, acts of God, changes of public policies, terrorism, war, riots, strikes, unavailability of suitable and
sufficient labor or materials and other events which are out of control of Jinko. 

  
 11 

  
 NOTE: “Peak Power” is
the power in watt peak that a PV-module generates in its maximum power point. Jinko Solar measurements are as follows (a) light spectrum of AM 1.5, (b) an irradiation of 1,000W perm2 and (c) a cell temperature of 25 degree Centigrade.
The measurements are carried out in accordance with IEC61215 as tested at the junction box terminals per the calibration and testing standards of Jinko valid at the date of manufacture of the PV-Modules. Jinko’s calibration standards shall be
in compliance with the standards applied by international institutions accredited for this purpose. 
  
 Jinko Solar 

  
 12 

  
 Appendix 2: 

 

 

  
 TUVRheinland

 Precisely Right. 
 Certificate 
 Registration No.: PV 60027062 Page 1
Report No.: 15033616.001 
 License Holder: 

Jinko Solar Co., Ltd. 
 No.1 Jinko Road 
 Shangrao Development Zone

 Jiangxi Province 334100 
 China 
 Manufacturing Plant: 

Jinko Solar Co., Ltd. 
 No.1 Jinko Road 
 Shangrao Development Zone

 Jiangxi Province 334100 
 China 
 Product: 

PV Module 
 Type: 
 JKM160M-72, JKM165M-72, JKM170-72

 JKM175M-72, JKM180M-72, JKM190-72 
 with 72*5” mono c-Si cells 
 JKM200M-96,
JKM205M-96, JKM210M-96 
 JKM215M-96, JKM220M-96, JKM225M-96 

JKM230M-96, JKM235M-96, JKM240M-96 
 with 96* 5” mono c-Si cells 
 JKM200P-60,
JKM205P-60, JKM210P-60 
 JKM215P-60, JKM220P-60, JKM225P-60 

JKM230P-60, JKM235P-60, JKM240P-60 
 with 60* 6” poly c-Si cells 
 Basis:

 IEC 61215:2005 
 EN 61215:2005 
 “Crystalline silicon
terrestrial 
 photovoltaic (PV) modules – Design 

qualification and type approval” 
 Factory Inspection 
 To document the consistent
quality of the product factory inspections are performed periodically. 
 www.tuv.com 

TUVRheinland 
 ID: 0000025144 
 Qualified, IEC 61215 

Periodic Inspection 
 Remarks: 
 The details of the factory inspection
are documented in report no. 15033836.001. 
 Conditions: 

The product test is voluntarily according to technical regulations. Any change of the design, materials, components or
processing may require the repetition of some of the qualification tests in order to retain type approval. 
 The
certificate has a validity of 5 years counting from date of issue. 
 Cologne, 30 September 2009 

TUV Rheinland Product Safety GmbH, Am Grauen Stein, D-51105 Cologne 

Certification body 
 TUVRheinland Product Safety GmbH 
 TUVRheinland

 Dipl.-Ing. M. Adrian 

  

 

 

  
 TUVRheinland

 Precisely Right. 
 Certificate 
 Registration No.: PV 60027770

 Page 1 
 Report No.:15033616.002 
 License Holder:

 Jinko Solar Co., Ltd. 
 No. 1 Jinko Road 
 Shangrao Economic Development
Zone 
 Jiangxi Province 334100 
 China 
 Manufacturing Plant: 

Jinko Solar Co., Ltd. 
 No. 1 Jinko Road 
 Shangrao Economic Development
Zone 
 Jiangxi Province 334100 
 China 
 Product: 

PV Module 
 Type: 
 JKM160M-72, JKM165M-72, JKM170M-72
JKM175M-72, JKM180M-72, JKM185M-72 JKM190M-72 
 with 72*5” mono c-Si cells 

JKM200M-96, JKM205M-96, JKM210M-96 JKM215M-96, JKM220M-96, JKM225M-96 JKM230M-96, JKM235M-96, JKM240M-96 

with 96*5” mono c-Si cells 
 JKM200P-60, JKM205P-60, JKM210P-60 JKM215P-60, JKM220P-60, JKM225P-60 JKM230P-60, JKM235P-60, JKM240P-60 
 with 60*6” poly c-Si cells 
 Basis:

 IEC 61730-1:2004 
 IEC 61730-2:2004 
 EN 61730-1:2007 

EN 61730-2:2007 
 “Photovoltaic (PV) module safety qualification” 
 Factory Inspection 
 To document the consistent
quality of the product factory inspections are performed periodically. 
 www.tuv.com 

TUVRheinland 
 ID: 0000025144 
 · Qualified, IEC 61215

 · Safety tested, IEC 61730 
 · Periodic Inspection 
 Remarks: 

-IEC EN 61730 consists of part 1 (Requirements for construction) and part 2 (Requirements for testing). 

