Trina Solar Ltd
Company Summary
Financial Data:
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Recent news
- 3/7/2023 - U.S. Solar Panel Imports... (subscriber access)
- 2/13/2023 - Trina Solar Signs 1GW... (subscriber access)
- 8/17/2021 - U.S. Solar Manufacturing... (subscriber access)
News & Press Releases
Criterion News
- 3/7/2023 - U.S. Solar Panel Imports... (subscriber access)
- 2/13/2023 - Trina Solar Signs 1GW... (subscriber access)
- 8/17/2021 - U.S. Solar Manufacturing... (subscriber access)
Press Releases
- Total module shipments were 1,361.2 MW, compared with 1,658.3 MW in the second quarter of 2016, and 1,703.2 MW in the third quarter of 2015.
- Net revenues were $741.1 million, compared with $961.6 million in the second quarter of 2016 and $792.6 million in the third quarter of 2015.
- Gross profit was $125.6 million, compared with $176.3 million in the second quarter of 2016 and $138.2 million in the third quarter of 2015.
- Gross margin was 16.9%, compared with 18.3% in the second quarter of 2016 and 17.4% in the third quarter of 2015.
- Operating income was $54.9 million, compared with $83.7 million in the second quarter of 2016 and $5.8 million in the third quarter of 2015.
- Net income attributable to Trina Solar's ordinary shareholders was $27.1 million, compared with $40.3 million in the second quarter of 2016 and a net loss attributable to ordinary shareholders of $20.0 million in the third quarter of 2015.
- Earnings per fully diluted American Depositary Share ("ADS"; each ADS representing 50 ordinary shares) were $0.29, compared with $0.42 in the second quarter of 2016 and a loss per fully diluted ADS of $0.24 in the third quarter of 2015.
- Ingot production capacity of approximately 2.3 GW;
- Wafer capacity of approximately 1.8 GW;
- PV cell capacity of approximately 5.0 GW; and
- PV module capacity of approximately 6.0 GW.
- Re-election of Mr. YEUNG Kwok On as a director of the Company;
- Re-election of Mr. ZHAO Qian as a director of the Company; and
- Appointment of KPMG as an auditor of the Company to audit the accounts of the Company for the fiscal year ending December 31, 2016 and that the board of directors or the audit committee of the board of directors of the Company shall fix the fee for KPMG.
- Total module shipments were 1,658.3 MW, consisting of 1,619.0 MW of external shipments and 39.3 MW of shipments to the Company's own downstream power projects. This compares with total shipments of 1,423.3 MW in the first quarter of 2016, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company's own downstream power projects, and total shipments of 1,231.6 MW in the second quarter of 2015, consisting of 1,000.7 MW of external shipments and 230.9 MW of shipments to the Company's own downstream projects.
- Net revenues were $961.6 million, compared with $816.9 million in the first quarter of 2016 and $722.9 million in the second quarter of 2015.
- Gross profit was $176.3 million, compared with $139.7 million in the first quarter of 2016 and $144.9 million in the second quarter of 2015.
- Gross margin was 18.3%, compared with 17.1% in the first quarter of 2016 and 20.0% in the second quarter of 2015.
- Operating income was $83.7 million, compared with $44.8 million in the first quarter of 2016 and $60.7 million in the second quarter of 2015.
- Net income attributable to Trina Solar's ordinary shareholders was $40.3 million, compared with $26.6 million in the first quarter of 2016 and $40.9 million in the second quarter of 2015.
- Earnings per fully diluted American Depositary Share ("ADS" with each ADS representing 50 of the Company's ordinary shares) were $0.42, compared with $0.29 in the first quarter of 2016 and $0.42 in the second quarter of 2015.
- Ingot production capacity of approximately 2.3 GW;
- Wafer capacity of approximately 1.8 GW;
- PV cell capacity of approximately 5.0 GW; and
- PV module capacity of approximately 6.0 GW.
- Re-election of Mr. YEUNG Kwok On as a director of the Company;
- Re-election of Mr. ZHAO Qian as a director of the Company; and
- Appointment of KPMG as an auditor of the Company to audit the accounts of the Company for the fiscal year ending December 31, 2016 and that the board of directors or the audit committee of the board of directors of the Company shall fix the fee for KPMG.
- Green Sustainable Development: Trina Solar is not only a clean energy manufacturer, but also an advocate for providing sustainable solutions to address energy crises and global climate change. The Company strives to reduce energy and resource consumption as well as greenhouse gas emissions in the process of product design, manufacturing and packaging. As a result, CO2 emissions and electricity usage per MW of module production in 2015 dropped significantly, decreasing by 24.6% and 21.6% respectively, since 2011.
- Environmentally-Friendly Operations: Trina Solar has been a member of the PV CYCLE Association since 2010 and joined the Glass Recycling Committee of Japan (GRCJ) in 2015. The GRCJ was established to promote the recycling of PV modules, especially the recycling of waste glass. In addition, Trina Solar is also dedicated to the research and development of PV product waste recycling technology, as a result of which, the Company currently is able to effectively separate glass, EVA and cells, and even recycle silver of 99.9% purity from waste cells in the experimental stage.
- Focus on Supply Chain: Extraction of certain metallic/mineral resources from the Democratic Republic of the Congo and surrounding nations may cause serious environmental and human rights problems, and such mineral resources are known as conflict minerals. In this regard, Trina Solar has created a formal conflict mineral management policy to ensure that its supply chain is conflict-free, in an effort to reduce international trade in conflict minerals.Trina Solar is committed to sourcing materials from environmentally and socially responsible suppliers.
- Contribution to Society: As a responsible corporate citizen, Trina Solar always tries to give back to society and has dedicated to bringing positive changes to the local economy environment and community through investment in education, public charities, and employee volunteer services. In 2015, Trina Solar set up a Sunshine Fund for Entrepreneurship and donated RMB 10 million to China Siyuan Foundation for Poverty Alleviation, providing a wide range of programs and services including youth entrepreneurship training and support for the college students in need.
- Total module shipments were 1,423.3 MW, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company's own downstream power projects. Total module shipments decreased 19.9% sequentially and increased 38.7% year-over-year.
- Net revenues were $816.9 million, a decrease of 15.1% from the fourth quarter of 2015 and an increase of 46.4% from the first quarter of 2015.
- Gross profit was $139.7 million, a decrease of 23.8% from the fourth quarter of 2015 and an increase of 39.2% from the first quarter of 2015.
- Gross margin was 17.1%, compared with 19.1% in the fourth quarter of 2015 and 18.0% in the first quarter of 2015.
- Operating income was $44.8 million, a decrease of 44.9% from the fourth quarter of 2015 and an increase of 53.7% from the first quarter of 2015.
- Net income attributable to Trina Solar's ordinary shareholders was $26.6 million, a decrease of 36.1% from the fourth quarter of 2015 and an increase of 91.3% from the first quarter of 2015.
- Earnings per fully diluted American Depositary Share ("ADS" with each ADS representing 50 of the Company's ordinary shares) were $0.29, compared with earnings per fully diluted ADS of $0.43 in the fourth quarter of 2015 and earnings per fully diluted ADS of $0.16 in the first quarter of 2015.
- Ingot production capacity of approximately 2.3 GW;
- Wafer capacity of approximately 1.8 GW;
- PV cell capacity of approximately 4.3 GW; and
- PV module capacity of approximately 5.6 GW.
- Total module shipments were 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company's own downstream power projects. This compares with total shipments of 1,703.2 MW, consisting of 1,353.2 MW of external shipments and 350.0 MW of shipments to the Company's own downstream power projects in the third quarter of 2015.
- Net revenues were $961.9 million, an increase of 21.4% from the third quarter of 2015 and 36.4% from the fourth quarter of 2014.
- Gross profit was $183.3 million, an increase of 32.7% from the third quarter of 2015 and 65.1% from the fourth quarter of 2014.
- Gross margin was 19.1%, compared with 17.4% in the third quarter of 2015 and 15.7% in the fourth quarter of 2014.
- Operating income was $81.3 million, compared with $5.8 million in the third quarter of 2015 and $30.5 million in the fourth quarter of 2014.
- Net income attributable to Trina Solar's ordinary shareholders was $41.7 million, compared with a net loss of $20.0 million in the third quarter of 2015 and net income of $10.6 million in the fourth quarter of 2014.
- Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) were $0.43, compared with loss per fully diluted ADS of $0.24 in the third quarter of 2015 and earnings per fully diluted ADS of $0.13 in the fourth quarter of 2014.
- Total solar module shipments were approximately 5.74 GW, an increase of 56.8% from 3.66 GW in 2014.
- Total net revenues were $3.0 billion, an increase of 32.8% from 2014.
- Gross profit was $566.6 million, an increase of 47.0% from 2014.
- Gross margin was 18.7%, compared with 16.9% in 2014.
- Operating income was $177.0 million, an increase of 47.4% from 2014.
- Net income attributable to Trina Solar's ordinary shareholders for the full year was $76.5 million, an increase of 28.9% from 2014.
- Earnings per fully diluted ADS for 2015 were $0.86, compared with $0.74 in 2014.
- ingot production capacity of approximately 2.3 GW;
- wafer capacity of approximately 1.8 GW;
- PV cell capacity of approximately 3.5 GW; and
- PV module capacity of approximately 5.0 GW.
- Ingot production capacity of approximately 2.3 GW
- Wafer capacity of approximately 1.8 GW
- PV cell capacity of approximately 5.0 GW
- PV module capacity of approximately 6.0 GW
Trina Solar Rated as a Top Module Manufacturer by an US Authoritative Organization
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
BEIJING, Aug. 2, 2017 /PRNewswire/ -- Recently, Trina Solar passed through the product certification test conducted by PV Evolution Labs ("PVEL" for short, a wholly-owned subsidiary of DNV GL), and was rated as a top performer in the Module Reliability Score Card Report 2017 issued by DNV GL.
DNV GL PVEL Product Qualification Program (PQP) is an integrated one incorporating module reliability and power generation performance tests. As the typical destructive test, this certification test comprises 2-4x IEC thermal cycling test, damp heat test, UV irradiation test, dynamic mechanical load test, humidity-freeze test, PID attenuation and hot spot test etc. PVEL test is much more rigorous than some basic tests such as IEC and UL tests in terms of both test conditions and sequence, thus it continues a huge challenge for product reliability.
DNV GL test is extremely authoritative in the industry. Trina Solar has been taking an active part in the DNV GL test since 2014. In this portfolio of tests, most modules from Trina Solar have successfully passed the tests on product reliability based on their power attenuation rates which are all less than 3%.
Trina Solar conducts rigorous quality control and more than 175 individual laboratory tests to ensure a high level of QA. Since PV module is an investment-oriented product with a long life cycle up to 25 years, the choose of a reliable company becomes necessary. As the most respected and reliable solar company, Trina Solar is devoted to providing clients with top quality products. Trina Solar's being rated as a top module manufacturer after passing through all tightened PVEL tests with excellent results.
"The result demonstrates the high reliability and quality of our products, meanwhile, it enhances our products' market competitiveness and help us earn clients trust." said Ms. Zhou Wei, Quality VP of Trina Solar, "looking into the further, we will continue to research and develop new products to meet customer's demand according to different applied scenario. We aim to lead the PV industry to benefit all humanity."
About Trina Solar Limited
Trina Solar Limited is a global leader in solar 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. For more information, please visit www.trinasolar.com. E-mail: press@trinasolar.com
View original content:http://www.prnewswire.com/news-releases/trina-solar-rated-as-a-top-module-manufacturer-by-an-us-authoritative-organization-300498868.html
SOURCE Trina Solar Limited
Article Date
8/3/20176/12/2017 - Trina Solar's PV Modules Operational in a 455 MW DC Solar Project developed by SB Energy (Softbank Group)
Trina Solar's PV Modules Operational in a 455 MW DC Solar Project developed by SB Energy (Softbank Group)
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, June 11, 2017 /PRNewswire/ -- Trina Solar's PV modules have commenced operations in a 455MW DC solar power plant in Andhra Pradesh developed by SB Energy, a joint venture between SoftBank Group, Bharti Enterprises and Foxconn Technology Group. This is the largest single order that Trina Solar has ever closed in India.
The PV modules supplied for this project were TALLMAX 72-cell polycrystalline panels. TALLMAX modules are recognised by industry professionals for their proven historical performance in the field and the high quality standard. It is one of the industries most trusted products for large-scale solar projects.
The plant, commissioned on March 29, 2017, was designed and developed by SB Energy using the latest technology of module cleaning, site maintenance and security from global best practices. It has the capacity to produce clean electricity for over 700,000 Indian households.
Mr Jifan Gao, Chairman and CEO of Trina Solar said: "We are proud to be the trusted partner of SB Energy for its first large-scale solar project in Andhra Pradesh. This is part of our continued effort to contribute to India's national target of 100GW of solar generation capacity by 2022. We are committed to working with SB Energy in meeting the country's energy demands through clean sources and building a green and sustainable environment."
About Trina Solar Limited
Trina Solar Limited 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
SOURCE Trina Solar Limited
Article Date
6/12/2017Trina Solar Limited Announces Completion of Going-Private Transaction
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, March 13, 2017 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced the completion of its merger (the "merger") with Red Viburnum Company Limited ("Merger Sub"), a wholly-owned subsidiary of Fortune Solar Holdings Limited ("Parent"), pursuant to the agreement and plan of merger (the "merger agreement") dated August 1, 2016 by and among Parent, Merger Sub and the Company. As a result of the merger, the Company ceased to be a publicly traded company and became a wholly-owned subsidiary of Parent.
Under the terms of the merger agreement, each of the Company's ordinary shares, par value US$0.00001 per share (each a "Share" and collectively, the "Shares") issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive $0.232 in cash per Share without interest, and each of the Company's American depositary shares, each representing 50 Shares (each an "ADS" and collectively, the "ADSs") issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive US$11.60 in cash per ADS without interest, other than (a) certain Shares (including Shares represented by ADSs) owned by Mr. Jifan Gao, Chairman and Chief Executive Officer of the Company and certain of his affiliates, which are rolled over in the transaction and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the "Dissenting Shares"), which have been cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.
Each certificated shareholder of record as of the effective time of the merger who is entitled to the merger consideration will receive a letter of transmittal and instructions from the paying agent on how to surrender their share certificates in exchange for the merger consideration. Certificated shareholders should wait to receive the letters of transmittal before surrendering their share certificates. Each uncertificated shareholder of record as of the effective time of the merger will receive an amount in cash equal to the amount of the merger consideration to which such holder is entitled as soon as practicable after the effective time. As soon as practicable after receiving the aggregate ADS merger consideration from the paying agent, The Bank of New York Mellon will pay US$11.60 per ADS in cash without interest to holders of ADSs.
The Company also announced today that it has requested that trading of its ADSs on The New York Stock Exchange (the "NYSE") be suspended as of March 13, 2017 (New York time). The Company requested NYSE to file a notification on Form 25 with the Securities and Exchange Commission (the "SEC") to delist the Company's ADSs on the NYSE and deregister the Company's registered securities. The deregistration will become effective in 90 days after the filing of Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in ten days. The Company's obligations to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.
In connection with the merger, Citigroup Global Markets Inc. is serving as the financial advisor to the special committee of the board of directors of the Company (the "Special Committee"). Kirkland & Ellis is serving as the U.S. legal counsel to the Special Committee.
Duff & Phelps, LLC is serving as financial advisor to the investor consortium, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the investor consortium.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor and Informational Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "if," "will," "expected," and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions. Further information regarding these and other risks is included in the Company's filings with the SEC. These forward-looking statements reflect the Company's expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Trina Solar Contact:
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Merry Xu, Interim CFO |
Christensen IR | ||||||
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Email: merry.xu@trinasolar.com |
Linda Bergkamp | ||||||
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Phone: +1 480 614 3004 (US) | |||||||
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Yvonne Young |
Email: lbergkamp@ChristensenIR.com | ||||||
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
3/13/20173/9/2017 - Trina Solar Announces Resignation of Mr. Zhiguo Zhu as Director, COO and President of MBU
Trina Solar Announces Resignation of Mr. Zhiguo Zhu as Director, COO and President of MBU
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, March 9, 2017 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that Mr. Zhiguo Zhu has resigned as a member of the board of directors, chief operating officer (the "COO") and president of the Module Business Unit ("MBU") for personal reasons, effective on March 10, 2017. Mr. Jifan Gao, Chairman and CEO of Trina Solar, will assume direct management of the MBU.
Commenting on Mr. Zhu's resignation, Mr. Jifan Gao, Chairman and CEO of Trina Solar said, "On behalf of the board of directors and management, I would like to thank Mr. Zhu for his efforts and contributions during his tenure at Trina. We wish him well in his future endeavors. Looking ahead, we will continue to work diligently to strengthen Trina's leading position in the global PV module market and continue our transformation to become the world's leading provider of solar energy total solutions to our customers."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited Interim CFO Email: merry.xu@trinasolar.com |
Christensen IR Linda Bergkamp |
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Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
3/9/201712/19/2016 - Trina Solar Announces New Efficiency Record of 22.61% for Mono-Crystalline Silicon PERC Cell
Trina Solar Announces New Efficiency Record of 22.61% for Mono-Crystalline Silicon PERC Cell
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Dec. 19, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that its State Key Laboratory of PV Science and Technology of China (the "SKL PVST"), set a new world conversion efficiency record of 22.61% for a high-efficiency p-type mono-crystalline silicon (c-Si) solar cell.
The record-breaking solar cell was fabricated on a large-sized boron-doped Cz-Si substrate with a low-cost industrial process of advanced PERC (Passivated Emitter and Rear Cell) technology that integrates back surface passivation, front surface advanced passivation and anti-LID (Light Induced Degradation) technologies. The 243.23 cm2 solar cell reached a total-area efficiency of 22.61%. This result has been independently confirmed by the Fraunhofer ISE CalLab in Germany.
Trina Solar achieved a world conversion efficiency record of 21.40% for a large-area PERC mono-crystalline p-type solar cell in 2014, and the Company subsequently beat this with a 22.13% efficiency record in 2015. In July 2016, Trina Solar announced that its production lines were able to produce the same type of PERC solar cells in large volume with an average efficiency of 21.12%, which is only 1 percentage point less than the record efficiency that was achieved in 2015. Today, Trina Solar announces that it has broken its previous efficiency record by about a half percentage point, reaching the highest efficiency level to date for a PERC cell fabricated with a low-cost industrial process on a large-area p-type mono-crystalline substrate.
"We are very delighted to announce the latest achievement of our research team at the SKL PVST. Over the last few years, our R&D team has managed to continuously improve the efficiency of our mono- and multi-crystalline silicon PERC solar cells, pushing the limits of technology and surpassing our previous records," said Dr. Pierre Verlinden, Vice-President and Chief Scientist of Trina Solar. "We want to demonstrate all the possibilities of PERC technology on an industrial scale, and to approach as close as possible to the 25% efficiency level that was achieved by solar researchers at The University of New South Wales in the laboratory more than 17 years ago. In an innovation-driven PV industry, Trina Solar has been always focused on improving cell conversion efficiency and reducing system costs through the development of leading-edge PV technologies and products. Our goal is to insist on technological innovation, and transfer as quickly as possible the laboratory technology to commercial production."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Merry Xu |
Linda Bergkamp |
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Interim CFO |
Phone: +1 480 614 3004 (US) |
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Email: merry.xu@trinasolar.com |
Email: lbergkamp@ChristensenIR.com |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
12/19/2016Trina Solar Announces Shareholders Vote to Approve Going-Private Transaction
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Dec. 16, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that the Company's shareholders voted in favor of, among others, the proposal to authorize and approve (i) the previously announced agreement and plan of merger (the "Merger Agreement") dated August 1, 2016 by and among Fortune Solar Holdings Limited ("Parent"), Red Viburnum Company Limited ("Merger Sub") and the Company, pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company as a wholly-owned subsidiary of Parent after the merger (the "Merger"), (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached to the Merger Agreement (the "Plan of Merger"), and (iii) any and all transactions contemplated by the Merger Agreement, including the Merger.
