(Bloomberg) -- 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., the world’s third-largest supplier. 

Global solar capacity installations should rise to 250 gigawatts this year as nations seek alternatives to Russian supplies, and with the impact of new Covid-19 outbreaks likely to be short-term and controllable, the Shangrao, China-based producer said Thursday in an earnings statement. Installations were 184 gigawatts in 2021, according to BloombergNEF.

“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 Officer and Chairman 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. The producer reiterated full-year shipments of modules, cells and wafers are expected to be between 35 gigawatts and 40 gigawatts.

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