-The above listed PV modules fulfil the requirements of Application Class A (Safety Class II). They may be used in PV
plants at a maximum system voltage (Voc at STC) of up to 1000 VDC. 
 - The fire test (IEC 61730-2 / MST 23) was
not performed. 
 -The details of the factory inspection are documented in report no. 15033836.001. 

Conditions: 
 The product test is voluntarily according to technical regulations. Any change of the design, materials, components or processing may require the repetition of some of the qualification
tests in order to retain type approval. 
 The certificate is valid until 30 September 2014. 

Cologne, 19 November 2009 
 TUV Rheinland Product Safety GmbH, Am Grauen Stein, D-51105 Cologne 
 TUV Rheinland Product Safety GmbH 
 Certification
body 
 TUVRheinland 
 Dipl.-lng. M. Adrian 

  

 

 

  
 SGS 

VERIFICATION OF EMC COMPLIANCE 
 No.: SHEMO10020015501TXC 
 Applicant: Jinko Solar
Co., Ltd 
 No 1 Jinko Road, Shangrao Economic Development Zone, Jiangxi Province 334100, China 

Manufacturer: Jinko Solar Co., Ltd 
 No 1 Jinko Road, Shangrao Economic Development Zone, Jiangxi Province 334100, China 
 Product Description: PV Module 
 Model No:
JKMXXXM-96, JKMXXXM-72, JKMXXXM-66, JKMXXXM-60, JKMXXXM-54, JKMXXXM-36, JKMXXXP-72, JKMXXXP-60, JKMXXXP-54, JKMXXXP-48, JKMXXXP-36(XXX:0W-300W) 
 Technical Data: Not supplied by client 
 Sufficient
samples of the product have been tested and found to be in conformity with 
 Test Standard: EN 61000-6-1: 2007
EN 61000-6-3:2007 
 as shown in the Test Report Number(s): SHEMO10020015501 

This verification of EMC Compliance has been granted to the applicant based on the results of the tests, performed by
laboratory of SGS-CSTC Standards Technical Services (Shanghai) Co., Ltd. on the sample of the above-mentioned product in accordance with the provisions of the relevant specific standards and Directive 2004/108/EC. The affixing of the CE marking
presumes in addition that the conditions in annexes III and V of the Directive are fulfilled. 
 CE 

Tino Pan 
 E&E Section Manager 
 SGS-CSTC Feb 25, 2010

 Copyright of this verification is owned by SGS-CSTC Standards Technical Services (Shanghai) Co., Ltd. and may
not be reproduced other than in full and with the prior approval of the General Manager. This verification is subjected to the governance of the General Conditions of Services, printed overleaf. 

Member of SGS Group (Societe Generale de Surveillance) 

Note: You may contact us to validate this document by email address: ee.shanghai@sgs.com 

This document is issued by the Company under its General Conditions of Service printed overleaf. Attention is drawn to the
limitation of liability, indemnification and jurisdiction issues defined therein. 
 Any holder of this document
is advised that information contained hereon reflects the Company’s findings at the time of its intervention only and within the limits of Client’s instructions, if any. The Company’s sole responsibility is to its Client and this
document does not exonerate parties to a transaction from exercising all their rights and obligations under the transaction documents. Any unauthorized alteration, forgery or falsification of the content or appearance of this document is unlawful
and offenders may be prosecuted to the fullest extent of the law. 
 SGSPAPER 

09622658Sales Contract dated May 20, 2010

  
 Exhibit 10.32

 **** INDICATES CONFIDENTIAL MATERIAL OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION SEPARATELY WITH A REQUEST FOR CONFIDENTIAL TREATMENT. 
 SALES CONTRACT 

Contract No.: 2010-JKZJXS-0007-01 
 This sales contract (“Contract”) is entered into on
May 20th, 2010 (“Signing Date”) in
Shanghai, PRC. 
 Between: 
  

	(1)	Jinko Solar Import and Export Co., Ltd. (Hereinafter referred to as the “Seller”) 

Address: Xuri District, Shangrao Economic Development Zone, Jiangxi Province, CHINA 