Approximately 97.7% of the Company's total outstanding ordinary shares were present in person or by proxy at today's extraordinary general meeting. Of the ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 97.8% were voted in favor of the proposal to authorize and approve the Merger Agreement, Plan of Merger and any and all transactions contemplated by the Merger Agreement, including the Merger. A two thirds (2/3) majority of the voting power represented by the ordinary shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the Merger.
The parties to the Merger Agreement are continuing to work diligently towards satisfaction of all other closing conditions set forth in the agreement. Upon completion of the Merger, the Company will become a privately held company and its American depositary shares (the "ADSs") will no longer be listed or traded on any stock exchange, including the New York Stock Exchange, and the Company's ADS program would be terminated.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor and Informational Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "if," "will," "expected," and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions, which include: uncertainties as to the possibility that competing offers will be made; the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements reflect the Company's expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Trina Solar Contact:
Christensen IR
Linda Bergkamp
Phone: +1 480 614 3004 (US)
E-mail: lbergkamp@ChristensenIR.com
Merry Xu, Interim CFO
Email: merry.xu@trinasolar.com
Yvonne Young
Investor Relations Director
Email: ir@trinasolar.com
SOURCE Trina Solar Limited
Article Date
12/16/2016Leading Independent Proxy Advisory Firms ISS and Egan Jones Recommend Trina Solar Shareholders Vote "FOR" the Proposed Going-Private Transaction
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Dec. 7, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it continues to work with all parties involved for completion of the transactions contemplated in the Company's previously announced agreement and plan of merger, dated August 1, 2016, as amended (the "Merger Agreement"), among Fortune Solar Holdings Limited ("Parent"), Red Viburnum Company Limited ("Merger Sub") and the Company.
The Company kindly reminds its shareholders that the Company's extraordinary general meeting of shareholders (the "EGM") to consider and vote on, among other things, the Merger Agreement, the Plan of Merger (as defined below) and the transactions contemplated thereby, will be held on December 16, 2016 at 10:00 a.m. (Beijing time) at the board room, Changzhou Trina Solar Energy Co., Ltd., No. 2 Tian He Road, Electronics Park, New District, Changzhou, Jiangsu, People's Republic of China ("PRC"). If you have not mailed in your proxy, please mail them in immediately.
In addition, the Company has recently received a number of inquiries from shareholders regarding the status of the proposed transaction. The Company has consulted with the buyer group (the "Buyer Group") and the Buyer Group advised that it continues to expect the proposed transaction to be completed as planned. The parties to the Merger Agreement are continuing to work diligently towards satisfaction of all closing conditions.
The Company's board of directors (with the Chairman abstaining) (the "Board") continues to recommend that Trina Solar shareholders vote FOR the proposal to authorize and approve the Merger Agreement, the Plan of Merger (as defined below) and the transactions contemplated thereby and FOR the proposal to adjourn the EGM in order to allow the Company to solicit additional proxies in the event that there are insufficient proxies received to pass the special resolution to be proposed at the EGM.
The Company is pleased to announce that two of the three leading proxy advisory firms agree with the Board. Institutional Shareholder Services ("ISS") and Egan-Jones Proxy Services ("Egan-Jones") have recommended that Trina Solar shareholders vote FOR both proposals.
In its report, ISS cited the following rationale for its recommendation:
"- the offer price is deemed fair and reasonable and endorsed by the independent financial adviser retained by the special committee;
- the appointment of a special committee consisting of only disinterested directors partially mitigates the concern over conflict of interest;
- there are the presence of the pre-signing market check process and the fact that the special committee failed to find an actionable offer from third parties; and
- dissenters' right is offered by the company to protect the interest of minority shareholders."
Egan-Jones' recommendation report stated its view of the proposed transaction as a "...a desirable approach in maximizing shareholder value. After careful consideration, we believe that approval of the Merger Agreement is in the best interests of the Company and its shareholders and its advantages and opportunities outweigh the risks associated to the transaction."
The Company also noted that it strongly disagrees with the recommendation of Glass, Lewis & Co. that Trina Solar shareholders vote against both proposals because, among other things, it fails to adequately consider (i) the benefits of the transaction, especially the ability to provide immediate liquidity and certainty of value to the Company's shareholders, (ii) the lack of other compelling alternatives available to the Company and the fact that no third party offers to acquire the Company were received and (iii) the risks associated with operating in the current industry environment as a standalone listed company.
Pursuant to the Merger Agreement and the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands in connection with the Merger (as defined below) (the "Plan of Merger"), subject to the satisfaction of closing conditions, the Company will be acquired for cash consideration of US$0.232 in cash per ordinary share or US$11.60 in cash per American depositary share ("ADS") of the Company, each representing 50 ordinary shares (other than the excluded shares as specified in the Merger Agreement), and Merger Sub will merge with and into the Company (the "Merger"), with the Company continuing as the surviving company and a wholly-owned subsidiary of Parent in accordance with Cayman Islands Companies Law. If completed, the Merger will result in the Company becoming a privately held company, the Company's ADSs will no longer be listed on the New York Stock Exchange and the American depositary shares program for the Company's ADSs will terminate.
Shareholders of record as of the close of business in the Cayman Islands on December 5, 2016 will be entitled to attend and vote at the EGM. ADS holders as of the close of business in New York City on November 14, 2016 will be entitled to instruct The Bank of New York Mellon, the ADS depositary, to vote the ordinary shares represented by the ADSs at the EGM, and are reminded that the deadline to deliver their voting instructions to the ADS depositary is 5:00 p.m. (New York City time) on December 12, 2016.
The Company's shareholders and ADS holders are urged to read carefully and in their entirety the transaction statement on Schedule 13E-3 and the proxy statement attached as Exhibit (a)-(1) thereto, as amended, filed with the U.S. Securities and Exchange Commission (the "SEC"), which can be obtained, along with other filings containing information about the Company, the proposed Merger and related matters, without charge, from the SEC's website (www.sec.gov).
The Company has also retained MacKenzie Partners, Inc. as its proxy solicitor to assist it in connection with its upcoming EGM. Shareholders and ADS holders who have questions about the Merger Agreement or the Merger, need additional copies of the Company's proxy materials, or need assistance in voting their ordinary shares or ADSs are encouraged to contact MacKenzie Partners, Inc. by email at proxy@mackenziepartners.com or by phone at +1 (800) 322-2885 (toll free) or at +1 (212) 929-5500 (outside of the United States).
Safe Harbor and Informational Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "if," "will," "expected," and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions. Risks, uncertainties and assumptions include: uncertainties as to how the Company's shareholders will vote at the EGM; the possibility that competing offers will be made; the expected timing of the completion of the Merger; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company (including the Schedule 13E-3 transaction statement and the proxy statement attached thereto). These forward-looking statements reflect the Company's expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
|
Trina Solar Limited |
Christensen IR |
|
Merry Xu |
Linda Bergkamp |
|
Interim CFO |
Phone: +1 480 614 3004 (US) |
|
Email: merry.xu@trinasolar.com |
Email: lbergkamp@ChristensenIR.com |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
12/7/201611/23/2016 - Trina Solar Announces Third Quarter 2016 Results
Trina Solar Announces Third Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Nov. 23, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced its unaudited financial results for the quarter ended September 30, 2016.
Third Quarter 2016 Financial and Operating Highlights
Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented, "Largely as expected, we had a slowdown in the third quarter as a result of an oversupply and increasing inventory levels of modules in the market, as well as weak demand in China following a strong first half of the year as developers rushed to place orders prior to a subsidy policy adjustment. As a result, our total shipments of 1.36 GW came in lower than the bottom end of our guidance. Despite the headwinds, we were pleased that we were able to maintain our leading position in the U.S. and achieve record shipments to Europe. Moreover, shipments to India grew substantially and accounted for nearly 30% of our total shipments.
"On the downstream business side, we connected 26.0 MW of projects in China, of which 24.6 MW were DG projects. We will continue to execute our strategic initiatives to develop our downstream business in a prudent manner.
"We remain committed to pushing the technological boundary and commercializing high-efficiency cells. Recently, our R&D team set a world record of 19.86% aperture efficiency for our high-efficiency 'Honey Plus' multicrystalline silicon modules. This achievement brought the total number of world records that we have set to 14."
Third Quarter 2016 Results
Net Revenues
Net revenues were $741.1 million, which includes $60.6 million in revenues from electricity generated by the Company's operational downstream solar power projects recorded as property, plant and equipment (PP&E) on its balance sheet, EPC services and other downstream business activities. Total net revenues declined 22.9% sequentially and 6.5% year-over-year. Total shipments were 1,361.2 MW, consisting of 1,340.6 MW of external shipments which were recognized in revenue and 20.6 MW of shipments to the Company's downstream power projects. This compares with total shipments of 1,658.3 MW in the second quarter of 2016, consisting of 1,619.0 MW of external shipments and 39.3 MW of shipments to the Company's own downstream power projects, and total shipments of 1,703.2 MW in the third quarter of 2015, consisting of 1,353.2 MW of external shipments and 350.0 MW of shipments to the Company's own downstream projects. The sequential decreases in revenues and shipments were primarily attributable to an overall decline in average selling prices (ASP) and a decrease of shipments in China following a rush of orders prior to June 30 in anticipation of a subsidy policy adjustment.
Gross Profit and Margin
Gross profit was $125.6 million, compared with $176.3 million in the second quarter of 2016 and $138.2 million in the third quarter of 2015.
Gross margin was 16.9%, compared with 18.3% in the second quarter of 2016 and 17.4% in the third quarter of 2015. The sequential and year-over-year decreases in gross margin were mainly because ASP declined at a faster rate than the Company's reduction of costs.
Operating Expenses, Income and Margin
Operating expenses were $70.6 million, compared with $92.6 million in the second quarter of 2016 and $132.3 million in the third quarter of 2015. Operating expenses included a reversal of accounts receivable provision of $2.8 million in the third quarter of 2016, compared with an accounts receivable provision of $2.4 million in the second quarter of 2016, and $1.5 million in the third quarter of 2015.
The Company's operating expenses accounted for 9.5% of net revenues during the third quarter of 2016, a decrease from 9.6% in the second quarter of 2016 and from 16.7% in the third quarter of 2015. The year-over-year decrease was primarily attributable to other operating income, which offsets operating expenses. Other operating income, mainly representing income from electricity generated from the Company's downstream solar power projects that are recorded as current assets on the balance sheet prior to the sale of the projects, was $17.2 million in the third quarter of 2016, $7.1 million in the second quarter of 2016 and nil in the third quarter of 2015. In addition, the Company booked a provision of $45.0 million for the settlement of a lawsuit with Solyndra in the third quarter of 2015. Excluding other operating income and the Solyndra settlement provision, the Company's operating expenses accounted for 11.9% of net revenues during the third quarter of 2016, an increase from 10.4% in the second quarter of 2016 and 11.0% in the third quarter of 2015.This sequential and year-over-year increase was mainly due to the decline of revenues in the third quarter of 2016, from the second quarter of 2016 and the third quarter of 2015.
As a result, operating income was $54.9 million, compared with $83.7 million in the second quarter of 2016 and $5.8 million in the third quarter of 2015. Operating margin was 7.4%, compared with 8.7% in the second quarter of 2016 and 0.7% in the third quarter of 2015.
Net Interest Expense
Net interest expense was $28.6 million, compared with $25.5 million in the second quarter of 2016 and $13.1 million in the third quarter of 2015. The sequential increase in net interest expense was mainly due to less interest expense being capitalized in the third quarter of 2016 and the year-over-year increase in net interest expenses was mainly due to the increase in bank borrowings.
Foreign Currency Exchange Gain (Loss)
The Company recorded a net foreign currency exchange gain of $2.3 million, which included a gain on the change in fair value of foreign exchange derivative instruments of $2.4 million. This compares with a net loss of $2.9 million in the second quarter of 2016 and a net loss of $13.1 million in the third quarter of 2015. The foreign currency exchange gain in the third quarter of 2016 was primarily because the appreciation of the Euro and the Japanese Yen against the USD offset the depreciation of the RMB and the British pound against the USD.
Income Tax Expense
Income tax expense was $5.9 million, compared with $16.5 million in the second quarter of 2016 and an income tax benefit of $3.1 million in the third quarter of 2015. The sequential decrease in income tax expense was mainly due to the decrease in taxable profits in the third quarter of 2016, compared with the second quarter of 2016.
Net Income and Earnings per ADS
Net income attributable to ordinary shareholders of Trina Solar was $27.1 million, compared with $40.3 million in the second quarter of 2016, and a net loss attributable to ordinary shareholders of $20.0 million in the third quarter of 2015. Net margin was 3.7%, compared with 4.2% in the second quarter of 2016 and negative 2.5% in the third quarter of 2015.
Earnings per fully diluted ADS were $0.29, compared with $0.42 in the second quarter of 2016 and a loss per fully diluted ADS of $0.24 in the third quarter of 2015.
Financial Condition
As of September 30, 2016, the Company had $625.2 million in cash and cash equivalents, and restricted cash. Total borrowings were $1,757.4 million, of which $1,108.3 million were short-term borrowings.
In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, which requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of being reported on the balance sheet as an asset. Accordingly, debt issuance costs with an amortized balance of $9.6 million, which used to be reported as an asset, have been retrospectively reclassified as a direct deduction from the carrying amount of the related debt liability as of September 30, 2015.
Shareholders' equity was $1,140.7 million as of September 30, 2016, an increase from $1,113.8 million as of June 30, 2016 and $1,011.9 million as of September 30, 2015.
Operations and Business Updates
Manufacturing Capacity
As of September 30, 2016, the Company had the following annualized in-house manufacturing capacities:
Project Development
In the third quarter of 2016, the Company connected a total of 26.0 MW of PV projects to the grid in China, including 1.4 MW of utility projects and 24.6 MW of DG projects.
As of September 30, 2016, the Company had a total of 1,302.8 MW downstream solar projects in grid-connected operation, including 1,267.6 MW in China, 4.2 MW in the U.S., and 31.0 MW in Europe. The 1,267.6 MW of projects in China consisted of 1,017.1 MW of utility projects and 250. 5 MW of DG projects.
Going Private Transaction and the Extraordinary General Meeting of Shareholders
On August 1, 2016, the Company entered into a definitive agreement and plan of merger, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $1.1 billion (the "Merger"). The Company has called an extraordinary general meeting of shareholders, to be held at 10:00 a.m. Beijing Time on December 16, 2016, to consider and vote on the Merger.
