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 Tracking 1221 U.S. listed China Stocks and Counting...
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 Trina Solar (NYSE:TSL)

Thursday, April 17, 2014
Comments & Business Outlook

CHANGZHOU, China, April 17, 2014 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced two of its PV power plants in the United Kingdom have successfully completed connection to the grid. The company is an investor in and sole project developer for these projects, which have a total capacity of 23.77 MW.

The two projects, which are located in Cornwall and Dorset, commenced construction in December 2013 and were completed on schedule in March 2014. The two projects were developed using Trina PC05A 255Wp modules and will receive 1.6 Renewables Obligation Certificates (ROCs), equivalent to GBP 42.02 per megawatt-hour (MWh). They are expected to generate 24,673MWh electricity annually, reducing over 16,542 tons of carbon dioxide emissions. The projects will be able to supply clean energy to approximately 7,477 local homes each year.

"We are delighted to expand our downstream presence in the UK. We view the country as a high-growth market for solar and for our company," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Along with the growth potential in the UK market, Europe remains a major market for Trina Solar, both in terms of modules and downstream projects. We will continue to build our project pipeline in UK in the quarters ahead as we execute our global downstream strategy."


Monday, April 14, 2014
Comments & Business Outlook

CHANGZHOU, China, April 11, 2014 /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 is updating its guidance for the first quarter of 2014 based on preliminary financial data.

For the first quarter, the Company currently estimates its solar module shipments to be in the range of 540 MW to 570 MW, including 20 MW to 30 MW for its downstream projects, as compared to the previous guidance of 670 MW to 700 MW, including 20 MW to 30 MW for its downstream projects. This is primarily due to a temporary decrease in shipments to the EU pending agreement on a new minimum import price pursuant to the adjustment mechanism in the price undertaking. The Company expects shipments to European markets to increase with the finalization of the terms.

Additionally, for the first quarter of 2014, the Company currently estimates that the overall gross margin will be between 18% to 20%, compared to the Company's previous guidance of mid-teens in percentage terms. The increase in gross margin is due to improved ASP of modules and a gross margin in the high-teens from the sale of the Company's 50 MW Wuwei project.

The Company reiterates its full year 2014 module shipment guidance of 3.6 GW to 3.8 GW, of which 400 MW to 500 MW of PV modules are expected to be shipped to downstream projects. The Company expects to complete construction of between 400 MW and 500 MW in downstream PV projects during 2014.

"We remain confident that ongoing market demand for our products is strong, and that we will be able to maintain our expected level of growth in 2014 as planned," commented Mr. Jifan Gao, chairman and chief executive officer of Trina Solar. "However, given the temporary decrease in Q1 shipments to the European markets pending the finalization of the price undertaking adjustment, we are updating our guidance for the first quarter of 2014. We expect demand in certain European countries to remain strong, and our first-rate reputation and strong customer service will continue to allow Trina, as a market leader, to capture opportunities and achieve growth in the European markets. We will maintain our strategic focus on diversifying our business across a wider geographical footprint and delivering sustainable growth. We believe achieving increased gross margins will further support improved bottom line growth quarter over quarter."

As these selected estimated results are subject to the finalization of the Company's financial closing procedures, the Company's actual results may differ from its current estimates.


Tuesday, April 8, 2014
Comments & Business Outlook

CHANGZHOU, China, April 8, 2014 /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 has developed a new high-efficiency Honey Ultra solar module.

Trina Solar's Honey Ultra monocrystalline silicon module reached a new record of 326.3W, which has been independently certified by TUV Rheinland, a leading authoritative certification institution. This result sets a new world record for p-type monocrystalline silicon modules. The monocrystalline silicon module is composed of 60 high-efficiency Honey Ultra monocrystalline silicon cells of 156mm x 156mm, fabricated with a technology developed by Trina Solar and currently in pilot production.

Honey Ultra marks the second generation of Trina Solar's Honey module technology and this new high-efficiency record significantly extends the previous milestone of 284.7W attained by Trina Solar's first generation of Honey modules.