Tel: +86-793-8469699 
 Fax: +86-793-8461152 
  

	(2)	Enfinity Asia Pacific Limited (Hereinafter referred to as the “Buyer”) 

Address: 1705-06 Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong 

Tel: +852 2111 2814 
 Fax: +852 2111 1664 
 (The Seller or the Buyer hereinafter referred to individually as a
“Party” and collectively as the “Parties”) 
 The Buyer and the Seller agree to conduct the following transactions according
to the terms and conditions stipulated below: 
 1. Product Description 
 From the Effective Date hereof to December 31, 2010, the Buyer agrees to buy from the Seller and the Seller agrees to sell the products (“Products”) to the Buyer as set out below.

  

							
	 Item
	  	2010
	 	  	Q2(May-June)	  	Q3	  	Q4
	 JKM-96 240-mono
	  	****MW/Month	  	****MW/Month	  	****MW/Month
				
	 JKM235P-60
	  		  		  	****MW/Month
				
	 Price

( CIF Antwerp )
	  	****US$/W	  	****US$/W	  	Undetermined
				
	 Total
	  	6MW	  	9MW	  	9MW

  
  

	****	Confidential material omitted and filed separately with the Commission. 

  
 1 

  
 Remarks: 

1) Price for Q4 of 2010 should be negotiated at the end of Q3, based on the market conditions. In Q4, the productmix
should contain at least **** MW per month of the JKM235P-60 type. 
 2) This Contract only is binding by Parties
under the condition that the Buyer purchases the number of Products for Q2 and Q3 of 2010. If the Buyer and the Seller fail to agree on the purchase price of the Products for Q4 of 2010, the Buyer is not bound to purchase the ****MW Products set
forth in Q4. 
 3) For avoidance of doubt, the contract volume of this Contract shall refer to the total ****MW
of Products agreed for Q2 and Q3 of 2010. 
 2. Product Technical Specifications  

2.1 Crystalline silicon solar cell Solar module: Type:    JKM-M-96(245W)    (Dimension:
1575×1082×50 mm) 
 Power tolerance of single module: ±3%. 
 Power tolerance of each container: 0~+3% 
 Maximum system voltage: DC 1000 Volts. 

2.2 Crystalline silicon solar cell Solar module: Type:    JKM-P-60(235W)    (Dimension:
1650×992×50 mm) 
 Power tolerance of single module: ±3%. 
 Power tolerance of each container: 0~+3% 
 Maximum system voltage: DC 1000 Volts. 

2.3 The Seller shall provide a flash report (in an excel form) of every single module evidencing the output power of each module. Buyer reserves the
right to do the inspection for modules which are shipped to Buyer by third party testing institute and to refuse the modules that do not comply with the product specification. The average power value per container (based on the measured flash test
power values of all modules in that container) should be at least the nominal power value of the specified module type. 
 2.5 Technical
Specification of the Product shall be the specification of the respective product as shown in the website of Seller (www.jinkosolar.com) on the Effective Date. 
 3. Terms of payment  
 3.1 Trade Term: CIF Antwerp  

The above trade term shall be subject to the International Rules for the Interpretation of Trade Terms adopted by the International
Chamber of Commerce effective January 1, 2000, including all amendments thereof (“INCOTERMS 2000”). 

  
  

	****	Confidential material omitted and filed separately with the Commission. 

  
 2 

  
 3.2 Terms of Payment 

****% of the total amount shipped from May to September of 2010 (Total ****MW) shall be paid as advance payment. Seller should provide
Bank Warranty (in format as Appendix B”) with total amount equal as the down payment amount to buyer within 10 working days from the Signing Date of contract. Buyer shall pay Seller the agreed advance payment by TT within 10 working days after
Bank Warranty received to the Seller’s specified bank account; the balance ****% of each partial shipment shall be paid by Document Against Acceptance (D/A) within **** days after product leaves the port of departure. 

3.3 Currency Fluctuation: 
 All
currency exchange shall be benchmarked against the buying rate listed from www.boc.cn on the day when Seller confirms acceptance of the Purchase Order placed by Buyer. Should the exchange rate between the RMB and US Dollar fluctuated above or below
a pre-established and agreed-upon 1.5% of established base (I USD = 6.81 RMB), then the selling price under the Contract shall be adjusted to reflect the corresponding rate change. 
 3.4 The total purchase price for each shipment will be calculated based on the nominal power output of the shipped module type. 
 3.5 Bank Information 
 Bank Name : CHINA MERCHANTS BANK, NANCHANG BRANCH

 SWIFT : CMBCCNBS284
 INTERMEDIARY BANK : CITIBANK N.A. NEW YORK (SWIFT:CITIUS33) 

BENEFICIARY’s Name : JINKO SOLAR IMPORT AND EXPORT CO., LTD. 