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in PV 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; our expectations regarding the expansion of the Company's manufacturing capacities; the Company's future business development; the Company's downstream project development and pipeline; the Company's beliefs regarding its production output and production outlook; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
In addition, the commencement of any downstream project is subject to a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, as well as obtaining certain government approvals, project rights based on the land location, land use rights as well as the right to construct manufacturing facilities in the relevant locations.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
For further information, please contact: | |
|
Trina Solar Limited |
Christensen IR |
|
Merry Xu, Interim CFO |
Linda Bergkamp |
|
Email: merry.xu@trinasolar.com |
Phone: +1 480 614 3004 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
|
|
Trina Solar Limited | ||||||||||||||||||
|
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||||
|
(US dollars in thousands, except ADS and share data) | ||||||||||||||||||
|
For the Three Months Ended |
||||||||||||||||||
|
Sep. 30, |
Jun. 30, |
Sep. 30, |
||||||||||||||||
|
2016 |
2016 |
2015 |
||||||||||||||||
|
Net revenues |
$ |
741,058 |
$ |
961,623 |
$ |
792,599 |
||||||||||||
|
Cost of revenues |
615,503 |
785,295 |
654,449 |
|||||||||||||||
|
Gross profit |
125,555 |
176,328 |
138,150 |
|||||||||||||||
|
Operating expenses |
||||||||||||||||||
|
Selling expenses |
42,991 |
44,833 |
45,389 |
|||||||||||||||
|
General and administrative expenses |
38,977 |
43,193 |
34,790 |
|||||||||||||||
|
Research and development expenses |
5,853 |
11,691 |
7,166 |
|||||||||||||||
|
Provision for settlement of lawsuit with Solyndra |
- |
- |
45,000 |
|||||||||||||||
|
Other operating income |
(17,208) |
(7,105) |
- |
|||||||||||||||
|
Total operating expenses |
70,613 |
92,612 |
132,345 |
|||||||||||||||
|
Operating income |
54,942 |
83,716 |
5,805 |
|||||||||||||||
|
Foreign exchange gain (loss) |
(50) |
(6,877) |
(11,485) |
|||||||||||||||
|
Interest expenses |
(29,102) |
(25,973) |
(13,503) |
|||||||||||||||
|
Interest income |
538 |
461 |
432 |
|||||||||||||||
|
Gain (loss) on change in fair value of derivative |
2,387 |
4,000 |
(1,586) |
|||||||||||||||
|
Other income, net |
2,953 |
4,601 |
2,681 |
|||||||||||||||
|
Income (loss) before income taxes |
31,668 |
59,928 |
(17,656) |
|||||||||||||||
|
Income tax benefit (expense) |
(5,910) |
(16,500) |
3,149 |
|||||||||||||||
|
Net income (loss) |
25,758 |
43,428 |
(14,507) |
|||||||||||||||
|
(Income)/Loss attributable to the |
1,355 |
(3,155) |
(5,483) |
|||||||||||||||
|
Net income (loss) attributable to Trina Solar Limited |
$ |
27,113 |
$ |
40,273 |
$ |
(19,990) |
||||||||||||
|
Earnings (loss) per ADS* |
||||||||||||||||||
|
Basic |
$ |
0.32 |
$ |
0.47 |
$ |
(0.24) |
||||||||||||
|
Diluted |
$ |
0.29 |
$ |
0.42 |
$ |
(0.24) |
||||||||||||
|
Weighted average ADS outstanding* |
||||||||||||||||||
|
Basic |
85,124,632 |
84,932,283 |
84,662,352 |
|||||||||||||||
|
Diluted |
106,151,888 |
105,297,396 |
84,662,352 |
|||||||||||||||
|
* "ADS" refers to any of our American depository shares, each representing 50 ordinary shares. |
||||||||||||||||||
|
Trina Solar Limited | ||||||||||||||||||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||||
|
(US dollars in thousands) | ||||||||||||||||||
|
For the Three Months Ended |
||||||||||||||||||
|
Sep. 30, |
Jun. 30, |
Sep. 30, |
||||||||||||||||
|
2016 |
2016 |
2015 |
||||||||||||||||
|
Net income (loss) |
$ |
25,758 |
$ |
43,428 |
$ |
(14,507) |
||||||||||||
|
Other comprehensive income (loss): |
||||||||||||||||||
|
Foreign currency translation adjustments |
(2,834) |
(10,873) |
(2,430) |
|||||||||||||||
|
Comprehensive income (loss) |
22,924 |
32,555 |
(16,937) |
|||||||||||||||
|
Comprehensive (income)/ loss attributable |
1,782 |
(2,284) |
(4,030) |
|||||||||||||||
|
Comprehensive income (loss) attributable to Trina Solar Limited |
$ |
24,706 |
$ |
30,271 |
$ |
(20,967) |
||||||||||||
|
Trina Solar Limited |
|||||||||||
|
Unaudited Condensed Consolidated Balance Sheets |
|||||||||||
|
(US dollars in thousands) |
|||||||||||
|
As of Sep. 30, |
As of Jun. 30, |
As of Sep. 30, |
|||||||||
|
2016 |
2016 |
2015 |
|||||||||
|
ASSETS |
|||||||||||
|
Current assets: |
|||||||||||
|
Cash and cash equivalents |
$ |
455,964 |
$ |
648,113 |
$ |
279,112 |
|||||
|
Restricted cash |
169,239 |
183,428 |
206,964 |
||||||||
|
Inventories |
433,839 |
509,496 |
507,018 |
||||||||
|
Downstream solar project assets |
709,486 |
692,248 |
30,194 |
||||||||
|
Accounts receivable, net |
779,040 |
655,281 |
687,961 |
||||||||
|
Current portion of advances to suppliers, net |
14,128 |
30,434 |
48,048 |
||||||||
|
Prepaid expenses and other current assets, net |
291,792 |
280,627 |
218,590 |
||||||||
|
Total current assets |
2,853,488 |
2,999,627 |
1,977,887 |
||||||||
|
Property, plant and equipment, net (including downstream solar project assets of $788,551, $798,235 and $970,447 |
1,880,081 |
1,840,968 |
1,906,112 |
||||||||
|
Prepaid land use rights, net |
66,089 |
66,249 |
51,632 |
||||||||
|
Advances to suppliers, net of current portion |
18,179 |
19,746 |
13,045 |
||||||||
|
Investment in equity affiliates |
35,384 |
32,981 |
26,177 |
||||||||
|
Deferred income tax assets, net |
35,524 |
35,889 |
31,942 |
||||||||
|
Other noncurrent assets |
85,335 |
97,751 |
89,043 |
||||||||
|
TOTAL ASSETS |
$ |
4,974,080 |
$ |
5,093,211 |
$ |
4,095,838 |
|||||
|
LIABILITIES AND EQUITY |
|||||||||||
|
Current liabilities: |
|||||||||||
|
Short-term borrowings and current portion of long-term borrowings |
$ |
1,108,301 |
$ |
1,157,760 |
$ |
1,004,160 |
|||||
|
Accounts payable |
1,073,753 |
1,227,028 |
1,130,404 |
||||||||
|
Convertible senior notes |
171,192 |
170,740 |
- |
||||||||
|
Accrued expenses and other current liabilities |
464,926 |
418,141 |
292,766 |
||||||||
|
Total current liabilities |
2,818,172 |
2,973,669 |
2,427,330 |
||||||||
|
Long-term borrowings, excluding current portion |
649,137 |
634,969 |
167,748 |
||||||||
|
Convertible senior notes |
112,522 |
111,959 |
279,711 |
||||||||
|
Accrued warranty costs |
139,218 |
141,692 |
122,066 |
||||||||
|
Other noncurrent liabilities |
69,303 |
73,508 |
45,319 |
||||||||
|
Total liabilities |
3,788,352 |
3,935,797 |
3,042,174 |
||||||||
|
Ordinary shares |
43 |
43 |
43 |
||||||||
|
Additional paid-in capital |
765,279 |
763,090 |
756,957 |
||||||||
|
Retained earnings |
373,226 |
346,113 |
237,541 |
||||||||
|
Accumulated other comprehensive income |
2,141 |
4,548 |
17,381 |
||||||||
|
Total Trina Solar Limited shareholders' equity |
1,140,689 |
1,113,794 |
1,011,922 |
||||||||
|
Non-controlling interests |
45,039 |
43,620 |
41,742 |
||||||||
|
Total equity |
1,185,728 |
1,157,414 |
1,053,664 |
||||||||
|
TOTAL LIABILITIES AND EQUITY |
$ |
4,974,080 |
$ |
5,093,211 |
$ |
4,095,838 |
|||||
|
Note: In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, and retrospectively reclassified the debt issuance costs to reduce the carrying amount of short-term borrowings and current portion of long-term borrowings by $1,100, long-term borrowings (excluding current portion) by $738, and convertible senior notes by $7,789 as of Sep.30, 2015. |
|||||||||||
SOURCE Trina Solar Limited
Article Date
11/23/2016Trina Solar to Announce Third Quarter 2016 Results on November 23, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Nov. 16, 2016 /PRNewswire -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that it will release its third quarter 2016 results before the market opens on Wednesday, November 23, 2016. In light of the pending privatization, the Company will not host an earnings conference call.
The earnings press release can be accessed from the Company's IR website at http://ir.trinasolar.com.
If you have any questions, please do not hesitate to contact the Investor Relations team at ir@trinasolar.com.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited Interim CFO Email: merry.xu@trinasolar.com |
Christensen IR Linda Bergkamp |
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Investor Relations Director Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
11/16/2016Trina Solar Announces Extraordinary General Meeting of Shareholders
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Nov. 7, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has called an extraordinary general meeting of shareholders (the "EGM"), to be held at 10:00 a.m. Beijing Time on December 16, 2016, at the board room, Changzhou Trina Solar Energy Co., Ltd., No. 2 Tian He Road, Electronics Park, New District, Changzhou, Jiangsu, People's Republic of China, to consider and vote on, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement") dated August 1, 2016 by and among Fortune Solar Holdings Limited ("Parent"), Red Viburnum Company Limited ("Merger Sub") and the Company, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands in connection with the Merger (as defined below), substantially in the form attached as Exhibit A to the Merger Agreement (the "Plan of Merger") and the transactions contemplated thereby (including the Merger).
Pursuant to the Merger Agreement and the Plan of Merger, Merger Sub will merge with and into the Company (the "Merger"), with the Company continuing as the surviving company and a wholly-owned subsidiary of Parent in accordance with Cayman Islands Companies Law. If completed, the Merger will result in the Company becoming a privately held company, the Company's American depositary shares (each representing fifty ordinary shares of the Company, "ADSs") will no longer be listed on the New York Stock Exchange and the American depositary shares program for the Company's ADSs will terminate. In addition, the Company's ADSs and ordinary shares represented by the ADSs will cease to be registered under Section 12 of the Securities Exchange Act of 1934 following the consummation of the Merger.
The Company's board of directors, acting upon the unanimous recommendation of the special committee of the board of directors of the Company comprised solely of independent directors unaffiliated with Parent or Merger Sub or any member of the buyer group or the management of the Company, authorized and approved the Merger Agreement, the Plan of Merger and the transactions contemplated thereby (including the Merger) and recommended that the Company's shareholders and ADS holders vote FOR, among other things, the proposal to authorize and approve the Merger Agreement, the Plan of Merger and the transactions contemplated thereby (including the Merger).
Shareholders of record as of the close of business in the Cayman Islands on December 5, 2016 will be entitled to attend and vote at the EGM. ADS holders as of the close of business in New York City on November 14, 2016 will be entitled to instruct The Bank of New York Mellon, the ADS depositary, to vote the ordinary shares represented by the ADSs at the EGM.
Additional information regarding the EGM and the Merger Agreement can be found in the transaction statement on Schedule 13E-3 and the proxy statement attached as Exhibit (a)-(1) thereto, as amended, filed with the Securities and Exchange Commission (the "SEC"), which can be obtained, along with other filings containing information about the Company, the proposed Merger and related matters, without charge, from the SEC's website (http://www.sec.gov). In addition, the Company's proxy materials (including the definitive proxy statement) will be mailed to shareholders and ADS holders.
SHAREHOLDERS AND ADS HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS.
The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from our shareholders with respect to the proposed Merger. Information regarding the persons who may be considered "participants" in the solicitation of proxies is set forth in the Schedule 13E-3 transaction statement relating to the proposed Merger and the definitive proxy statement attached thereto. Further information regarding persons who may be deemed participants, including any direct or indirect interests they may have, is also set forth in the definitive proxy statement.
This announcement is neither a solicitation of proxies, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for the proxy statement and other materials that have been or will be filed with or furnished to the SEC.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor and Informational Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "if," "will," "expected," and similar statements. Forward-looking statements involve inherent risks, uncertainties and assumptions. Risks, uncertainties and assumptions include: uncertainties as to how the Company's shareholders will vote at the EGM; the possibility that competing offers will be made; the expected timing of the completion of the Merger; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company (including the Schedule 13E-3 transaction statement and the proxy statement attached thereto). These forward-looking statements reflect the Company's expectations as of the date of this press release. You should not rely upon these forward-looking statements as predictions of future events. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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Trina Solar Limited |
Christensen IR |
|
Merry Xu |
Linda Bergkamp |
|
Interim CFO |
Phone: +1 480 614 3014 (US) |
|
Email: merry.xu@trinasolar.com |
Email: lbergkamp@ChristensenIR.com |
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Yvonne Young |
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Investor Relations Director |
|
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
11/7/2016Trina Solar Announces New World Record of 19.86% Aperture Efficiency for "Honey Plus" Multicrystalline Silicon Solar Module
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Oct. 18, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that its State Key Laboratory of PV Science and Technology of China (the "SKL PVST") has set a new world record of 19.86% aperture efficiency for its high-efficiency "Honey Plus" multicrystalline silicon (mc-Si) solar module, which contains 120 pieces of P-type mc-Si solar cells (156x78mm2). The result has been independently verified by the Fraunhofer ISE CalLab in Germany.
The record-breaking solar module, using the Company's independently developed high performance mc-Si wafers with a high minority carrier lifetime, is manufactured with a number of advanced in-house technologies including half-cell interconnection, passivated emitter and rear cell (PERC) technology and highly efficient light trapping. Following the previous efficiency record of 19.14% on a 1.515m2 aperture-area announced in April 2015, the SKL PVST successfully achieved a new aperture-area efficiency record of 19.86% on a module area of 1.514m2 within one year and a half. The new record represents an increase of more than 0.7 percentage points, or approximately 3.8% higher.
"We are very delighted to announce the latest achievement from our research team at the SKL PVST. The efficiency of PV modules is one of the key parameters to estimate the final Levelised Cost of solar Electricity (LCOE). This 19.86% aperture efficiency result that Trina Solar achieved demonstrates the huge potential for future multicrystalline p-type silicon research. It is also a leap forward in the trend of continuous efficiency improvements of crystalline silicon solar modules," said Dr. Pierre Verlinden, Vice-President and Chief Scientist of Trina Solar. "In the innovation-driven PV industry, Trina Solar is always focused on developing leading-edge PV techniques and products that improve cell efficiency and reduce system cost. By tuning into the needs of the market, we look to achieve commercial success with our innovations."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Merry Xu |
Linda Bergkamp |
|
Interim CFO |
Phone: +1 480 614 3014 (US) |
|
Email: merry.xu@trinasolar.com |
Email: lbergkamp@ChristensenIR.com |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
10/18/2016Trina Solar Announces Results of 2016 Annual General Meeting of Shareholders
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Sept. 19, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, announced today that it held its 2016 annual general meeting of shareholders on September 19, 2016. Each of the proposals submitted for shareholder approval was approved.
Specifically, the shareholders approved:
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
|
Trina Solar Limited Email: merry.xu@trinasolar.com |
Christensen IR Linda Bergkamp |
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Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
9/19/2016Trina Solar Announces Second Quarter 2016 Results
Source: PR Newswire
CHANGZHOU, China, Aug. 23, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced its unaudited financial results for the quarter ended June 30, 2016.
Second Quarter 2016 Financial and Operating Highlights
Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented, "We had another solid quarter with major financial and operational metrics improving across the board. Module shipments during the quarter increased on a sequential and year-over-year basis to 1.66 GW. Module shipments were driven mainly by continued demand from China ahead of the expected subsidy policy adjustment. Our new production facility in Thailand is ramping up its capacity on schedule and is helping to strengthen our competitiveness in the U.S.
"Our downstream business performed well in China's rapidly growing market as we connected 292.8 MW of utility projects and 28.0 MW of DG projects during the quarter. We also made progress overseas with the sale of 11.2 MW of projects in the U.K. and Italy during the quarter.
"We are a proven and leading innovator in the global PV industry, having made a series of breakthroughs in transforming lab technology into production practice. Following the achievement of a 21.1% average efficiency for industrially-produced mono-crystalline cells using passivated emitter rear cell (PERC) technology, our R&D team achieved an average efficiency of 20.2% for industrially-produced P-type multi-crystalline silicon cells with PERC technology. We also achieved an average efficiency of 18.7% for our multi-crystalline silicon P-type double print cells that were produced for commercial shipment. We will continue driving the development of our high-efficiency cells in order to offer customers the highest quality products.
"Going forward, we will continue to focus on developing our brand name, products and technology, while identifying opportunities to develop our downstream business. We believe that our strategy gives us a competitive edge in the industry and provides a solid foundation for our sustainable and long term development."
Second Quarter 2016 Results
Net Revenues
Net revenues were $961.6 million, including $60.7 million in revenues from electricity generated by the Company's operational downstream solar power projects, sales of solar power projects that are developed for sale, and EPC services. Total net revenues represent an increase of 17.7% sequentially and an increase of 33.0% year-over-year. Total shipments were 1,658.3 MW, consisting of 1,619.0 MW of external shipments which were recognized in revenue and 39.3 MW of shipments to the Company's downstream power projects. This compares with total shipments of 1,423.3 MW in the first quarter of 2016, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company's own downstream power projects, and total shipments of 1,231.6 MW in the second quarter of 2015, consisting of 1,000.7 MW of external shipments and 230.9 MW of shipments to the Company's own downstream projects. The sequential increase in revenues and shipments was primarily driven by growth from China as a result of rush orders before June 30 in anticipation of an expected subsidy policy adjustment, which more than offset the decline of shipments to the U.S., Europe, Japan and the rest of Asia.
Gross Profit and Margin
Gross profit was $176.3 million, compared with $139.7 million in the first quarter of 2016 and $144.9 million in the second quarter of 2015.
Gross margin was 18.3%, compared with 17.1% in the first quarter of 2016 and 20.0% in the second quarter of 2015. The sequential increase in gross margin was mainly due to lower blended costs as a result of a significant decrease in antidumping and countervailing duties in the U.S. as the Company increased the proportion of shipments to the U.S. from its Thailand facilities in the second quarter. The year-over-year decrease in gross margin was primarily due to average selling prices declining at a faster rate than the Company's cost reductions.
Operating Expenses, Income and Margin
Operating expenses were $92.6 million, compared with $94.9 million in the first quarter of 2016 and $84.2 million in the second quarter of 2015. Operating expenses included an accounts receivable provision of $2.4 million in the second quarter of 2016, compared with $6.0 million in the first quarter of 2016, and a reversal of accounts receivable provision of $3.1 million in the second quarter of 2015. Operating expenses also included other operating income, which mainly represents income from electricity generated from the Company's downstream solar power projects that are recorded as current assets on the balance sheet prior to the sale of the projects. Other operating income was $7.1 million in the second quarter of 2016, compared with $3.3 million in the first quarter of 2016 and nil in the second quarter of 2015.
The Company's operating expenses accounted for 9.6% of net revenues during the second quarter of 2016, a decrease from 11.6% in both the first quarter of 2016 and the second quarter of 2015. Excluding the other operating income, the Company's operating expenses accounted for 10.4% of net revenues during the second quarter of 2016, a decrease from 12.0% in the first quarter of 2016 and 11.6% in the second quarter of 2015. The sequential decrease of operating expenses as a percentage of revenue was primarily due to a decrease in accounts receivable provision along with an increase in net revenues. The year-over-year decrease of operating expenses as a percentage of revenue was primarily due to the decrease of shipping expenses resulting from the increasing shipment in China with lower shipping expenses.
As a result, operating income was $83.7 million, compared with $44.8 million in the first quarter of 2016 and $60.7 million in the second quarter of 2015. Operating margin was 8.7%, compared with 5.5% in the first quarter of 2016 and 8.4% in the second quarter of 2015.
Net Interest Expense
Net interest expense was $25.5 million, compared with $15.1 million in the first quarter of 2016 and $12.4 million in the second quarter of 2015. The sequential and year-over-year increases in net interest expenses were mainly due to the increase in both short-term and long-term borrowings, as well as less interest expense being capitalized in the second quarter of 2016.
Foreign Currency Exchange Gain (Loss)
The Company recorded a net foreign currency exchange loss of $2.9 million, which included a gain on the change in fair value of foreign exchange derivative instruments of $4.0 million. This compares with a net gain of $0.8 million in the first quarter of 2016 and a net gain of $5.1 million in the second quarter of 2015. The foreign currency exchange loss in the second quarter of 2016 primarily resulted from the depreciation of the RMB against the USD.
Income Tax Expense
Income tax expense was $16.5 million, compared with income tax expense of $3.7 million in the first quarter of 2016 and $11.8 million in the second quarter of 2015. The sequential and year-over-year increases in income tax expense were mainly due to the increase in taxable profits in the second quarter of 2016 compared with the first quarter of 2016 and the second quarter of 2015.
Net Income and Earnings per ADS
Net income attributable to ordinary shareholders of Trina Solar was $40.3 million, compared with $26.6 million in the first quarter of 2016 and $40.9 million in the second quarter of 2015. Net margin was 4.2%, compared with 3.3% in the first quarter of 2016 and 5.7% in the second quarter of 2015.
Earnings per fully diluted ADS were $0.42, compared with $0.29 in the first quarter of 2016 and $0.42 in the second quarter of 2015.
Financial Condition
As of June 30, 2016, the Company had $831.5 million in cash and cash equivalents, and restricted cash. Total borrowings were $1,792.7 million, of which $1,157.8 million were short-term borrowings.
In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, which requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of being reported on the balance sheet as an asset. Accordingly, debt issuance costs with an amortized balance of $10.5 million, which used to be reported as an asset, have been retrospectively reclassified as a direct deduction from the carrying amount of the related debt liability as of June 30, 2015.
Shareholders' equity was $1,113.8 million as of June 30, 2016, an increase from $1,081.9 million as of March 31, 2016 and an increase from $1,031.6 million as of June 30, 2015.
Operations and Business Updates
Manufacturing Capacity
As of June 30, 2016, the Company had the following annualized in-house manufacturing capacities:
Project Development
In the second quarter of 2016, the Company connected a total of 320.8 MW of PV projects to the grid in China, including 28.0 MW DG projects and 292.8 MW utility projects. The Company also sold 11.2 MW projects in the U.K. and Italy.
As of June 30, 2016, the Company had a total of 1,276.8 MW downstream solar projects in grid-connected operation, including 1,241.6 MW in China, 4.2 MW in the U.S., and 31.0 MW in Europe. The 1,241.6 MW projects in China consisted of 1,015.7 MW of utility projects and 225.9 MW of DG projects.
