Trina Solar Announces Acquisition of Majority Stake in Hubei Hongyuan
Expands Trina Solar's PV Cell Manufacturing Capacity
CHANGZHOU, China, Feb. 14, 2014
CHANGZHOU, China, Feb. 14, 2014 /PRNewswire/ --Trina Solar Limited ("Trina
Solar" or the "Company"), a global leader in photovoltaic ("PV") modules,
solutions, and services, today announced that it has entered into an agreement
with Shenzhen S.C. New Energy Technology Corporation ("Shenzhen S.C."), a
leading solar equipment manufacturer, to acquire a majority stake in Shenzhen
S.C.'s wholly-owned subsidiary, Hubei Hongyuan PV Science and Technology Co.,
Ltd., ("Hubei Hongyuan"), a specialized PV cell producer located in Xiantao,
Trina Solar will hold a 51% stake in Hubei Hongyuan with the remaining 49%
stake held by Shenzhen S.C.
The new joint venture company will expand Hubei Hongyuan's existing production
facilities and solid infrastructure to achieve an expected capacity of 420 MW
by the middle of 2014.
"We are delighted to announce this exciting new acquisition and collaboration
with Shenzhen S.C.," said Mr. Jifan Gao, chairman and CEO of Trina Solar.
"Shenzhen S.C. and Hubei Hongyuan have extensive and proven experience in
manufacturing superior quality solar equipment and products, respectively.
This acquisition will provide Trina Solar with the benefit of greater access
to solar cell manufacturing capacity and at a low cost of capital."
Mr. Gao added, "We continue to focus on executing our growth strategy of
building an asset-light company and delivering increased returns on investment
capital. This acquisition will ensure Trina Solar is better positioned to
benefit from growing global demand for our solar products. As an industry
leader we remain deeply committed to supporting the healthy, long-term growth
of China's solar industry."
Mr. Liujian Jiang, chairman of Shenzhen S.C., said, "This transaction will
enhance the presence of both companies within the solar sector by bringing
together Trina Solar's solid experience and industry-leading products and
services with Shenzhen S.C.'s state-of-the-art equipment. We look forward to
delivering greater value to our customers and to contributing to the overall
development of the solar market."
Subsequent to the transaction, Hubei Hongyuan will change its name to Hubei
Trina Solar Co., Ltd.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a global leader in photovoltaic modules,
solutions and services. Founded in 1997 as a PV system integrator, Trina Solar
today drives smart energy together with installers, distributors, utilities
and developers worldwide. The company's industry-shaping position is based on
innovation excellence, superior product quality, vertically integrated
capabilities and environmental stewardship. For more information, please visit
About Shenzhen S.C.
Shenzhen S.C. New Energy Technology Corporation is a rapidly growing
photovoltaic equipment manufacturer specialized in crystalline silicon
manufacturing equipment, silicon wafer processing equipment, poly-crystalline,
purification auxiliary equipment as well as system solutions for whole
photovoltaic cell production lines. The company was founded in Shenzhen,
Guangdong province, in 2003 and has expanded its presence in global markets
including India and Japan. For more information, please visit:
About Hubei Hongyuan
Hubei Hongyuan PV Science and Technology Co. Ltd. is a leading manufacturer of
PV solar cells, solar modules and engaged in the research and development of
other PV solar products. The company was founded by Shenzhen S.C. in 2010 and
has benefited from its parent company's technology resources and support. The
company has an annual capacity of 50 MW. For more information, please visit:
For further information, please contact:
Trina Solar Limited Ilse Schache
Teresa Tan, CFO
Phone: + (86) 519-8517-6823 (Changzhou)
Phone: + (86) 10-6566-2256 (Beijing)
Head of Investor Relations
Phone: + (86) 519-8517-6878 (Changzhou)
SOURCE Trina Solar Limited
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