BENEFICIARY’s Address : Xuri District,
Shangrao Economic Development Zone, Jiangxi Province, CHINA 
 BENEFICIARY’s A/C :
791904342932601 
 4. Title and Risk of Loss/Insurance 
 Any risk of loss or damage, as well as any additional costs due to events occurring after the time of delivery shall pass to Buyer based on the trade term stipulated in Article 3.1; however, title to the
Products per specified delivery shall pass to Buyer only after payment for those particular Products has been received in full. 

  
  

	****	Confidential material omitted and filed separately with the Commission. 

  
 3 

 5. Terms of Shipment  
 5.1 Date of shipment: 
 5.2 Port of Loading: Shanghai, China 

5.3 Port of Destination: Antwerp, Belgium 
 5.4
Condition of Shipment: 
 5.5 Notice of Shipment 
 In the case of a shipment by CIF [Antwerp], the Seller shall inform the Buyer of the name of the Product, and the name and dispatch date of the relevant vessel by written notice within two
(2) working days after the Date of Shipment. 
 6. Packing  
 The packing shall be conducted in accordance with the standards stipulated in Section 6.1: 

6.1 The packing of the Product shall be suitable for ocean transportation and provide protection against dampness, humidity, rust, wear and tear, and
shock. The Seller shall be liable for any damage to the Product caused by inadequate or improper packing during the shipment, provided, however, that Seller will not be liable for any damage to the Product caused by or attributable to the carrier,
or by any other factor not within the Seller’s control; or 
 7. Warranty & Claims 

Detailed information about Warranty & Claims is included in Appendix A. 
 8. Force Majeure  
 1) Neither Party shall be liable to the other Party for failure of or
delay in performance of any obligation under this Contract, directly, or indirectly, owing to acts of God, war, war-like condition, embargoes, riots, strike, lock-out and other events beyond its reasonable control which were not reasonably
foreseeable and whose effects cannot be overcome without unreasonable expense and/or loss of time to the affected Party (i.e., the Party that is unable to perform) 
 2) If a Force Majeure event occurs, the affected Party shall notify the other Party of the occurrence thereof within seven (7) calendar days of its occurrence, and send a certificate confirming the
occurrence of the Force Majeure event issued by the relevant local authorities within fifteen (15) calendar days from the date the event occurred. Thereafter, the Parties shall discuss the best way to resolve the delay or interruption caused by
the event. If the conditions of Force Majeure continue to materially impede performance of any material obligation under this Contract for a period of more than three (3) consecutive calendar months, then either Party shall be entitled to
terminate this Agreement without consequence upon 30 days’ prior written notice to the other Party. 
 9. Contract Disclosure

 Buyer agrees that Seller can disclose the main content of this Contract to the state security commission of the country where
Seller is preparing for its listing affairs as legally required. 
  

 4 

 10. Non-transfer 
 No right to transfer any right or obligation of this Contract by any Party without express written approval of the other Party. 
 11. Confidentiality 
 Both Parties agree to maintain confidentiality
concerning the details of this Contract, except in the event where a disclosure: (i) is necessary for each Party to the financial institutions for the purpose of financing this Contract; (ii) is required by applicable law either of each
Party’s country; (iii) is required by court order or by stock and securities regulatory authorities. The Parties shall make provisions that employees and third Parties entrusted with implementing the Contract are bound to this obligation
of secrecy. This also applies to the presentation of this Contract for legal examinations or audits by legal consultants and tax advisors, investors and banks. 
 12. Applicable Law  
 This Contract shall be construed under and governed by
the laws of the People’s Republic of China, except as otherwise expressly provided to be governed by INCOTERMS 2000. For any specific matter that is not covered by PRC law or INCOTERMS 2000, the general international business practices shall
apply. 
 13. Arbitration  
 Any dispute in connection with or arising from the Contract shall be settled through friendly negotiations. If no settlement can be reached, the dispute shall be submitted for arbitration to the China
International Economic and Trade Arbitration Commission Shanghai Sub-Commission in accordance with its rules in effect at the time of applying for arbitration. The arbitration shall take place in Shanghai and the arbitral award shall be final and
binding upon both parties; and the arbitration fee shall be borne by the losing party. 
 14. Miscellaneous  

1) This Contract, together with its all Appendixes constitutes the whole and has the same validity. 