Going Private Transaction
On August 1, 2016, the Company entered into a definitive agreement and plan of merger, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $1.1 billion. The merger, which is currently expected to close during the first quarter of 2017, is subject to customary closing conditions including the approval of the merger by the Company's shareholders at a meeting of shareholders to be convened.
Third Quarter of 2016 Guidance
The Company expects to ship between 1.55 GW and 1.65 GW of PV modules, of which 30 MW to 50 MW of PV modules will be shipped to the Company's downstream PV projects, from which revenues will not be recognized.
Fiscal Year 2016 Guidance
The Company reiterates its 2016 guidance of 6.30 GW to 6.55 GW, of which 220 MW to 260 MW will be shipped to the Company's downstream projects, from which revenues will not be recognized.
The Company reiterates its 2016 guidance of global solar power project connections at between 400 MW and 500 MW, including 15% to 20% of DG projects in China.
Conference Call
The Company will host a conference call on Tuesday, August 23, 2016 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong, August 23, 2016), to discuss its results for the second quarter of 2016.
Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Merry Xu, Interim CFO, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
U.S. Toll Free: 18552983404
International: +16315142526
Hong Kong: 800905927
Passcode: Trina Solar
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on August 23, 2016 through 11:59 p.m. Eastern Time on August 30, 2016. The dial-in details for the replay are as follows:
U.S. Toll Free: 1-866-846-0868
International: +61-2-9641-7900
Hong Kong: 800-966-697
Replay Passcode: 3680995
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in PV 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; our expectations regarding the expansion of the Company's manufacturing capacities; the Company's future business development; the Company's downstream project development and pipeline; the Company's beliefs regarding its production output and production outlook; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
In addition, the commencement of any downstream project is subject to a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, as well as obtaining certain government approvals, project rights based on the land location, land use rights as well as the right to construct manufacturing facilities in the relevant locations.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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For further information, please contact: | |
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Trina Solar Limited |
Christensen IR |
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Merry Xu, Interim CFO |
Linda Bergkamp |
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Email: merry.xu@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
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Trina Solar Limited | |||||||||
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Unaudited Condensed Consolidated Statements of Income | |||||||||
|
(US dollars in thousands, except ADS and share data) | |||||||||
|
For the Three Months Ended |
For the Six Months Ended | ||||||||
|
Jun. 30, |
Mar. 31, |
Jun. 30, |
Jun. 30, |
Jun. 30, | |||||
|
2016 |
2016 |
2015 |
2016 |
2015 | |||||
|
Net revenues |
$ 961,623 |
$ 816,901 |
$ 722,942 |
1,778,524 |
$ 1,281,031 | ||||
|
Cost of revenues |
785,295 |
677,206 |
578,082 |
1,462,501 |
1,035,850 | ||||
|
Gross profit |
176,328 |
139,695 |
144,860 |
316,023 |
245,181 | ||||
|
Operating expenses |
|||||||||
|
Selling expenses |
44,833 |
42,375 |
43,715 |
87,208 |
79,495 | ||||
|
General and administrative expenses |
43,193 |
46,397 |
32,450 |
89,590 |
60,158 | ||||
|
Research and development expenses |
11,691 |
9,419 |
8,012 |
21,110 |
15,691 | ||||
|
Other operating income |
(7,105) |
(3,304) |
- |
(10,409) |
- | ||||
|
Total operating expenses |
92,612 |
94,887 |
84,177 |
187,499 |
155,344 | ||||
|
Operating income |
83,716 |
44,808 |
60,683 |
128,524 |
89,837 | ||||
|
Foreign exchange gain (loss) |
(6,877) |
9,054 |
6,000 |
2,177 |
(961) | ||||
|
Interest expenses |
(25,973) |
(15,532) |
(13,036) |
(41,505) |
(24,399) | ||||
|
Interest income |
461 |
464 |
668 |
925 |
1,310 | ||||
|
Gain (loss) on change in fair value of derivative |
4,000 |
(8,210) |
(925) |
(4,210) |
4,325 | ||||
|
Other income, net |
4,601 |
1,535 |
1,416 |
6,136 |
3,582 | ||||
|
Income before income taxes |
59,928 |
32,119 |
54,806 |
92,047 |
73,694 | ||||
|
Income tax expense |
(16,500) |
(3,674) |
(11,755) |
(20,174) |
(14,977) | ||||
|
Net income |
43,428 |
28,445 |
43,051 |
71,873 |
58,717 | ||||
|
Income attributable to the noncontrolling |
(3,155) |
(1,827) |
(2,140) |
(4,982) |
(3,893) | ||||
|
Net income attributable to Trina Solar Limited |
$ 40,273 |
$ 26,618 |
$ 40,911 |
$ 66,891 |
$ 54,824 | ||||
|
Earnings per ADS* |
|||||||||
|
Basic |
$ 0.47 |
$ 0.31 |
$ 0.48 |
$ 0.79 |
$ 0.65 | ||||
|
Diluted |
$ 0.42 |
$ 0.29 |
$ 0.42 |
$ 0.71 |
$ 0.59 | ||||
|
Weighted average ADS outstanding* |
|||||||||
|
Basic |
84,932,283 |
84,775,993 |
84,459,232 |
84,854,138 |
84,378,352 | ||||
|
Diluted |
105,297,396 |
105,329,407 |
105,239,740 |
105,250,749 |
105,036,322 | ||||
|
* "ADS" refers to any of our American depository shares, each representing 50 ordinary shares. | |||||||||
|
Trina Solar Limited | |||||||||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||||||
|
(US dollars in thousands) | |||||||||
|
For the Three Months Ended |
For the Six Months Ended | ||||||||
|
Jun. 30, |
Mar. 31, |
Jun. 30, |
Jun. 30, |
Jun. 30, | |||||
|
2016 |
2016 |
2015 |
2016 |
2015 | |||||
|
Net income |
$ 43,428 |
$ 28,445 |
$ 43,051 |
$ 71,873 |
$ 58,717 | ||||
|
Other comprehensive income (loss): |
|||||||||
|
Foreign currency translation adjustments |
(10,873) |
3,052 |
699 |
(7,821) |
549 | ||||
|
Comprehensive income |
32,555 |
31,497 |
43,750 |
64,052 |
59,266 | ||||
|
Comprehensive income attributable to |
(2,284) |
(2,307) |
(2,279) |
(4,591) |
(3,794) | ||||
|
Comprehensive income attributable to |
$ 30,271 |
$ 29,190 |
$ 41,471 |
$ 59,461 |
$ 55,472 | ||||
|
Trina Solar Limited | ||||||
|
Unaudited Condensed Consolidated Balance Sheets | ||||||
|
(US dollars in thousands) | ||||||
|
As of Jun. 30, |
As of Mar. 31, |
As of Jun. 30, | ||||
|
2016 |
2016 |
2015 | ||||
|
ASSETS |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ 648,113 |
$ 452,346 |
$ 456,537 | |||
|
Restricted cash |
183,428 |
169,043 |
159,714 | |||
|
Inventories |
509,496 |
574,215 |
351,784 | |||
|
Downstream solar project assets |
692,248 |
616,477 |
24,787 | |||
|
Accounts receivable, net |
655,281 |
572,495 |
633,262 | |||
|
Current portion of advances to suppliers, net |
30,434 |
30,522 |
55,064 | |||
|
Prepaid expenses and other current assets, net |
280,627 |
273,435 |
155,214 | |||
|
Total current assets |
2,999,627 |
2,688,533 |
1,836,362 | |||
|
Property, plant and equipment, net |
1,840,968 |
1,882,279 |
1,544,567 | |||
|
Prepaid land use rights, net |
66,249 |
59,658 |
52,660 | |||
|
Advances to suppliers, net of current portion |
19,746 |
12,769 |
14,222 | |||
|
Investment in equity affiliates |
32,981 |
33,202 |
26,318 | |||
|
Deferred income tax assets, net |
35,889 |
34,264 |
29,965 | |||
|
Other noncurrent assets |
97,751 |
105,927 |
77,040 | |||
|
TOTAL ASSETS |
$ 5,093,211 |
$ 4,816,632 |
$ 3,581,134 | |||
|
LIABILITIES AND EQUITY |
||||||
|
Current liabilities: |
||||||
|
Short-term borrowings and current portion |
$ 1,157,760 |
$ 933,203 |
$ 922,460 | |||
|
Accounts payable |
1,227,028 |
1,280,014 |
800,981 | |||
|
Convertible senior notes |
170,740 |
- |
- | |||
|
Accrued expenses and other current liabilities |
418,141 |
402,949 |
262,879 | |||
|
Total current liabilities |
2,973,669 |
2,616,166 |
1,986,320 | |||
|
Long-term borrowings, excluding current portion |
634,969 |
583,467 |
94,826 | |||
|
Convertible senior notes |
111,959 |
281,689 |
278,743 | |||
|
Accrued warranty costs |
141,692 |
136,090 |
115,195 | |||
|
Other noncurrent liabilities |
73,508 |
75,150 |
41,620 | |||
|
Total liabilities |
3,935,797 |
3,692,562 |
2,516,704 | |||
|
Ordinary shares |
43 |
43 |
43 | |||
|
Additional paid-in capital |
763,090 |
761,504 |
755,668 | |||
|
Retained earnings |
346,113 |
305,840 |
257,531 | |||
|
Accumulated other comprehensive income |
4,548 |
14,550 |
18,358 | |||
|
Total Trina Solar Limited shareholders' equity |
1,113,794 |
1,081,937 |
1,031,600 | |||
|
Non-controlling interests |
43,620 |
42,133 |
32,830 | |||
|
Total equity |
1,157,414 |
1,124,070 |
1,064,430 | |||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,093,211 |
$ 4,816,632 |
$ 3,581,134 | |||
|
Note: In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update | ||||||
SOURCE Trina Solar Limited
Article Date
8/23/2016Trina Solar Schedules 2016 Annual Meeting of Shareholders
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Aug. 17, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it will hold its 2016 annual general meeting of shareholders on September 19, 2016, at 9:00 a.m. (Beijing Time). The meeting will be held at the board room, Changzhou Trina Solar Energy Co., Ltd., No. 2 Tian He Road, Electronics Park, New District, Changzhou, Jiangsu, People's Republic of China. All shareholders of record as of August 17, 2016 will be eligible to vote and are invited to attend. The following resolutions are to be considered and passed, if thought fit, at the meeting:
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
|
Trina Solar Limited |
Christensen IR |
|
Merry Xu, Interim CFO |
Linda Bergkamp |
|
Email: merry.xu@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
8/17/2016Trina Solar to Announce Second Quarter 2016 Results on August 23, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Aug. 16, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it will host a conference call on Tuesday, August 23, 2016 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong, August 23, 2016), to discuss its results for the second quarter of 2016.
Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Merry Xu, Interim Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
|
U.S. Toll Free: |
1-855-298-3404 |
|
International: |
+1-631-514-2526 |
|
Hong Kong: |
800-905-927 |
|
Passcode: |
Trina Solar |
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on August 23, 2016 through 11:59 p.m. Eastern Time on August 30, 2016. The dial-in details for the replay are as follows:
|
U.S. Toll Free: |
1-866-846-0868 |
|
International: |
+61-2-9641-7900 |
|
Hong Kong: |
800-966-697 |
|
Replay Passcode: |
3680995 |
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Merry Xu, Interim CFO Email: merry.xu@trinasolar.com |
Linda Bergkamp (US) Phone: +1 480 614 3014 |
|
Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
Jung Chang (Hong Kong) Phone: +852 2117 0861 Email: TSL@ChristensenIR.com |
SOURCE Trina Solar Limited
Article Date
8/16/2016Trina Solar Publishes 2015 Corporate Social Responsibility Report
Source: PR Newswire
CHANGZHOU, China, Aug. 4, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it has released its 2015 Corporate Social Responsibility (CSR) Report (the "Report"). This marks the sixth consecutive year that Trina Solar has released the Report since 2010.
The Report is compiled according to the internationally-recognized Sustainability Reporting Guidelines (G4) issued by the Global Reporting Initiative (GRI). It elaborates on Trina Solar's ideas, strategies and concrete practices in relation to corporate social responsibility in 2015 in terms of corporate governance, green sustainable development, environmental-friendly operations, supply chain management and social contributions, etc. The following are some highlights from the Report:
"As a global leading PV enterprise, we are committed to exercising our leadership both in reducing our own carbon footprint and in working with stakeholders to enhance capabilities to combat climate change. The modules that we had delivered worldwide from 2005 to 2015 was close to 17 GW, with all of which operational in various projects, Trina Solar's fleet could offset approximately 20 million tons of carbon emissions per year. This is equivalent to planting about 3.7 million acres of trees," said Mr. Jifan Gao, Chairman and CEO of Trina Solar.
Trina Solar also publishes its 2020 Sustainable Development Goals within the Report, indicating that the Company aims to reduce CO2 emissions by 15%, carbon footprint by 18%, integrated energy and water consumption by 10%, and electricity consumption by 15% for per-MW of module production compared to that of 2015.
"Going forward, we will continue to leverage our resources as a leading clean energy provider and uphold the concept of 'innovative, sustainable, and green' development to participate in the global fight against climate change. We'll work tirelessly to pool our strengths to usher in more innovative solutions to promote sustainable development globally and accomplish our corporate mission of Benefiting Mankind with Solar Energy," concluded Mr. Gao.
Click here to download the PDF version of Trina Solar 2015 CSR report: http://www.trinasolar.com/HtmlData/downloads/us/2015_Corporate_Social_Responsibility_Report.pdf.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Merry Xu, Interim CFO |
Linda Bergkamp |
|
Email: merry.xu@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
8/4/2016Trina Solar Enters into Definitive Agreement for Going Private Transaction
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Aug. 1, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic modules, solutions, and services, today announced that it has entered into a definitive agreement and plan of merger (the "Merger Agreement") with Fortune Solar Holdings Limited ("Parent") and Red Viburnum Company Limited ("Merger Sub"), a wholly owned subsidiary of Parent, pursuant to which the Company will be acquired by an investor consortium in an all-cash transaction implying an equity value of the Company of approximately $1.1 billion.
Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the merger (each a "Share") will be cancelled and cease to exist in exchange for the right to receive $0.232 in cash without interest, and each American depositary share (each an "ADS") of the Company, representing 50 Shares, will be cancelled in exchange for the right to receive $11.60 in cash without interest, except for (a) (i) Shares (including Shares represented by ADSs) owned by Mr. Jifan Gao, Chairman and Chief Executive Officer of the Company ("Mr. Gao") and certain of his affiliates, who will be rolled over in the transaction, (ii) Shares (including Shares represented by ADSs) owned by Parent, Merger Sub, the Company or any of their respective wholly-owned subsidiaries, and (iii) Shares (including Shares represented by ADSs) reserved but not yet allocated by the Company for settlement upon the exercise or vesting of any Company share awards, each of which will be cancelled and cease to exist without any conversion thereof or consideration paid therefor, and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the "Dissenting Shares"), which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.
The merger consideration represents a premium of 21.5% to the closing price of the Company's ADSs on December 11, 2015, the last trading day prior to the Company's announcement of its receipt of a "going-private" proposal, a premium of 20.2% to the average closing price of the Company's ADSs during the 90 trading days prior to its receipt of a "going-private" proposal, and a premium of 40.6% to the closing price of the Company's ADSs on Friday, July 29, 2016, the last trading day prior to the this announcement.
The investor consortium comprises, among others, Mr. Gao, Shanghai Xingsheng Equity Investment & Management Co., Ltd., Shanghai Xingjing Investment Management Co., Ltd., Great Zhongou Asset Management (Shanghai) Co., Ltd., Liuan Xinshi Asset Management Co., Ltd. and/or their respective affiliates.
The Company's board of directors (the "Board"), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the "Special Committee"), approved the Merger Agreement and the merger and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement and the merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.
The merger, which is currently expected to close during the the first quarter of 2017, is subject to customary closing conditions including the approval of the Merger Agreement by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a meeting of the Company's shareholders convened to consider the approval of the Merger Agreement and the merger. Mr. Gao and his affiliates have agreed to vote all of the Shares and ADSs they beneficially own, which represent approximately 5.5% of the voting rights attached to the outstanding Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the merger. If completed, the merger will result in the Company becoming a privately-owned company and its ADSs will no longer be listed on the New York Stock Exchange.
Citigroup Global Markets Inc. is serving as financial advisor to the Special Committee, and Kirkland & Ellis is serving as U.S. legal counsel to the Special Committee.
Duff & Phelps, LLC is serving as financial advisor to the investor consortium, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the investor consortium.
Additional Information about the Transaction
The Company will furnish to the U.S. Securities and Exchange Commission (the "SEC") a report on Form 6-K regarding the merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the merger are urged to review these documents, which will be available at the SEC's website (http://www.sec.gov).
In connection with the merger, the Company will prepare and mail a proxy statement to its shareholders. In addition, certain participants in the merger will prepare and mail to the Company's shareholders a Schedule 13E-3 transaction statement that will include the proxy statement. These documents will be filed with or furnished to the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER AND RELATED MATTERS. In addition to receiving the proxy statement and Schedule 13E-3 transaction statement by mail, shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the merger and related matters, without charge, from the SEC's website (http://www.sec.gov) or at the SEC's public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549.
The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be "participants" in the solicitation of proxies from the Company's shareholders with respect to the merger. Information regarding the persons who may be considered "participants" in the solicitation of proxies will be set forth in the proxy statement and Schedule 13E-3 transaction statement relating to the merger when it is filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and Schedule 13E-3 transaction statement and the other relevant documents filed with or furnished to the SEC when they become available.
This announcement is neither a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that may be made with the SEC in connection with the merger.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a global leader in photovoltaic ("PV") 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, which may include but are not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the SEC. Forward-looking statements can be identified by terminology such as "if," "will," "expected" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Risks, uncertainties and assumptions include: uncertainties as to how the Company's shareholders will vote at the meeting of shareholders; the possibility that competing offers will be made; the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, as well as the Schedule 13E-3 transaction statement and the proxy statement to be filed by the Company. You should not rely upon these forward-looking statements as predictions of future events. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For investor and media inquiries, please contact:
Trina Solar Limited Christensen IR
Yvonne Young Linda Bergkamp
Email: ir@trinasolar.com Phone: +1 480 614 3014 (US)
Email: lbergkamp@ChristensenIR.com
SOURCE Trina Solar Limited
Article Date
8/1/2016Trina Solar Achieves Average Efficiency of 20.16% for Industrially-Produced Multi-crystalline Silicon PERC Cells and 18.7% for Commercially-Produced Multi-crystalline Silicon DP Cells
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, July 14, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has achieved an average efficiency of 20.16% for its industrially-produced P-type multi-crystalline silicon cells (156 x 156 mm2) with passivated emitter and rear cell ("PERC") technology, and an average efficiency of 18.7% for its multi-crystalline silicon P-type double print ("DP") cells (156 x 156mm2) that were mass produced for commercial shipment. The results, tested by the Company, further solidify Trina Solar's leading position in cutting-edge technology for the mass production of high efficiency crystalline silicon solar products, following the Company's recent efficiency breakthrough in mono-crystalline silicon PERC cell production.