2) In the event that the purchase order (PO) is adopted under this Contract for specific delivery, such PO also consists of one part of
this Contract. However, the stipulation of the Contract shall prevail in case of any discrepancy there between. 
 3) This
Contract is drafted in Chinese and English. In case of any discrepancy between the two versions, the Chinese version shall prevail. This contract is executed in duplicate. Each party holds one version with the same validity. 

 

 5 

  
 4) The Contract shall
take effect only after the maturity of the following two situations: 
  

	 	i)	seal and signature by both Parties; 

  

	 	ii)	****% advance payment herein has been paid into the entry of Seller’s designated Bank Account set forth in Article 3.5. 

The Contract has been duly signed by the appointed representatives of the Parties on May 20th, 2010 

Appendices: 

Appendix A: Limited Warranty for PV Modules 
 Appendix B: China Merchants Bank Advance Payment Guarantee Format 
  

	
	Signature and sealed:
	
	 /s/ Jinko Solar Import and Export Co., Ltd.

	
	On Behalf of
	Jinko Solar Import and Export Co., Ltd.
	Appointed Representative
	
	Signature and sealed:
	
	 /s/ Enfinity Asia Pacific Limited

	
	On behalf of
	Enfinity Asia Pacific Limited
	Appointed Representative
	
	 /s/ Gino Van Neer

  
  

	****	Confidential material omitted and filed separately with the Commission. 

  
 6 

 Appendix A 
 Limited Warranty for PV Modules 
 Limited Product Warranty – Five Year Repair,
Replacement or Refund 
 Jinko Solar Co., Ltd. (“Jinko”) warrants that its photovoltaic modules together with the DC
connector cable assemblies are free from defects, if any, in materials and workmanship under normal application, use, installation and service conditions for a period of pending sixty (60) months from the shipment date of Jinko modules
(“Modules”) to the original end-customer (“Customer”). If Modules become malfunction or inoperative due to defect in material or workmanship during such pending sixty (60) months period set forth above, Jinko will, at its
own option, either repair or replace the Modules in problem, or refund a reasonable portion of the purchase price as paid by the Customer (“Purchase Price”). The repair or replacement or refund remedy shall be the sole and exclusive remedy
provided under this Limited Warranty. 
 1. Limited Peak Power Warranty and Limited Remedy 

 

	A.	12 years 

 Provided that, within
a period of twelve (12) years from the shipment date of the Modules to the Customer, any Module exhibits a power output less than 90% of the minimum peak power at Standard Test Conditions, and the reason for such loss in power is due to
Modules’ defects in material or workmanship attributed to Jinko, who will, at its sole option and discretion, either [1] make up such loss in power by providing to Customer additional Modules; or [2] repair or replace the defective Modules
including free shipping to the place supplied by Jinko; or [3] refund Customer such loss proportion arising from unqualified power output which less than 90% of the minimum peak power. 

 

	B.	25 years 

 Provided that, within
a period of twenty-five (25) years from shipment date of the Modules to the Customer, any Module exhibits a power output less than 80% of the minimum peak power at Standard Test Conditions, and the reason for such loss in power is due to
Modules’ defects in material or workmanship attributed to Jinko, who will, at its sole option and discretion, either [1] make up such loss in power by providing to the end-user Customer additional Modules; or [2] repair or replace the defective
Modules including free shipping to the place applied by Jinko; or [3] refund Customer such loss proportion arising from unqualified power output which less than 80% of the minimum peak power. 

The remedies set forth in Section 2 are the sole and exclusive remedies provided under the limited minimum Peak Power Warranty.

 2. Exclusions and Limitations; 
  

	A.	Warranty claims, in any event, shall be filed in writing to Jinko or its authorized distributors within the applicable warranting period 

 

 7 

	B.	These Limited Warranties will not be applied to normal wear and tear, to the natural effects of exposure to weather conditions over time, or to the Modules which under
Jinko’s sole judgment have been subjected to: 

  

	 	•	 	 Misuse, abuse, neglect, vandalism or accident; 

  

	 	•	 	 Alteration, improper installation or application 

  

	 	•	 	 Repair or modifications that do not strictly follow the manufacturer’s instructions; 

 

	 	•	 	 Non-observance of Jinko’s maintenance instructions; 

 

	 	•	 	 Power failure, electrical spikes or surges, lighting, flood, fire, accidental breakage or other events outside the control of Jinko.