Both the multi-crystalline PERC cells and DP cells are fabricated on a new generation of high-performance p-type Trina-1 wafers (T1 wafers). The T1 wafers were independently developed by Trina Solar based on the technologies that include homogeneous nucleation and black edge free, as well as optimized technical processes, proving quality and performance assurance for the production of cells. The multi-crystalline silicon PERC cells are built on the advanced rear passivation technology that integrates the Reactive Ion Etching (RIE) process for better light trapping. Modules (60pcs cells) equipped with these high efficiency multi-crystalline silicon PERC cells have managed to produce output of 286W.
Dr. Feng Zhiqiang, Vice President of Trina Solar and Director of the State Key Laboratory of Photovoltaic Science and Technology, commented, "We are pleased to announce efficiency achievements for both our multi-crystalline silicon PERC and DP cells that are based on our self-developed T1 wafers on a mass production basis. The improvements demonstrate our capabilities in continuously transforming lab technology into production practice as well as leveraging our advantages of vertical integration."
"Over the years, Trina Solar has built a solid foundation of independent research and has developed a complete set of proprietary advanced technologies and processes, through which we have attained a number of industry-leading breakthroughs that are outpacing our peers. Looking forward, we will continue to focus on applying laboratory technologies into mass production while endeavoring to reduce the solar manufacturing costs in pursuit of delivering low cost yet highly efficient solar products. The mission of Trina Solar remains unchanged and we are working harder than ever with a vision for the solar electricity to be as competitive as traditional fossil fuel power generation," Dr. Feng concluded.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) Email: teresa.tan@trinasolar.com |
Linda Bergkamp (US) Phone: +1 480 614 3014 |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
7/14/20167/12/2016 - Trina Solar Selected to Top 100 Global Challengers List by BCG for the Second Consecutive Time
Trina Solar Selected to Top 100 Global Challengers List by BCG for the Second Consecutive Time
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, July 12, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has been selected to the Top 100 Global Challengers List (the "List") by the Boston Consulting Group (BCG) at the Tianjin Summer Davos Forum on June 27, 2016. This marks the second consecutive time that Trina Solar has been included on the List since 2014, and the Company is the only solar manufacturer in China to be selected twice in a row.
Founded in 1963, BCG is a leading global management consulting firm and advisor on business strategy. The 2016 BCG report (the "Report") marks the ten-year anniversary of the first publication of BCG's list of global challengers, and the theme of the Report is "Global Leaders, Challengers and Champions: The Engines of Emerging Markets." The Report indicates that top companies from emerging markets grew three times faster than their counterparts in mature markets from 2009 through 2014, and that these companies are still developing world-class capabilities and know how to win in volatile and uncertain times. Trina Solar's selection to BCG's Top 100 Global Challengers List is a further recognition of the Company's strong performance and sustained rapid growth after having been selected to BCG's China Top 50 Global Challengers List in 2012. Other Chinese companies included in the report were Alibaba, Aviation Industry Corporation of China, Tencent, and 24 other Chinese companies.
Mr. Jifan Gao, Chairman and CEO of Trina Solar, and President of the China Photovoltaic Industry Association, said, "We are proud to have been selected as a top 100 global challenger for the second consecutive time. We believe that this reflects recognition of the strength of our business as a leading global solar manufacturer and first-class downstream project developer and operator. Over the years, we have been maintaining an industry-leading level of sustainable growth by propelling technological innovations and expanding in overseas markets, all of which has helped to enhance our global influence and competitiveness. We will continue our efforts to relentlessly drive the advancement of the solar industry and forge new frontiers in promoting a clean and low-carbon world."
In a press release published on June 27, 2016, Dinesh Khanna, a coauthor and leader of BCG's Global Advantage practice, commented, "The global challengers are the leading edge of a much larger group of companies from emerging markets that, despite economic uncertainty, are powering ahead with confidence and ambition."[1]
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) Email: teresa.tan@trinasolar.com |
Linda Bergkamp (US) Phone: +1 480 614 3014 |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
7/12/2016Trina Solar Announces Achievement of 21.1% Average Efficiency for Industrially-Produced Monocrystalline PERC Cells
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, July 5, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has achieved an average efficiency of 21.1% for its industrially-produced P-type monocrystalline cells (156 x 156 mm2) with Passivated Emitter and Rear Cell ("PERC") technology, and that the solar modules using these high-efficiency cells reached an output power of 300W (60 psc cells). The results, tested by the Company, underscore Trina Solar's continued leading global position in manufacturing advanced crystalline silicon solar products.
Built with advanced rear passivation technology, the P-type monocrystilline PERC cells were fabricated on a large-size industrial boron-doped Cz-Si substrate and were developed on the Company's "golden" pilot production line with standard industrial production materials and processes. This is, once again, a major efficiency improvement breakthrough for the industrial monocrystalline PERC cell, demonstrating Trina Solar's technological strength in converting laboratory technology into mass production.
Dr. Pierre Verlinden, Vice-President and Chief Scientist of Trina Solar, commented, "We are proud of our latest achievement in attaining an average conversion efficiency rate of 21.1% for our monocrystalline PERC cells that were industrially produced by applying our laboratory world record PERC cell technology. We will not stop here as we continue to relentlessly develop low cost yet highly efficient solar products."
Dr. Zhiqiang Feng, Vice-President of Trina Solar and Director of the State Key Laboratory of PV Science and Technology, added, "Our goal has always been to focus on technological innovation and to transfer our best laboratory technology to commercial production as we look to develop highly efficient solar products to further reduce the Levelized Cost of Electricity (LCOE). As demand for high-efficiency cells increases, our R&D team's achievement in raising the average efficiency of our industrially-produced monocrystalline PERC cells will help accelerate the applications of high-efficiency solar products and build a solid foundation for further reductions in the LCOE. These efforts should help bolster the widespread adoption of solar energy on a global scale as well as enable the earlier arrival of grid parity."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp (US) Phone: +1 480 614 3014 |
|
Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
7/5/20166/16/2016 - Trina Solar Announces Resignation of Chief Financial Officer and Appointment of Interim Replacement
Trina Solar Announces Resignation of Chief Financial Officer and Appointment of Interim Replacement
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, June 16, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic modules, solutions, and services, today announced that it has accepted the resignation of its chief financial officer, Ms. Teresa Tan, effective July 15, 2016. Ms. Tan has resigned to pursue other personal interests. Ms. Xu Ying (Merry Xu), currently a vice president and strategy assistant to the CEO at the Company, will act as interim chief financial officer until a permanent replacement is hired.
Ms. Xu joined Trina Solar in 2006 and has served in a number of important roles, including finance director, finance vice president, CEO office head and vice president and strategy assistant to the CEO. She has been a part of the Company's core management team for years and has participated in the Company's recent key development initiatives.
Commenting on this announcement, Mr. Jifan Gao, Chairman and CEO for Trina Solar said, "Over the past two-and-a-half years, Ms. Tan has worked closely with our key management team and the board and effectively led the finance team in supporting the Company's strong growth. I would like to thank Ms. Tan for her contributions to the Company and wish her continued success in her future endeavors. Ms. Xu has been with Trina Solar for more than 10 years, and she has a deep knowledge of the Company and the industry, as well as sound financial expertise. We are confident she will be an effective interim CFO for the Company."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
|
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Investor Relations Director |
|
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
6/16/2016Trina Solar Achieves Milestone in Shipping Over 1 GW of Solar Modules to India
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, June 8, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today is pleased to announce that its cumulative shipments of solar modules to India have exceeded 1 GW to date with around 20% market share in the region in 2015, cementing its position as a leading crystalline silicon(c-Si) modules manufacturer and supplier in the country.
Since it tapped into the Indian market at the end of 2010, Trina Solar has successfully built an extensive sales network throughout the country, offering innovative solar PV solutions to developers, distributors, engineering, procurement and construction (EPC) contractors, independent power producers (IPPs), and others.
India is emerging as one of the world's largest solar power markets. In June 2015, the Ministry of New and Renewable Energy (MNRE) revised its cumulative solar installation targets under its National Solar Mission to 100GW by 2022, aiming to surge ahead in the field of green energy. According to the MNRE, the total capacity of solar energy in India stood at approximately 5.8GW as of March 2016.
Ms. Helena Li, Company Vice President, Regional Head of Asia Pacific and Middle East at Trina Solar, said: "We are pleased to hit the 1 GW milestone in the Indian market and would like to thank our channel partners and end-customers for their strong support and commitment to the Trina Solar brand. With all modules fully operational in various projects in the region, Trina Solar's fleet could power an estimated 4.2 million homes in India and offset 1.4 million tons of carbon emissions annually when compared to traditional coal generation."
Ms. Li continued: "As the upward trend in solar demand continues, India remains one of the most important markets for us in global scale and is an integral part of our expansion strategy in South Asia. 1 GW is just a start, and we will continue working diligently to further expand and diversify our client base in the broader region based upon our existing sales network to strengthen our footholds in all segmented markets, while contributing to greenhouse gas emission reductions in India."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
|
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Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
6/8/20165/26/2016 - Trina Solar Announces First Quarter 2016 Results
Trina Solar Announces First Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, May 26, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced its unaudited financial results for the quarter ended March 31, 2016.
First Quarter 2016 Financial and Operating Highlights
Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented, "This quarter was a good start to the year. We posted strong year-over-year growth in major financial and operational metrics, particularly with revenue and net income up 46.4% and 91.3%, respectively. Total module shipments during the quarter increased 38.7% year-over-year to 1.42 GW, which was largely driven by demand from our key markets in the U.S., China, and India. Our shipments in Europe were up two-fold sequentially as a result of our strategic shift in Europe.
"Our downstream business continued to expand in the global market. We connected a total of 101.7 MW of utility projects to the grid during the quarter, bringing the total of grid-connected operating projects to near 1 GW. We successfully commissioned five new solar projects in the UK, totaling 24.3 MW, and further expanded our presence in Japan by partnering with GE to invest in a 14 MW DC utility-scale project, for which we were also awarded a contract to provide engineering, procurement and construction ("EPC") management services, demonstrating our experienced end-to-end capabilities.
"During the quarter we continued expanding our overseas manufacturing capacity in select markets to meet global demand, especially from the US and Europe. This capacity expansion strategy ensures we retain and grow our competitive position in the PV industry as we focus on improving our profitability. In the first quarter, we acquired a cell factory in the Netherlands and also brought our facility in Thailand online as scheduled, using our 'Honey' state-of-the-art high-efficiency assembly line method.
"As a leading innovator of PV technology, we are committed to developing high-efficiency cells and delivering high-quality products. Our R&D team recently achieved a new world record of 23.5% for IBC (Interdigitated Back Contact) cells, raising the total number of world records held by Trina Solar to 13. In addition, we have commercialized our advanced PERC (Passivated Emitter and Rear Cell) technology for high efficiency cells, and our PERC annualized capacity in the quarter has already reached 200 MW.
"We are proud of these achievements attained so far in 2016. However, we have no plans to rest. We remain focused on improving our products and business along with developing exciting new technologies, as we continue to strategically position Trina Solar for sustainable long term growth."
First Quarter 2016 Results
Net Revenues
Net revenues were $816.9 million, including $28.7 million in revenues from electricity generated by the Company's downstream solar power projects recorded as property, plant and equipment (PP&E) on its balance sheet, EPC and other downstream activities. Total net revenues represent a decrease of 15.1% sequentially and an increase of 46.4% year-over-year. Total shipments were 1,423.3 MW, consisting of 1,370.4 MW of external shipments which were recognized in revenue and 52.9 MW of shipments to the Company's downstream power projects. This compares with total shipments of 1,776.3 MW in the fourth quarter of 2015, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company's own downstream power projects, and total shipments of 1,026.2 MW in the first quarter of 2015, consisting of 891.7 MW of external shipments and134.5 MW of shipments to the Company's own downstream projects. The sequential decrease in revenues and shipments was primarily due to seasonality. The year-over-year increase in revenues and shipments was mainly driven by key markets in China, the U.S., and India, and was partially offset by the decrease in demand from Japan and Europe.
Gross Profit and Margin
Gross profit was $139.7 million, compared with $183.3 million in the fourth quarter of 2015 and $100.3 million in the first quarter of 2015.
Gross margin was 17.1%, compared with 19.1% in the fourth quarter of 2015 and 18.0% in the first quarter of 2015. The sequential decrease in gross margin was mainly due to lower average selling prices as a result of price decline in almost all major markets and lower downstream revenues which have relatively high margins compared to the upstream module business. The year-over-year decrease in gross margin was because average selling price declined at a faster rate than the Company's cost reductions.
Operating Expenses, Income and Margin
Operating expenses were $94.9 million, a decrease of 6.9% sequentially and an increase of 33.3% year-over-year. Operating expenses included an accounts receivable provision of $6.0 million in the first quarter of 2016, compared with a reversal of accounts receivable provisions of $8.2 million in the fourth quarter of 2015. The Company's operating expenses represented 11.6% of the first quarter net revenues, an increase from 10.6% in the fourth quarter of 2015 and a decrease from 12.8% in the first quarter of 2015.
Other operating income during the quarter was $3.3 million, which represents incidental electricity income generated from the Company's downstream solar power projects recorded as current assets on its balance sheet, prior to the sales of the projects.
As a result, operating income was $44.8 million, compared with $81.3 million in the fourth quarter of 2015 and $29.2 million in the first quarter of 2015. Operating margin was 5.5%, compared with 8.5% in the fourth quarter of 2015 and 5.2% in the first quarter of 2015.
Net Interest Expense
Net interest expense was $15.1 million, compared with $13.2 million in the fourth quarter of 2015 and $10.7 million in the first quarter of 2015.
Foreign Currency Exchange Gain (Loss)
The Company recorded a net foreign currency exchange gain of $0.8 million, which included a loss on the change in fair value of foreign exchange derivative instruments of $8.2 million. This compares with a net loss of $11.4 million in the fourth quarter of 2015 and a net loss of $1.7 million in the first quarter of 2015. The foreign currency exchange gain in the first quarter of 2016 primarily resulted from the appreciation of the RMB against the USD.
Income Tax Expense
Income tax expense was $3.7 million, compared with income tax expenses of $17.6 million in the fourth quarter of 2015 and $3.2 million in the first quarter of 2015.
Net Income and Earnings per ADS
Net income attributable to ordinary shareholders of Trina Solar was $26.6 million, compared with $41.7 million in the fourth quarter of 2015 and $13.9 million in the first quarter of 2015. Net margin was 3.3%, compared with 4.3% in the fourth quarter of 2015 and 2.5% in the first quarter of 2015.
Earnings per fully diluted ADS were $0.29, compared with $0.43 in the fourth quarter of 2015 and $0.16 in the first quarter of 2015.
Financial Condition
As of March 31, 2016, the Company had $621.4 million in cash and cash equivalents, and restricted cash. Total bank borrowings were $1,516.7 million, of which $933.2 million were short-term borrowings.
In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, which requires the debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of reporting on the balance sheet as an asset. Accordingly, the debt issuance costs, which used to be reported as assets, have been retrospectively reclassified as a direct deduction from the carrying amount of the related debt liability with the total amount of $9.1 million as of December 31, 2015 and $11.0 million as of March 31, 2015, respectively.
Shareholders' equity was $1,081.9 million as of March 31, 2016, an increase from $1,050.7 million as of December 31, 2015 and an increase from $988.4 million as of March 31, 2015.
Operations and Business Updates
Manufacturing Capacity
As of March 31, 2016, the Company had the following annualized in-house manufacturing capacities:
Project Development
In the first quarter of 2016, the Company connected a total of 101.7 MW of utility projects to the grid, consisting 24.3 MW in the UK, 50 MW in Xinjiang, and 27.4 MW in Yunan.
As of March 31, 2016, the Company had a total of 967.3 MW downstream solar projects in grid-connected operation, including 920.8 MW in China, 4.2 MW in the U.S., and 42.3 MW in Europe. The 920.8 MW projects in China consisted of 722.9 MW of utility projects and 197.9 MW of DG projects.
Second Quarter of 2016 Guidance
The Company expects to ship between 1.50 GW and 1.60 GW of PV modules, of which 40 MW to 50 MW of PV modules will be shipped to the Company's downstream PV projects, from which revenues will not be recognized.
Fiscal Year 2016 Guidance
The Company reiterates its total PV module shipment guidance of between 6.30 GW and 6.55 GW, of which 220 MW to 260 MW will be shipped to the Company's downstream projects, from which revenues will not be recognized.
The Company updates its 2016 guidance of global solar power project connections to between 400 MW and 500 MW from the original guidance of 750 MW to 850 MW, including 15% to 20% of DG projects in China.
Conference Call
The Company will host a conference call on Thursday, May 26, 2016 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong, May 26, 2016), to discuss its results for the first quarter of 2016.
Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Teresa Tan, Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
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U.S. Toll Free: |
1-855-298-3404 |
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International: |
+1-631-514-2526 |
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Hong Kong: |
800-905-927 |
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Passcode: |
Trina Solar |
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on May 26, 2016 through 11:59 p.m. Eastern Time on June 2, 2016. The dial-in details for the replay are as follows:
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U.S. Toll Free: |
1-866-846-0868 |
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International: |
+61-2-9641-7900 |
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Hong Kong: |
800-966-697 |
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Replay Passcode: |
8696576 |
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in PV 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; our expectations regarding the expansion of the Company's manufacturing capacities; the Company's future business development; the Company's downstream project development and pipeline; the Company's beliefs regarding its production output and production outlook; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
In addition, the commencement of any downstream project is subject to a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, as well as obtaining certain government approvals, project rights based on the land location, land use rights as well as the right to construct manufacturing facilities in the relevant locations.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For further information, please contact:
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Trina Solar Limited Teresa Tan, CFO Email: teresa.tan@trinasolar.com |
Christensen IR Linda Bergkamp Phone: +1 480 614 3014 (US) Email: lbergkamp@ChristensenIR.com |
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Yvonne Young Investor Relations Director Phone: + (86) 519-8517-6878 (Changzhou) Email: ir@trinasolar.com |
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Trina Solar Limited | |||||||||||
|
Unaudited Condensed Consolidated Statements of Operations | |||||||||||
|
(US dollars in thousands, except ADS and share data) | |||||||||||
|
For the Three Months Ended | |||||||||||
|
Mar. 31, |
Dec. 31, |
Mar. 31, | |||||||||
|
2016 |
2015 |
2015 | |||||||||
|
Net revenues |
$ 816,901 |
$ 961,881 |
$ 558,089 | ||||||||
|
Cost of revenues |
677,206 |
778,578 |
457,768 | ||||||||
|
Gross profit |
139,695 |
183,303 |
100,321 | ||||||||
|
Operating expenses |
|||||||||||
|
Selling expenses |
42,375 |
53,236 |
35,780 | ||||||||
|
General and administrative expenses |
46,397 |
37,490 |
27,708 | ||||||||
|
Research and development expenses |
9,419 |
11,243 |
7,679 | ||||||||
|
Other operating income |
(3,304) |
- |
- | ||||||||
|
Total operating expenses |
94,887 |
101,969 |
71,167 | ||||||||
|
Operating income |
44,808 |
81,334 |
29,154 | ||||||||
|
Foreign exchange gain (loss) |
9,054 |
(12,693) |
(6,961) | ||||||||
|
Interest expenses |
(15,532) |
(14,349) |
(11,363) | ||||||||
|
Interest income |
464 |
1,120 |
642 | ||||||||
|
Gain (loss) on change in fair value of derivative |
(8,210) |
1,326 |
5,250 | ||||||||
|
Other income, net |
1,535 |
3,016 |
2,166 | ||||||||
|
Income before income taxes |
32,119 |
59,754 |
18,888 | ||||||||
|
Income tax expense |
(3,674) |
(17,618) |
(3,222) | ||||||||
|
Net income |
28,445 |
42,136 |
15,666 | ||||||||
|
Income attributable to the noncontrolling interests |
(1,827) |
(455) |
(1,753) | ||||||||
|
Net income attributable to Trina Solar Limited |
$ 26,618 |
$ 41,681 |
$ 13,913 | ||||||||
|
Earnings per ADS* |
|||||||||||
|
Basic |
$ 0.31 |
$ 0.49 |
$ 0.17 | ||||||||
|
Diluted |
$ 0.29 |
$ 0.43 |
$ 0.16 | ||||||||
|
Weighted average ADS outstanding* |
|||||||||||
|
Basic |
84,775,993 |
84,706,160 |
84,296,573 | ||||||||
|
Diluted |
105,329,407 |
105,571,783 |
97,161,189 | ||||||||
|
* "ADS" refers to any of our American depository shares, each representing 50 ordinary shares. | |||||||||||
|
Trina Solar Limited | ||||||||||||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||||
|
(US dollars in thousands) | ||||||||||||
|
For the Three Months Ended | ||||||||||||
|
Mar. 31, |
Dec. 31, |
Mar. 31, | ||||||||||
|
2016 |
2015 |
2015 | ||||||||||
|
Net income |
$ 28,445 |
$ 42,136 |
$ 15,666 | |||||||||
|
Other comprehensive income (loss): |
||||||||||||
|
Foreign currency translation adjustments |
3,052 |
(6,232) |
(150) | |||||||||
|
Comprehensive income |
31,497 |
35,904 |
15,516 | |||||||||
|
Comprehensive (income)/ loss attributable to non-controlling interests |
(2,307) |
375 |
(1,515) | |||||||||
|
Comprehensive income attributable to Trina Solar Limited |
$ 29,190 |
$ 36,279 |
$ 14,001 | |||||||||
|
Trina Solar Limited | ||||||
|
Unaudited Condensed Consolidated Balance Sheets | ||||||
|
(US dollars in thousands) | ||||||
|
As of Mar. 31, |
As of Dec. 31, |
As of Mar. 31, | ||||
|
2016 |
2015 |
2015 | ||||
|
ASSETS |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ 452,346 |
$ 465,393 |
$ 516,026 | |||
|
Restricted cash |
169,043 |
194,484 |
166,857 | |||
|
Inventories |
574,215 |
431,994 |
342,699 | |||
|
Downstream solar project assets |
616,477 |
531,344 |
80,916 | |||
|
Accounts receivable, net |
572,495 |
672,321 |
568,380 | |||
|
Current portion of advances to suppliers, net |
30,522 |
57,597 |
42,239 | |||
|
Prepaid expenses and other current assets, net |
273,435 |
229,390 |
131,110 | |||
|
Total current assets |
2,688,533 |
2,582,523 |
1,848,227 | |||
|
Property, plant and equipment, net |
1,882,279 |
1,862,135 |
1,304,223 | |||
|
(including downstream solar project assets |
||||||
|
of $822,655, $807,894 and $457,452 |
||||||
|
Prepaid land use rights, net |
59,658 |
57,202 |
52,595 | |||
|
Advances to suppliers, net of current portion |
12,769 |
20,602 |
15,730 | |||
|
Investment in equity affiliates |
33,202 |
27,782 |
25,835 | |||
|
Deferred income tax assets, net |
34,264 |
34,295 |
30,619 | |||
|
Other noncurrent assets |
105,927 |
100,267 |
50,135 | |||
|
TOTAL ASSETS |
$ 4,816,632 |
$ 4,684,806 |
$ 3,327,364 | |||
|
LIABILITIES AND EQUITY |
||||||
|
Current liabilities: |
||||||
|
Short-term borrowings and current portion of long-term borrowings |
$ 933,203 |
$ 914,937 |
$ 882,859 | |||
|
Accounts payable |
1,280,014 |
1,407,691 |
714,623 | |||
|
Accrued expenses and other current liabilities |
402,949 |
278,254 |
261,161 | |||
|
Total current liabilities |
2,616,166 |
2,600,882 |
1,858,643 | |||
|
Long-term borrowings, excluding current portion |
583,467 |
521,326 |
28,053 | |||
|
Convertible senior notes |
281,689 |
280,685 |
277,776 | |||
|
Accrued warranty costs |
136,090 |
129,478 |
109,102 | |||
|
Other noncurrent liabilities |
75,150 |
61,872 |
35,687 | |||
|
Total liabilities |
3,692,562 |
3,594,243 |
2,309,261 | |||
|
Ordinary shares |
43 |
43 |
43 | |||
|
Additional paid-in capital |
761,504 |
759,493 |
753,892 | |||
|
Retained earnings |
305,840 |
279,222 |
216,620 | |||
|
Accumulated other comprehensive income |
14,550 |
11,978 |
17,799 | |||
|
Total Trina Solar Limited shareholders' equity |
1,081,937 |
1,050,736 |
988,354 | |||
|
Non-controlling interests |
42,133 |
39,827 |
29,749 | |||
|
Total equity |
1,124,070 |
1,090,563 |
1,018,103 | |||
|
TOTAL LIABILITIES AND EQUITY |
$ 4,816,632 |
$ 4,684,806 |
$ 3,327,364 | |||
|
Note: In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, and retrospectively reclassified the debt issuance costs to reduce the carrying amount of short-term borrowings and current portion of long-term borrowings by $963,463 and $1,677,071, long-term borrowings (excluding current portion) by $325,239 and $656,451, and convertible senior notes by $9,723,630 and $6,815,387 as of March 31, 2015 and December 31, 2015, respectively. | ||||||
SOURCE Trina Solar Limited
Article Date
5/26/2016Trina Solar's Chief Scientist Dr. Pierre Verlinden Receives William R. Cherry Award
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, May 16, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that Dr. Pierre Verlinden, its Vice President and Chief Scientist, the Vice-Chair for the State Key Laboratory of Photovoltaic Science and Technology (SKL PVST) will receive the 2016 William R. Cherry Award (the "Award"), one of the most distinguished awards in the solar photovoltaic (PV) energy industry, at the 43rd IEEE Photovoltaic Specialists Conference in Portland, USA on June 6th. He will also have the distinction of delivering his Award acceptance talk during the conference opening keynote session.
The William R. Cherry award, which is named in honor of William R. Cherry, a founder of the photovoltaic community, recognizes the individual engineers or scientists who have made significant contributions to the science and/or technology of PV energy conversion, with dissemination of substantial and important publications and presentations. Dr. Verlinden was honored with the Award for his great contribution and dedication over the past three decades at the forefront of PV technology and commercialization, leading technological advances including the IBC (interdigitated back contact) cell, silicon and multijunction CPV cells, and his overall leadership of key R&D organizations.
"It is with great humility that I receive this prestigious award. I would like to thank the Award Committee for this great honor, and I want to note that the 2016 William Cherry Award is shared with everyone at the State Key Laboratory and Trina Solar. It is their hard work and contributions that have led to our successes and brought us a series of world records over the last number of years. We will continue to strive towards developing additional cutting-edge technologies while at the same time accelerating commercialization. The goal remains widespread global adoption of solar energy for the betterment of our environment." said Dr. Verlinden.
At the SKL PVST, Dr. Verlinden has led a team of PV researchers and scientists to enhance Trina Solar's key PV technologies through innovation that has resulted in several world records in cell and module efficiencies in recent years. He has also been pivotal in establishing high efficiency solar cell programs and fostering collaboration with international PV scholars and institutions, promoting the SKL PVST to be one of the most advanced research centers in photovoltaics.
"On behalf of Trina Solar, we'd like to congratulate Dr. Verlinden on this distinguished honor and his outstanding accomplishments in the field of solar PV." said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "As one of the most knowledgeable experts with foresight into the solar technology, Dr. Verlinden's invaluable contributions have resulted in many breakthroughs in the conversion efficiency of crystalline silicon cells. Since joining Trina Solar in 2012, he has transformed the State Key Laboratory into one of the global leading R&D institutions for photovoltaic technology. He is a deserving recipient of the Award and we are grateful for his commitment to Trina Solar's technological innovations. Technology is the cornerstone of being competitive and we are well positioned to be a leader in delivering high-efficiency products and propelling the advancement of the industry through the relentless efforts of our scientists and researchers."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
|
Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
5/16/2016Trina Solar to Announce First Quarter 2016 Results on May 26, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, May 12, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it will host a conference call on Thursday, May 26, 2016 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong, May 26, 2016), to discuss its results for the first quarter of 2016.
Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Teresa Tan, Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
|
U.S. Toll Free: |
1-855-298-3404 |
|
International: |
+1-631-514-2526 |
|
Hong Kong: |
800-905-927 |
|
Passcode: |
Trina Solar |
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on May 26, 2016 through 11:59 p.m. Eastern Time on June 2, 2016. The dial-in details for the replay are as follows:
|
U.S. Toll Free: |
1-866-846-0868 |
|
International: |
+61-2-9641-7900 |
|
Hong Kong: |
800-966-697 |
|
Replay Passcode: |
8696576 |
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR | |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp (US) | |
|
Phone: +1 480 614 3014 | ||
|
Yvonne Young |
Jung Chang (Hong Kong) | |
|
Investor Relations Director |
Phone: +852 2117 0861 | |
SOURCE Trina Solar Limited
Article Date
5/12/2016Trina Solar Awarded a Silver Rating in EcoVadis CSR Survey
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, May 3, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services today announced that the Company has been granted a Silver Recognition Level in the Corporate Social Responsibility (CSR) performance survey conducted by EcoVadis. Recording a solid year-on-year improvement in its overall score, Trina Solar is now ranked in the top 13% of all businesses assessed by EcoVadis globally.
As an independent rating agency, EcoVadis operates the first collaborative platform providing supplier sustainability ratings for global supply chains. Using its unique CSR assessment methodology that covers 150 purchasing categories, 110 countries, and 21 CSR indicators, EcoVadis evaluates and analyses companies' performance over four major categories, i.e. Environment, Labour Practices & Human Rights, Fair Business Practices, and Sustainable Procurement.
Commenting on the results, Mr. Jifan Gao, Chairman and CEO of Trina Solar, said: "We are proud to have been recognized for our commitment to sustainability. We have taken significant steps over the past year to improve our CSR performance, and this has been reflected in the improvement of our CSR results. Our position within the top 13% of all companies worldwide assessed by EcoVadis demonstrates our prominent global position when it comes to embracing CSR requirements."
In addition to this latest CSR assessment, Trina Solar continues to hold a top position in the Silicon Valley Toxics Coalition's (SVTC) Solar Scorecard, along with the Company recently being named as the world's most bankable PV manufacturer by Bloomberg New Energy Finance (BNEF).
Mr. Gao concluded:"As a leader in the development and production of renewable energy sources, we believe that our passion for quality and sustainability should be reflected in the way we approach relationships with our employees, the environment and the communities we serve. These are our strongest ever EcoVadis CSR results, and complement our achievements in the SVTC Solar Scorecard and the BNEF report. We will be taking necessary steps to ensure this upward trend continues in the future."
David McClintock, Marketing Director at EcoVadis, added: "We are pleased to see Trina Solar has made a notable score increase since their previous assessment just one year ago, and have done this through improvements in two themes: Environment and Labor practices. This is a good sign of commitment to ongoing improvement of their CSR practices which we hope to see continue across all themes in the coming years."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
About EcoVadis
EcoVadis operates the first collaborative network for managing sustainability performance of suppliers across 150 sectors and 110 countries. EcoVadis ratings and easy to use monitoring tools allow companies to manage risks and drive eco-innovations in their global supply chains.
More than 130 Global Multinational companies have selected the EcoVadis solution, including Fortune 500 such as Axa, Alcatel-Lucent, Bayer, BASF, Coca Cola Enterprises, Deutsche Telekom, Heineken, Orange, Johnson & Johnson, Lafarge, Renault-Nissan, Schneider Electric, and Vodafone.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
|
Yvonne Young |
SOURCE Trina Solar Limited
Article Date
5/3/2016Trina Solar Announces New Efficiency Record of 23.5% for Large-Area Interdigitated Back Contact Silicon Solar Cell
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, April 26, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that its State Key Laboratory of PV Science and Technology of China has set a new world record of 23.5% for a high-efficiency silicon solar cell with an Interdigitated Back Contact (IBC) structure on a large-area 156x156 mm2 n-type mono-crystalline silicon (c-Si) wafer. This new record has been independently confirmed by the Japan Electrical Safety & Environment Technology Laboratories (JET), Yokohama, Japan.
The record-breaking n-type mono-crystalline silicon solar cell was fabricated with a process that integrates the advanced Interdigitated Back Contact structure with industrial low-cost processes. The best 156x156 mm2 solar cell fabricated entirely with a screen-printed process reached a total-area efficiency of 23.5%, which breaks the previous record of 22.94% for the same type of solar cell that was also established by the Company in May, 2014. Particularly, this remarkable result has been achieved just two years after the previous announcement by Trina Solar of 24.4% efficiency for a small area (2cm x 2cm) laboratory IBC solar cell developed in collaboration with the Australian National University (ANU) in Canberra, Australia.
Dr. Pierre Verlinden, Vice-President and Chief Scientist, who leads the development of high-performance solar cells at the State Key Laboratory of Trina Solar, said: "We are very pleased to announce the new efficiency result achieved by our scientists and researchers. To the best of our knowledge, this is the first time that a mono-crystalline silicon IBC solar cell with an area of 238.6 cm2 exhibits a total-area conversion efficiency of 23.5%."
Dr. Pierre Verlinden continued: "Interdigitated Back Contact (IBC) silicon solar cells are the most efficient silicon solar cells to date but require a complicated fabrication process. Trina Solar has been developing IBC solar cells since the establishment of its State Key Laboratory with the objective to reach record efficiencies with the lowest possible cost. From the beginning we developed a scalable technology for IBC solar cells around large-area 156mm x 156mm wafers as we believe that the wafer size is the key to manufacturing cost reduction of this efficient solar cell."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
|
Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
4/26/20164/25/2016 - Trina Solar Partners with GE Energy Financial Services to Deliver Clean Energy to Miyagi Prefecture in Japan
Trina Solar Partners with GE Energy Financial Services to Deliver Clean Energy to Miyagi Prefecture in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, April 25, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has partnered with GE Energy Financial Services ("GE EFS") to invest in a 14 MW (megawatt) DC (direct current) utility-scale solar project (the "Project") in Ishinomaki, Miyagi Prefecture, Japan.
As part of the partnership, GE EFS will hold an 85% equity interest in the Project, acquired from Trina Solar under the terms of the Membership Interests Purchase Agreement. Both companies will make capital contributions to the Project on a pro rata basis in accordance with their respective interests. Moreover, a management committee, consisting of two representatives appointed by each company, will be established to manage the day-to-day business of the Project. Trina Solar Japan Energy, a wholly-owned subsidiary of Trina Solar, has been contracted to develop the Project and for engineering, procurement, and construction management (EPCM).
Equipped with Trina Solar modules, the Project will begin construction at the end of April and is expected to reach commercial operation by June of next year. The clean electricity generated by the Project, which is sufficient to serve the needs of more than 4,400 Japanese households, will be sold to regional utility Tohoku Electric Power Co. under a 20-year feed-in-tariff contract at the rate of JPY36.0 per kWh.
"Trina Solar is an experienced global developer and we are proud to work with them to bring this exciting project in Miyagi, Japan to fruition and to continue to expand our footprint in Asia," said Sushil Verma, Managing Director and Head of Asia Pacific at GE Energy Financial Services.
A number of global companies are investing in Japan's solar market as the country works to achieve its goal of generating 20 percent of its power from renewable sources by 2030. GE Energy Financial Services has invested in six solar power projects since entering the country in 2014, of which three have already achieved commercial operation in 2016.
"We are delighted to kick-off this partnership with GE EFS, a top global investor in the energy sector. Their tremendous investment experience combined with our extensive resources in the solar industry will create a win-win in terms of project quality and investment value maximization," commented David You, President of the International PV System Business Unit (ISBU) at Trina Solar. "Leveraging our proven track record of 1GW in developing and building solar projects around the world, we have been working to actively expand our presence in the downstream market in Japan. The country remains one of our main target markets where the share of solar in the energy mix is expected to further increase. We look forward to continuing our partnership with GE, and moving ahead, we will carry on enhancing our strategic deployment in the region by expanding our pipeline, delivering comprehensive project solutions, and deepening collaborations with select renewable energy players and investors."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world's energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects.
GE Energy Financial Services is part of the GE Store and is able to provide unique customer value by leveraging GE's industrial energy heritage and strong technology footprint to offer access to capital and expertise. It is headquartered in Stamford, CT with regional hubs in London, Houston, Hong Kong and Nairobi. More information: www.geenergyfinancialservices.com; Twitter @GEEnergyFinServ.
About GE
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
4/25/2016Trina Solar Files its Annual Report on Form 20-F for 2015
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, April 19, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE:TSL) ("Trina Solar" or "the Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2015 with the U.S. Securities and Exchange Commission (SEC). The annual report on Form 20-F can be accessed on Trina Solar's investor relations website at http://ir.trinasolar.com/phoenix.zhtml?c=206405&p=irol-sec or on the SEC's website at www.sec.gov.
Trina Solar will provide a hard copy of its annual report on Form 20-F containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations, Trina Solar Limited, No.2 Tianhe Road, Trina PV Industrial Park, New District Changzhou, Jiangsu 213031, the People's Republic of China.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; our expectations regarding the expansion of the Company's manufacturing capacities; the Company's future business development; the Company's downstream project development, operation and pipeline; the Company's beliefs regarding its production output and production outlook; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
4/19/2016Trina Solar Supplies 40 MW of Solar Modules to Tegnatia in Turkey
Source: PR Newswire
CHANGZHOU, China, April 6, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has signed an agreement to supply 40 MW of solar modules to Tegnatia, one of Turkey's leading Engineering, Procurement and Construction (EPC) contractors. This partnership will enable Trina Solar to supply Tegnatia with its innovative solar PV solutions as both companies expand their presence in the Turkish market, and represent a key joining of forces between leading players in the international solar industry and the local PV market.
Under the agreement, Trina Solar will complete the delivery of its TSM-PD05 (polycrystalline, 60 cells) and TSM-PD14 (polycrystalline, 72 cells) modules by the end of the second quarter of 2016. The modules will be used in a range of solar projects in the areas of Mersin, Adana, Konya and Erzurum. As the world's largest supplier of solar PV modules and the most bankable PV module manufacturer globally, Trina Solar is ideally placed to supply the high-quality solutions that Tegnatia requires.
Established in 2013, Tegnatia is a joint venture between T-Dinamik, a Turkish renewable energy investment firm which has funded large-scale solar parks in Turkey, Greece and Romania; and Egnatia Group, a Greek construction company operating in Eastern Europe and the UK. Tegnatia is committed to offering turnkey services covering the design, implementation and maintenance of medium- to large-scale solar parks, with a core aim of bringing solar power to a wider section of the Turkish population.