  

	C.	These Limited Warranties only cover the transportation costs for shipment of any repaired or replaced Modules to the place applied by Jinko. Any costs for returning the
Modules to Jinko or its authorized agents and authorized distributors, or costs associated with installation, removal or reinstallation of the Modules, shall be borne by the end user Customers. 

 

	D.	Warranty claims will not be honored if the type or serial number of Jinko Modules have been altered, removed or made illegible without written authorization from Jinko.

 3. Transferability 
 This warranty is extended to the original end-user purchaser, and is also transferable to any subsequent owner of the location or holder of the product when Module(s) remain at their original installed
location upon satisfactory proof of succession or assignment. 
 4. Obtaining Warranty Performance 

In order to obtain warranty service under the Jinko Limited Warranty, the end user Customer should promptly notify Jinko regional customer
service center. Together with the notification, the complete serial number printed on the module label and the shipment date of its Modules shall be marked as well. If the Modules will be returned for inspection, repair or replacement by Jinko,
Jinko will give the Customer a Return Merchandise Authorization (RMA). However, Jinko will not accept a return of any Modules without a RMA 
 5. Disputes 
 No action, regardless of form, arising out of or in any way connected
with this Limited Warranty, may be brought by the end user Customer more than one (1) year from the date when causes of action occurred. 
 6. Various 
 The repair or replacement of the Modules or the supply of additional
Modules does not lead to a new commencement of warranty terms, nor shall the original terms of this Limited Warranty be extended. Any replaced Modules shall become the property of Jinko. Jinko shall at its own options to deliver another type of PV
Modules (different in size, color, shape, or power), either a new brand or the original one, in case of that Jinko has discontinued producing the module in question at the time of the claim. 
  

 8 

 7. Force Majeure 
 Jinko shall not be in any way be responsible or liable to the end user Customer or any third-party arising out of any non-performance or delay in performance of any terms and conditions of sale, including
this Limited Warranty, due to fire, flood, blizzard, hurricane, thunder, acts of God, changes of public policies, terrorism, war, riots, strikes, unavailability of suitable and sufficient labor or materials and other events which are out of control
of Jinko. 
 NOTE: “Peak Power” is the power in watt peak that a PV-module generates in its maximum power point. Jinko Solar
measurements are as follows (a) light spectrum of AM 1.5, (b) an irradiation of 1,000W perm2 and (c) a cell temperature of 25 degree Centigrade. The measurements are carried out in accordance with IEC61215 as tested at the junction
box terminals per the calibration and testing standards of Jinko valid at the date of manufacture of the PV-Modules. Jinko’s calibration standards shall be in compliance with the standards applied by international institutions accredited for
this purpose. 
 Jinko Solar 
  

 9 

 Appendix B 
 China Merchants Bank Advance Payment Guarantee Format 
 To: (Beneficiary’s name and address)

 Date:
                             
 Advance Payment Guarantee No. 
 Dear Sirs, 

Whereas
                             (hereinafter called the “principal”) has entered into contract
No.                  dated                  with you, for the execution of
works/supply of goods / provision of services (description of goods and/or services), pursuant to the contract conditions, an advance payment in the sum of
                                 is to be made against an advance payment
guarantee. 
 At the request of the principal,
                            , we, Bank,
                 Branch, hereby irrevocably undertake to pay you any sum or sums not exceeding in total an amount of
                                 (say:
                                         
       ) upon receipt by us of your first demand in writing and your written statement indicating our guarantee No. stating: 
 i) that the Principal is in breach of his obligation(s) under the underlying contract; and 
 ii)
the respect in which the Principal is in breach. 
 Your demand for payment must also be accompanied by the following document(s) : 

 (specify document(s) if any, or delete) 
 It is a condition for any claim and payment to be made under this guarantee that the advance payment referred to above must have been received by the Principal on his account number
                                         
        with us. 
 For the purpose of authentication, your written demand for payment has to be presented
to us through a bank confirming that the signature(s) thereon are legally binding upon you. 
 This guarantee shall expire on
                 at the latest. Consequently, any demand for payment under it must be received by us at this office on or before that date. Otherwise, any
obligations or liabilities thereunder shall be fully and automatically discharged or released regardless of original guarantee being retained or returned to us. 
 This guarantee is subject to  ̈ URDG 458     ̈ ISP98. 

 

 10

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