Assoc. Prof. Dr. Mustafa Tiris, General Manager at Tegnatia, commented: "We are delighted to partner with Trina Solar, a global solar energy leader. We have ambitious targets to bring the benefits of high-quality solar PV to a wider range of Turkish companies and consumers, which requires a strong and reliable partner that can provide the quality of product and service that these projects demand. In addition, we were looking for a partner that can provide support locally, as and when required. Trina Solar represents the ideal fit to help bring these projects to fruition."
Mr. Rongfang Yin, Assistant Vice President, Regional Head of the Module Business Unit (MBU) of Europe and Africa at Trina Solar, added: "Tegnatia is a major player in the Turkish solar PV market, so we are very pleased to enter this partnership. It represents an important milestone in the promising Turkish market and we are looking forward to supporting and accelerating the much-needed deployment of solar PV in Turkey, through the provision of our industry-leading modules which Trina Solar will also showcase at the forthcoming SOLAREX exhibition in Istanbul. Our focus at Trina Solar is on providing high-quality PV technologies that our partners can rely on, and we anticipate great success for our latest venture into the Turkish market."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
4/6/2016Trina Solar Launches Operations at Thailand Manufacturing Facility and Signs a US$143 million Syndicated Financing Facilities Agreement
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, March 28, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced the official launch of operations at its new manufacturing facility in Thailand. The Company also announced that it has signed a financing facilities agreement for an aggregate amount of approximately US$143 million with a consortium of banks led by The Siam Commercial Bank Public Company Limited (SCB), one of the top three domestic banks in Thailand.
The manufacturing facility, located in Rayong, Thailand, has entered production using Trina Solar's "Honey" state of the art high-efficiency assembly line method. Annualized production capacity for modules at the facility is 500 MW, and could be further ramped up to over 600 MW depending on overseas market demand. Annualized production capacity for cells is 700 MW. So far, the facility has achieved every milestone on schedule, from groundbreaking to production to serving the Company's overseas markets, which is expected to occur by the end of March.
To finance the capital expenditure of the new production facility, Trina Solar has signed a syndicated loan agreement for a total of US$100 million with SCB and China Minsheng Banking Corporation Ltd. (CMBC), maturing in June 2020. In addition, according to the agreement, the Company has been granted a line of credit by SCB for THB 1.53 billion (approximately US$43 million), which will be used for working capital.
"We are pleased to announce the official launch of our new facility in Thailand as scheduled. The investment in Thailand fits our strategy of prudent capacity expansion in select overseas markets to deliver industry leading products to customers in the US and Europe in particular as we strive to increase the profitability of the company," said Mr. Jifan Gao, Chairman and CEO of Trina Solar.
"The US$143 million in financing agreement in support of our Thai operations is a great vote of confidence from both SCB and CMBC in our brand and our overseas expansion strategy. We look forward to cooperating further with these two first tier banks in our other strategic initiatives," said Mr. Gao.
"This and other major Trina Solar's projects in the pan-Asia region also align the Company with the Chinese government's key strategic initiative, 'One Belt, One Road,' connecting Asian economies for their mutual benefit. We are also pleased to help further advance the development of clean energy in more countries around the world," concluded Mr. Gao.
Mr. Arthid Nanthawithaya, Chief Executive Officer and Deputy Chairman of the Executive Committee of SCB, stated, "We are fully committed to supporting inbound investment from China and we are honored to work with the world's number one solar module manufacturer, Trina Solar, with its important investment in Thailand. This is our first solar financing project and we partnered with Trina Solar because of its solid growth history, vast growth potential, strong financial position, and highly professional team. We believe that the effort will not only help boost Thailand's economy and create job opportunities, but will also align well with the Thai government's policy and our bank's strategy of promoting clean energy. We look forward to more cooperation with Trina Solar in the future."
Mr. Jinfeng Ren, the general manager of the Global Finance Department of CMBC, added, "The US$100 million syndicated loan that CMBC and SCB extended to Trina Solar marks a starting point for the cooperation between the two banks and the world's number one solar module manufacturer. The project not only shows our readiness to provide strong financial support for Chinese enterprises as they 'go out' and invest overseas, but it should also raise the confidence of overseas financial institutions in terms of the investment potential of Chinese companies."
About The Siam Commercial Bank Public Company Limited (SCB)
As the first Thai Bank, with unique heritage of having been established by Royal Charter in 1907, SCB has provided exemplary banking services to its customers for more than 100 years. SCB is the leading universal banking group in Thailand, meeting the various needs of its customer with a wide array of financial products and services and it has the largest footprint (by branch) and highest market capitalization of all Thai financial institutions.
About China Minsheng Banking Corporation Ltd.
Established on January 12, 1996 in Beijing, China Minsheng Banking Corporation Ltd. is a national joint-stock commercial bank with investments mainly from non-state-owned enterprises (NSOEs), and is a standard join-stock financial institution founded in strict compliance with the rules and regulations under the Company Law and the Commercial Banking Law. The Company differentiates itself from other state-owned banks and commercial banks as a combination of involvement of diversified economic sectors in the financial sector in China and application of normative modern enterprise system. As a pilot program of China's banking reform, the Company forges ahead with unremitting efforts to explore its businesses, expand its asset size, improve its profitability and maintain rapid and health growth. It has made proactive contributions to the reform and innovation of the Chinese banking industry.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For further information, please contact:
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
3/28/2016Trina Solar's PV Modules Operational in Largest Solar Project in the Philippines
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, March 22, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that the Company's 40MW of solar PV modules has been operational in the largest solar project in the Philippines (the "Project"), which has started to generate clean and safe solar electricity. The Project was developed by Helios Solar Energy Corporation, a joint venture between local solar project developer Gregorio Araneta Inc ("GAI") and Equis Pte Ltd. ("Equis"), Asia's largest independent renewable energy developer and investor.
With renowned Bouygues Construction ("Bouygues") providing the engineering, procurement and construction management (EPC) services, the 132.5MW solar Project was built on a 170-hectare land area in Cadiz City of the Negros Occidental province. Cadiz City is located near the equator and the Project is situated approximately three kilometers from the coastline, where strong winds are common, high humidity and salty air prevail. The environmental conditions call for superior performance solar modules resistant to potential induced degradation (PID), salt spray corrosion and wind pressure, and Trina Solar's solar products are well equipped to meet the requirements.
"We are proud to have worked with GAI, Equis and Bouygues on this landmark project and look forward to future collaborations," said Helena Li, Assistant Vice President, Regional Head of APEC & Middle East Region at Trina Solar. "This partnership is largely a result of our long-running commitment to emerging markets. The Philippine solar industry has tremendous room for development, and the region's supportive policies towards renewable energy make it an attractive market for us. Looking ahead, we will continue to further expand our market share in the Philippines and other emerging markets in the region."
About Equis Pte Ltd.
Founded and headquartered in Singapore, Equis is Asia's largest independent renewable energy developer and investor. Equis is also Asia's largest independent energy and infrastructure fund manager. With more than US$2.7 billion of funds under management, Equis and its invested platforms employ over 500 professionals across thirteen (13) Asian offices in Manila, Aomori, Bangalore, Bangkok, Beijing, Brisbane, Hong Kong, Jakarta, Kasama, New Delhi, Singapore, Taipei and Tokyo.
About Bouygues Construction
As a global player in construction and services, Bouygues Construction, through its subsidiary Bouygues Energies & Services, designs, builds and operates buildings and structures which improve the quality of people's living and working environment: public and private buildings, transport infrastructures and energy and communications networks. Bouygues Construction has been a major actor in the solar EPC league since 2013 and has established its own proven track record in the solar industry by providing engineering, procurement, construction (EPC) and operation & maintenance services for renowned developers worldwide.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
ChristensenIR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
3/22/2016Trina Solar Announces Fourth Quarter and Full Year 2015 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, March 3, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions and services, today announced its unaudited financial results for the fourth quarter and full year of 2015.
Fourth Quarter 2015 Financial and Operating Highlights
Full Year 2015 Financial and Operating Highlights
Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented, "We are pleased to report another quarter of record shipments and a sequential increase in earnings. Our module shipments during the quarter hit an all-time high of 1.78 GW, which once again exceeded the high-end of our guidance. We continue to maintain our position as the world's largest solar module manufacturer and a leading solar project developer and operator."
"Our downstream business performed basically in-line with our expectations. We connected a total of 258.8 MW of PV power projects to the grid in the fourth quarter, including 132.5 MW of utility projects and 126.3 MW of distributed generation (DG) projects in China. For the full year of 2015, we connected a total of 685.9 MW of PV power projects to the grid around the world, of which about one third were DG projects in China."
"We continue to work diligently to maintain our position as a leading innovator of PV technology in the industry. We also view our R&D work as an important component of our strategy to diversify our product offerings and move our business into higher value-added areas. During the year, our R&D team accomplished a number of significant achievements, including three world records for our PERC solar cells and modules, which follow seven world records that we set in 2014. Our pilot line of interdigitated back contact solar cells (IBC) continued to reach new levels of efficiency, enabling us to use IBC solar cells and modules for high-value applications."
"2015 was in many ways a strong year for Trina Solar as we achieved record results on both a sequential and year-over-year basis in each quarter. During the year, we entered the Indian market and a number of other emerging markets, which helped to expand our global footprint from 43 to 63 countries. We also made progress on our global capacity expansion plans. Our partnered facilities in Vietnam and Malaysia, where we employ a relatively asset light model, helped to meet the growing demand for our products in overseas markets, and we expect our cell and module facility in Thailand to become operational in 2016. Our downstream business experienced more growth in China's highly competitive environment. All of these efforts have solidified our foundation and leave us well-positioned for 2016."
Fourth Quarter 2015 Results
Net Revenues
Net revenues were $961.9 million, including downstream revenues from electricity generated by solar power projects and others of $34.6 million. Total net revenues represent an increase of 21.4% sequentially and an increase of 36.4% year-over-year. Total shipments were 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company's downstream power projects. This compares with total shipments of 1,703.2 MW in the third quarter of 2015 and 1,098.8 MW in the fourth quarter of 2014. The sequential increase in revenues and shipments was primarily due to rising shipment volumes to the U.S., Japan and the rest of Asia. The year-over-year increase in revenues and shipments was driven largely by growing demand from the U.S. and Asia.
Gross Profit and Margin
Gross profit was $183.3 million, compared with $138.2 million in the third quarter of 2015 and $111.0 million in the fourth quarter of 2014.
Gross margin was 19.1%, compared with 17.4% in the third quarter of 2015 and 15.7% in the fourth quarter of 2014. The sequential increase in gross margin was mainly because of the increase in downstream revenues with higher gross margin as well as slight increase in module average selling price ("ASP").
Operating Expenses, Income and Margin
Operating expenses were $102.0 million, a decrease of 23.0% sequentially and an increase of 26.6% year-over-year. The sequential decrease was primarily because the third quarter included a $45.0 million provision for the settlement of a lawsuit brought against Trina Solar by Solyndra. The Company's operating expenses represented 10.6% of fourth quarter net revenues, a decrease from 11.0% for the third quarter of 2015, if excluded the one-off Solyndra settlement provision, and a decrease from 11.4% in the fourth quarter of 2014.
As a result, operating income was $81.3 million, compared with $5.8 million in the third quarter of 2015 and $30.5 million in the fourth quarter of 2014. Operating margin was 8.5%, compared with 0.7% in the third quarter of 2015 and 4.3% in the fourth quarter of 2014.
Net Interest Expense
Net interest expense was $13.2 million, compared with $13.1 million in the third quarter of 2015 and $8.3 million in the fourth quarter of 2014.
Foreign Currency Exchange Loss
The Company recorded a net foreign currency exchange loss of $11.4 million, which included a gain on the change in fair value of foreign exchange derivative instruments of $1.3 million. This compares with a net loss of $13.1 million in the third quarter of 2015 and a net loss of $7.6 million in the fourth quarter of 2014. The foreign currency exchange loss in the fourth quarter of 2015 primarily resulted from the depreciation of the RMB against the USD.
Income Tax Expense (Benefit)
Income tax expense was $17.6 million, compared with an income tax benefit of $3.1 million in the third quarter of 2015 and an income tax expense of $1.7 million in the fourth quarter of 2014.
Net Income (Loss) and Earnings (Loss) per ADS
Net income attributable to ordinary shareholders of Trina Solar was $41.7 million, compared with net loss attributable to ordinary shareholders of $20.0 million in the third quarter of 2015 and net income attributable to ordinary shareholders $10.6 million in the fourth quarter of 2014.
Earnings per fully diluted ADS were $0.43, compared with loss per fully diluted ADS of $0.24 in the third quarter of 2015 and earnings per fully diluted ADS of $0.13 in the fourth quarter of 2014.
Financial Condition
As of December 31, 2015, the Company had $659.9 million in cash and cash equivalents, and restricted cash.
Build-to-sell project assets under current assets increased to $531.3 million as of December 31, 2015 from $30.2 million as of September 30, 2015 to reflect the strategic shift in the Company's downstream business from holding all of the Company's PV projects in China to selling a proportion of the projects during the quarter. As a result, some of the project assets were transferred from property, plant and equipment (PP&E) to current assets during the quarter. The Company's build-to-sell projects include the projects that were recently completed construction in China during the fourth quarter as well as projects that are under construction in China and overseas which are to be sold in the future.
With the new business model in our downstream business, in accordance with the accounting policies of the Company, the revenues generated from sales of build-to-sell project assets under current assets will be recognized as revenue if all revenue recognition criteria are met, whereas gain or loss from the disposal of build-to-own project assets under PP&E will be recorded as other operating income or expense in the income statement. In addition, incidental electricity income generated from the build-to-sell project assets prior to the sales of the projects will be recorded as other operating income, whereas electricity income generated from the Company's operation of the build-to-own project assets are recognized as service revenues if all revenue recognition criteria are met.
Total bank borrowings were $1,438.6 million as of December 31, 2015, of which $916.6 million were short-term borrowings and current portion of long-term borrowings.
Shareholders' equity was $1,050.7 million as of December 31, 2015.
Full Year 2015 Results
Total module shipments during 2015 were 5.74 GW, consisting of 4.83 GW of external shipments and 912 MW of shipments to the Company's downstream power projects, an increase of 56.8% from 3.66 GW in 2014, primarily driven by strong demand from China, Japan and the U.S.
Net revenues were $3.0 billion, including downstream revenues from electricity generated by solar power projects, project sales and others of $168.7 million. Total net revenues represent an increase of 32.8% from $2.29 billion in 2014. Gross profit was $566.6 million, an increase of 47.0% from $385.6 million in 2014. Overall gross margin was 18.7%, compared with 16.9% in 2014. The gross margin expansion in 2015 was primarily due to a greater reduction in manufacturing costs compared with the general decline in ASP, as well as increased sales of overseas downstream solar projects and EPC services, which produce higher margins than module sales.
Operating profit was $177.0 million in 2015, compared with $120.1 million in 2014. Operating margin was 5.8%, compared with 5.3% in 2014.
Net income attributable to ordinary shareholders of Trina Solar was $76.5 million, compared with $59.3 million in 2014. Net margin was 2.5%, compared with 2.6% in 2014.
Earnings per fully-diluted ADS were $0.86, compared with $0.74 for 2014.
Operations and Business Updates
Manufacturing Capacity
As of December 31, 2015, the Company had the following annualized in-house manufacturing capacities:
Project Development
In the fourth quarter of 2015, the Company connected a total of 258.8 MW PV power projects to the grid, including 132.5 MW of utility projects and 126.3 MW of DG projects in China. The 132.5 MW of utility PV power projects consisted of 42.5 MW in Yunnan, which was a portion of a total 300.0 MW project, 40.0 MW in Xinjiang, 21.0 MW in Hebei, 17.0 MW in Anhui and 12.0 MW in Jiangsu. The 126.3 MW of DG projects consisted of 44.9 MW in Jiangsu, 29.0 MW in Shandong, 20.2 MW in Anhui, 16.5 MW in Hubei, 14.7 MW in Zhejiang and 1.0 MW in Henan.
In 2015, the Company connected a total of 685.9 MW of PV power projects to the grid across the globe, of which, DG projects in China were 200.4 MW, accounting for 29.2%.
As of December 31, 2015, the Company had a total of 869.2 MW downstream solar projects in commercial operation, including 847.0 MW in China, 4.2 MW in the U.S., and 18.0 MW in Europe. The 847.0 MW projects in China consisted of 645.5 MW of utility projects and 201.5 MW of DG projects.
First Quarter and Fiscal Year 2016 Guidance
First Quarter 2016 Guidance
The Company expects to ship between 1.37 GW to 1.45 GW of PV modules, all of which will be shipped to third-party customers.
Fiscal Year 2016 Guidance
2016 Manufacturing Capacity Guidance
The Company expects to achieve the following annualized capacity at the end of 2016:
The Company expects total PV module shipments between 6.30 GW and 6.55 GW, of which 450 MW to 550 MW will be shipped to the Company's downstream projects, revenues of which will not be recognized.
The Company expects to connect to the grid between 750 MW and 850 MW of downstream PV power projects across the world, including 10 % to 15% of DG projects in China.
Conference Call
The Company will host a conference call on Thursday, March 3, 2016 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing /Hong Kong, March 3, 2016), to discuss its financial results for the fourth quarter and full year 2015. Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Teresa Tan, Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call. Supplemental information will be made available on the Investors Section of Trina Solar's website at www.trinasolar.com.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time. U.S. Toll Free: 1-855-298-3404, International: +1-631-514-2526, Hong Kong: 800-905-927. Passcode: Trina Solar
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on March 3, 2016 through 11:59 p.m. Eastern Time on March 10, 2016. The dial-in details for the replay are as follows: U.S. Toll Free: 1-866-846-0868, International: +61-2-9641-7900. Hong Kong: 800-966-697. Replay Passcode: 8106718
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in PV 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; our expectations regarding the expansion of the Company's manufacturing capacities; the Company's future business development; the Company's downstream project development and pipeline; the Company's beliefs regarding its production output and production outlook; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
In addition, the commencement of any downstream project is subject to a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, as well as obtaining certain government approvals, project rights based on the land location, land use rights as well as the right to construct manufacturing facilities in the relevant locations.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For further information, please contact:
|
Trina Solar Limited Teresa Tan, CFO Email: teresa.tan@trinasolar.com
|
Christensen IR Linda Bergkamp Phone: +1 480 614 3014 (US) Email: lbergkamp@ChristensenIR.com |
|
Yvonne Young Investor Relations Director Phone: + (86) 519-8517-6878 (Changzhou) Email: ir@trinasolar.com |
|
Trina Solar Limited | ||||||||||
|
Unaudited Condensed Consolidated Statements of Operations | ||||||||||
|
(US dollars in thousands, except ADS and share data) | ||||||||||
|
For the Three Months Ended |
For the Year Ended | |||||||||
|
Dec. 31, |
Sep. 30, |
Dec. 31, |
Dec. 31, |
Dec. 31, | ||||||
|
2015 |
2015 |
2014 |
2015 |
2014 | ||||||
|
Net revenues |
$ 961,881 |
$ 792,599 |
$ 705,039 |
$ 3,035,512 |
$ 2,286,119 | |||||
|
Cost of revenues |
778,578 |
654,449 |
594,009 |
2,468,879 |
1,900,547 | |||||
|
Gross profit |
183,303 |
138,150 |
111,030 |
566,633 |
385,572 | |||||
|
Operating expenses |
||||||||||
|
Selling expenses |
53,236 |
45,389 |
40,166 |
178,119 |
135,061 | |||||
|
General and administrative expenses |
37,490 |
34,790 |
33,494 |
132,439 |
108,150 | |||||
|
Research and development expenses |
11,243 |
7,166 |
6,858 |
34,099 |
22,258 | |||||
|
Provision for settlement of lawsuit with |
- |
45,000 |
- |
45,000 |
- | |||||
|
Total operating expenses |
101,969 |
132,345 |
80,518 |
389,657 |
265,469 | |||||
|
Operating income |
81,334 |
5,805 |
30,512 |
176,976 |
120,103 | |||||
|
Foreign exchange loss |
(12,693) |
(11,485) |
(9,232) |
(25,139) |
(21,934) | |||||
|
Interest expenses |
(14,349) |
(13,503) |
(9,100) |
(52,252) |
(34,886) | |||||
|
Interest income |
1,120 |
432 |
795 |
2,862 |
2,793 | |||||
|
Gain (loss) on change in fair value of derivative |
1,326 |
(1,586) |
1,677 |
4,065 |
3,422 | |||||
|
Other income, net |
3,016 |
2,681 |
940 |
9,280 |
7,250 | |||||
|
Income (loss) before income taxes |
59,754 |
(17,656) |
15,592 |
115,792 |
76,748 | |||||
|
Income tax benefit (expense) |
(17,618) |
3,149 |
(1,687) |
(29,445) |
(15,488) | |||||
|
Net income (loss) |
42,136 |
(14,507) |
13,905 |
86,347 |
61,260 | |||||
|
Income attributable to the noncontrolling |
(455) |
(5,483) |
(3,290) |
(9,832) |
(1,922) | |||||
|
Net income (loss) attributable to Trina Solar Limited |
$ 41,681 |
$ (19,990) |
$ 10,615 |
$ 76,515 |
$ 59,338 | |||||
|
Earnings (loss) per ADS* |
||||||||||
|
Basic |
$ 0.49 |
$ (0.24) |
$ 0.13 |
$ 0.91 |
$ 0.76 | |||||
|
Diluted |
$ 0.43 |
$ (0.24) |
$ 0.13 |
$ 0.86 |
$ 0.74 | |||||
|
Weighted average ADS outstanding* |
||||||||||
|
Basic |
84,706,160 |
84,662,352 |
84,105,526 |
84,539,014 |
77,630,080 | |||||
|
Diluted |
105,571,783 |
84,662,352 |
84,756,928 |
105,558,867 |
85,493,897 | |||||
|
* "ADS" refers to any of our American depository shares, each representing 50 ordinary shares. | ||||||||||
|
Trina Solar Limited | ||||||||||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||
|
(US dollars in thousands) | ||||||||||
|
For the Three Months Ended |
For the Year Ended | |||||||||
|
Dec. 31, |
Sep. 30, |
Dec. 31, |
Dec. 31, |
Dec. 31, | ||||||
|
2015 |
2015 |
2014 |
2015 |
2014 | ||||||
|
Net income (loss) |
$ 42,136 |
$ (14,507) |
$ 13,905 |
$ 86,347 |
$ 61,260 | |||||
|
Other comprehensive income (loss): |
||||||||||
|
Foreign currency translation adjustments |
(6,232) |
(2,430) |
907 |
(8,114) |
2,377 | |||||
|
Comprehensive income (loss) |
35,904 |
(16,937) |
14,812 |
78,233 |
63,637 | |||||
|
Comprehensive (income) loss attributable to |
375 |
(4,030) |
(3,470) |
(7,450) |
(1,992) | |||||
|
Comprehensive income (loss) attributable to |
$ 36,279 |
$ (20,967) |
$ 11,342 |
$ 70,783 |
$ 61,645 | |||||
|
Trina Solar Limited | ||||||
|
Unaudited Condensed Consolidated Balance Sheets | ||||||
|
(US dollars in thousands) | ||||||
|
As of Dec. 31, |
As of Sep.30, |
As of Dec. 31, | ||||
|
2015 |
2015 |
2014 | ||||
|
ASSETS |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ 465,393 |
$ 279,112 |
$ 392,893 | |||
|
Restricted cash |
194,484 |
206,964 |
146,929 | |||
|
Inventories |
431,994 |
507,018 |
350,852 | |||
|
Build-to-sell project assets |
531,344 |
30,194 |
60,105 | |||
|
Accounts receivable, net |
672,321 |
687,961 |
621,524 | |||
|
Current portion of advances to suppliers, net |
57,597 |
48,048 |
50,250 | |||
|
Prepaid expenses and other current assets, net |
235,799 |
223,697 |
150,793 | |||
|
Total current assets |
2,588,932 |
1,982,994 |
1,773,346 | |||
|
Property, plant and equipment, net |
1,862,135 |
1,906,112 |
1,253,543 | |||
|
(including build-to-own project assets |
||||||
|
of $807,894, $970,447 and $385,477 |
||||||
|
Prepaid land use rights, net |
57,202 |
51,632 |
48,076 | |||
|
Advances to suppliers, net of current portion |
20,602 |
13,045 |
20,751 | |||
|
Investment in equity affiliates |
27,782 |
26,177 |
25,568 | |||
|
Deferred income tax assets, net |
34,295 |
31,942 |
30,978 | |||
|
Other noncurrent assets |
103,007 |
93,563 |
47,304 | |||
|
TOTAL ASSETS |
$ 4,693,955 |
$ 4,105,465 |
$ 3,199,566 | |||
|
LIABILITIES AND EQUITY |
||||||
|
Current liabilities: |
||||||
|
Short-term borrowings, including current portion of long-term borrowings |
$ 916,614 |
$ 1,005,260 |
$ 820,252 | |||
|
Accounts payable |
1,407,691 |
1,130,404 |
750,096 | |||
|
Accrued expenses and other current liabilities |
278,255 |
292,766 |
179,455 | |||
|
Total current liabilities |
2,602,560 |
2,428,430 |
1,749,803 | |||
|
Long-term bank borrowings, excluding current portion |
521,982 |
168,486 |
22,434 | |||
|
Convertible senior notes |
287,500 |
287,500 |
287,500 | |||
|
Accrued warranty costs |
129,478 |
122,066 |
103,197 | |||
|
Other noncurrent liabilities |
61,872 |
45,319 |
35,553 | |||
|
Total liabilities |
3,603,392 |
3,051,801 |
2,198,487 | |||
|
Ordinary shares |
43 |
43 |
43 | |||
|
Additional paid-in capital |
759,493 |
756,957 |
752,384 | |||
|
Retained earnings |
279,222 |
237,541 |
202,707 | |||
|
Accumulated other comprehensive income |
11,978 |
17,381 |
17,710 | |||
|
Total Trina Solar Limited shareholders' equity |
1,050,736 |
1,011,922 |
972,844 | |||
|
Non-controlling interests |
39,827 |
41,742 |
28,235 | |||
|
Total equity |
1,090,563 |
1,053,664 |
1,001,079 | |||
|
TOTAL LIABILITIES AND EQUITY |
$ 4,693,955 |
$ 4,105,465 |
$ 3,199,566 | |||
SOURCE Trina Solar Limited
Article Date
3/3/2016Trina Solar Acquires a Solar Cell Factory in the Netherlands
Source: PR Newswire
CHANGZHOU, China, Feb. 23, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that its wholly owned subsidiary, Trina Solar Netherlands, has completed the acquisition of all the assets from Solland Solar, a solar cell manufacturing company with approximately 200 MW solar cell manufacturing capacity located in Heerlen, the Netherlands.
Upon completion of the transaction, Trina Solar Netherlands acquired all of the manufacturing machines, equipment, stocks, office inventory, and real estate etc. from Solland Solar. Trina Solar will commence operations at the facility in the coming weeks.
"We are delighted with the successful completion of the transaction and believe that the acquisition enables us to expand the global manufacturing footprint of Trina Solar in an efficient manner," commented Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This investment will be one of the components of our ongoing global expansion strategy. In particular, this new cell facility in Europe, along with our in-house manufacturing capacity in Thailand and other overseas capacities allows us to leverage our global resources so that we can further expand our presence and enhance our competitive edge in overseas markets, especially the U.S. and Europe. We are also pleased to be investing in the Netherlands PV sector, in which we believe we can help create job opportunities for the local area, and support economic development in the region."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
|
Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
2/23/20162/17/2016 - Trina Solar Named as World's Most Bankable PV Module Manufacturer by Bloomberg New Energy Finance
Trina Solar Named as World's Most Bankable PV Module Manufacturer by Bloomberg New Energy Finance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Feb. 17, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has been named as the most 'bankable' PV module manufacturer globally by Bloomberg New Energy Finance (BNEF). In its survey of key PV stakeholders asked about 50 different module brands, 100% of respondents said that Trina Solar was bankable, confirming the Company's leading position in the solar PV market.
The report (available through BNEF subscription) details the findings of a survey conducted by BNEF to identify which module manufacturers are most likely to obtain non-recourse debt financing by commercial banks. Survey participants, which were banks, technical consultants, engineering contractors, asset managers and independent power producers (IPPs) from all around the world, were asked which PV module brands they considered bankable by their own internal criteria, which is usually based on product quality and the manufacturer's financial strength.
Trina Solar topped the list of 50 module manufacturers, being the only company that all survey respondents believed was bankable. The report also details how Trina Solar modules were used in more debt financed projects than any other manufacturer's modules since the start of 2014, having secured funding for more than 1.2GW for 15 different projects tracked by the BNEF database. The BNEF database is not fully comprehensive, but contains almost 14,000 solar financings worldwide.
Commenting on the report findings, Teresa Tan, Chief Financial Officer of Trina Solar, said: "The findings from this report are highly positive and we believe that they come as further confirmation of our leading position in the industry around the world. Trina Solar prides itself on the sustainability and strength of its way of doing business and this latest acknowledgement of our leading bankability comes as an award for our efforts. We always strive to deliver bankable PV solutions that are innovative and that will provide the best returns for our customers. We have invested heavily, and will continue to invest, in the quality and performance of our PV modules to ensure that they can deliver the highest yields in the short and long term."
"As a company we are fully committed to providing affordable, clean and sustainable renewable energy across the globe. This commitment has contributed to our success to-date. Trina Solar now stands as the largest manufacturer of PV modules in the world, and we fully intend to leverage our market-leading position as we pursue further growth both in established markets and emerging ones."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
Trina Solar Limited |
Christensen |
|
Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
|
Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
|
Email: lbergkamp@ChristensenIR.com | |
|
Yvonne Young |
|
|
Investor Relations Director |
|
|
Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
2/17/2016Trina Solar to Announce Fourth Quarter and Full Year 2015 Results on March 3, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Feb. 17, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it will host a conference call on Thursday, March 3, 2016 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing/Hong Kong, March 3, 2016), to discuss its results for the fourth quarter and full year 2015.
Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Teresa Tan, Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
|
U.S. Toll Free: |
1-855-298-3404 |
|
International: |
+1-631-514-2526 |
|
Hong Kong: |
800-905-927 |
|
Passcode: |
Trina Solar |
If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on March 3, 2016 through 11:59 p.m. Eastern Time on March 10, 2016. The dial-in details for the replay are as follows:
|
U.S. Toll Free: |
1-866-846-0868 |
|
International: |
+61-2-9641-7900 |
|
Hong Kong: |
800-966-697 |
|
Replay Passcode: |
8106718 |
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
|
For further information, please contact: | |
|
Trina Solar Limited |
Christensen IR |
|
Teresa Tan, CFO (Changzhou) Email: teresa.tan@trinasolar.com |
Linda Bergkamp (US) Phone: +1 480 614 3014 |
|
Yvonne Young Investor Relations Director Email: ir@trinasolar.com |
Jung Chang (Hong Kong) Phone: +852 2117 0861 Email: TSL@ChristensenIR.com |
SOURCE Trina Solar Limited
Article Date
2/17/20161/28/2016 - Trina Solar Announces Shipment of 57.1 MW Solar Modules to a Large-scale Solar Project in Japan
Trina Solar Announces Shipment of 57.1 MW Solar Modules to a Large-scale Solar Project in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Jan. 28, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, is pleased to announce that it has begun shipping 57.1 MW of solar modules to Toyo Engineering Corporation ("Toyo Engineering") for use in the Furukawa Mega Solar Project (the "Project")" located in Osaki City, Miyagi Prefecture, Japan.
The delivery of solar modules is scheduled to be completed before the end of the third quarter of 2016. The Project, developed by Pacifico Energy Furukawa G.K. ("Pacifico Energy"), is being constructed on an abandoned golf course in Osaki and is expected to be completed and commissioned in the fourth quarter of this year. The clean electricity that the Project will generate will be purchased by Tohoku Electric Power Company to energize the region.
"We are delighted to be selected as an exclusive supplier to Toyo Engineering and Pacifico Energy again for their large-scale solar project," commented Ms. Ye Chen, President of Trina Solar Japan Ltd. "We believe the historic climate pact adopted at COP21 will further bolster the development of solar energy in Japan, as well as other countries around the globe. Looking ahead, we will continue to reinforce our deployment in the Japanese market while proactively devoting our efforts to prevent global warming through continuously delivering innovative solar products."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
About Toyo Engineering Corporation
Toyo Engineering Corporation (TOYO) is one of the world's leading contractors. TOYO has actively deployed EPC business, and has successfully delivered large and complex projects on the segments of Energy, Oil Refining, Petrochemicals & Chemicals, and Infrastructure. TOYO has globally networked organization and assures clients that projects will be delivered safely, to a high-quality standard, and on schedule. For more information, please visit http://www.toyo-eng.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com
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SOURCE Trina Solar Limited
Article Date
1/28/2016Mr. Jifan Gao Becomes a Founding Member of the Newly Launched Private Sector Advisory Board for UNDP in China
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Jan. 13, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions and services, is pleased to announce that its Chairman and CEO, Mr. Jifan Gao, has become a founding member of the Private Sector Advisory Board (the "Advisory Board") for the United Nations Development Programme (UNDP) in China, which was launched on Jan. 12, 2016 in Beijing.
The Advisory Board aims to bring together some of China's most influential business minds across industries to collaborate, provide insights, and mobilize resources to assist and promote the universally agreed Sustainable Development Goals (SDGs). Mr. Jifan Gao attended the inaugural ceremony and signed a Statement of Commitment with other founding Members.
Trina Solar, as the world's largest solar module manufacturer and a first-class solar project developer and operator, has been committed to reducing the costs of solar manufacturing and power generation while simultaneously improving the quality of solar products and projects, contributing to enhance the proportion of solar energy in the global energy mix and lowering overall carbon emissions. With over 15 GW of cumulative module shipments as of the third quarter of 2015, Trina Solar's superior-quality modules have been installed in various solar plants across the globe, which could reduce approximately 18 million tons of carbon dioxide emissions per year, equivalent to planting about 13.3 billion square meters of trees. The Company also believes in promoting green-manufacturing initiatives and has implemented a company-wide ISO50001/GBT23331 energy management system to incorporate energy-saving and sustainable development processes throughout its product design, R&D and manufacturing facilities.
"I am extremely honored to be a founding member of the Advisory Board, which, alongside my position as Co-Chairman of the Global Solar Council, and as the first President of the China Photovoltaic Industry Association, is a testament to both our company's leadership in the solar sector and our dedicated contributions to the advancement of emission-free energy," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "The launch of the Advisory Board will further support the implementation of the SDGs as we believe the private sector plays an indispensable role in sustainable development. With continuous cost reductions driven by technological innovations, solar has become one of the major sources of electricity generation around the world and will play a more important role than ever in tackling climate change issues. In this context, we will continue pooling our strengths to usher in more innovative solutions to promote sustainable development both in China and all over the world, while also committing to fulfilling our social obligations with the goal of boosting green initiatives."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
1/13/2016Trina Solar Successfully Connects Three Distributed Generation Projects Totaling 27 MW to the Grid in Suqian, Jiangsu Province
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Jan. 11, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, today announced that it successfully completed and connected three distributed generation ("DG") projects (the "Projects") totaling 27 MW to the grid in Suqian City, Jiangsu Province, China at the end of December 2015.
Powered by approximately 110,000 Trina Solar "Honey" modules, the Projects are installed on the rooftops of three large manufacturing factories located in the Suqian Economic & Technological Development Zone ("SEDZ"). Wholly owned by Trina Solar, the green electricity that the Projects generate is expected to reach approximately 30 million kWh per year over the next 20 years, and is being supplied to the local grid to energize the SEDZ through power purchase agreements, which, on average, will reduce up to 29,000 tons of carbon dioxide emissions annually. The Projects are eligible for a 20-year benchmark on-grid tariff of 1.0 RMB/kWh based on the former feed-in-tariff program in China. In addition, the Company will provide operations and maintenance services ("O&M") to the Projects.
"We are pleased to announce the addition of these three DG installations in the SEDZ to our portfolio of DG projects that went online in the 4th quarter of 2015," commented Mr. Longxing Huang, Vice President and President of the Distributed PV Generation Business Unit of Trina Solar. "The area is a state-level development zone, where rapid industrial expansion and local government's commitment to diversifying its energy mix continues to boost the prospects of solar installations. In particular, the large number of facilities within the zone that have massive flat roofs makes it particularly well suited for the deployment of DG solar energy. We will continue to execute the remaining DG projects within our pipeline in this region in 2016 by leveraging our leading technological expertise and outstanding project development and O&M capabilities. With the grid connection of these projects, along with various other initiatives, we believe our strong finish to the year leaves us particularly well positioned as we head into 2016."
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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO (Changzhou) |
Linda Bergkamp |
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Email: teresa.tan@trinasolar.com |
Phone: +1 480 614 3014 (US) |
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Email: lbergkamp@ChristensenIR.com | |
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Yvonne Young |
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Investor Relations Director |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
1/11/2016Trina Solar Limited Special Committee Engages Advisors
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHANGZHOU, China, Jan. 6, 2016 /PRNewswire/ -- Trina Solar Limited ("Trina Solar" or the "Company") (NYSE: TSL), a global leader in photovoltaic ("PV") modules, solutions and services, today announced that the special committee (the "Special Committee") of the Company's board of directors (the "Board") has retained Citigroup Global Markets Inc. as its financial advisor and Kirkland & Ellis as its international legal counsel in connection with the Special Committee's review and evaluation of the previously announced non-binding "going private" proposal that the Board received on December 12, 2015 and any potential alternatives.
The Board cautions the Company's shareholders and others considering trading in the Company's securities that no decision has been made on the response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a global leader in PV 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-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will", "may", "expect", "anticipate", "aim", "intend", "plan", "believe", "estimate", "potential", "continue" and other similar statements. All statements, other than statements of historical fact, in this announcement are forward-looking statements.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For further information, please contact:
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Trina Solar Limited |
Christensen IR |
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Teresa Tan, CFO |
Linda Bergkamp |
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Phone: +1 480 614 3014 (US) | |
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Email: teresa.tan@trinasolar.com |
Email: lbergkamp@ChristensenIR.com |
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Yvonne Young |
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Investor Relations Director |
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Phone: + (86) 519-8517-6878 |
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(Changzhou) |
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Email: ir@trinasolar.com |
SOURCE Trina Solar Limited
Article Date
1/6/2016Projects & Assets
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