The module integrates core technologies including back surface passivation technology and low-resistance connection technology, each of which have been researched and developed by Trina Solar.

"As an advanced research and development facility, our State Key Lab of PV Science and Technology enables us to execute on our commitment to the commercialization of new high-efficiency solar cells and highly reliable modules," said Dr. Zhiqiang Feng, Vice President of Trina Solar and Director of the State Key Lab of PV Science and Technology. "In recent years the Company has successfully researched and developed new intellectual properties in the form of a series of innovative technologies and high quality products, and has successfully maintained its leading position in patent applications and grants. As a result, Trina Solar remains at the forefront of technological innovations in the solar industry."

This new Honey Ultra module marks a key milestone for Trina Solar's State Key Laboratory of PV Science and Technology since its accreditation in November 2013 and follows the Company's development of a new Interdigitated Back Contact ("IBC") cell capable of delivering an industry-leading efficiency of 24.4%.

This demonstrates Trina Solar's world-class monocrystalline silicon module and that the technology behind these high-efficiency modules is suitable for rapid roll-out to large-scale production.


Tuesday, March 25, 2014
Comments & Business Outlook

CHANGZHOU, China, March 25, 2014 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that all solar PV cells produced by the Company have achieved anti-PID (Potential-Induced Degradation) ability following the optimization of the Company's manufacturing technology.

From April 2014, all Trina Solar modules using the Company's self-produced cells will conform to IEC62804 Ed.1.0 (82/685/NP) standards, a system voltage durability testing standard (commonly known as the PID Test). Trina Solar will also be able to produce modules to meet stricter PID testing criteria based on customers' needs. Additionally, the Company's PV modules, which use anti-PID solar PV cells, have been successfully certified by TUV SUD.

"Trina Solar is committed to providing our customers with products that offer the highest standards of performance," commented Mr. Zhiguo Zhu, President of Trina Solar's Module Business Unit. "Achieving anti-PID ability in all cells we produce is a significant milestone for our Company and demonstrates our commitment to continuous optimization of our manufacturing technology and implementation of the strictest standards in product quality management."

By optimizing cell and the module manufacture technology, our anti-PID modules can effectively reduce loss in power output from solar panels due to induced degradation, as well as that caused by severe conditions including high voltage, severe salt mist and high humidity such as that common in coastal area.


Thursday, March 20, 2014
Comments & Business Outlook

CHANGZHOU, China, March 20, 2014 /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 received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement. The arbitration panel determined that Trina Solar was entitled to US$20.4 million, which included the full amount of the outstanding accounts receivable of US$17.4 million sought by the Company, plus sales tax and accrued interests.

Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our efforts to pursue outstanding accounts receivable in overseas markets are delivering positive results. Sound financial management is a key focus for Trina Solar. We remain strongly committed to maintaining a healthy balance sheet to support Trina's long-term growth."

The arbitration fund was received subsequent to the Company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the Company's fourth quarter and full year 2013 earnings release are being adjusted to reflect this event.


Friday, March 14, 2014
Comments & Business Outlook

CHANGZHOU, China, March 14, 2014 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced its Trinasmart product has received IEC 61215/61730 certification from TUV Rheinland. Trinasmart is the first smart module to receive certification from TUV Rheinland in Greater China.

"We are delighted our Trinasmart product is the first smart module to receive this certification from TUV Rheinland in Greater China," said Wei Zhou, Vice President of Quality of Trina Solar. "Trinasmart incorporates innovative technology into a complete-solution solar module. This certification adds a strong competitive element to our Trinasmart products and further strengthens assurance on the performance and reliability of our leading smart module."

"Though there have been tremendous technological innovations in the solar industry, questions were raised on how to define the electrical characteristics of a smart module under standard test conditions," said Ulrike Therhaag, Director of Solar & Fuelcell technology of TUV Rheinland. "Using our expertise as a leading testing and certification institution in the PV industry, we developed a solution to accurately measure the performance of smart modules and to support the development of industry standards around smart modules. We are delighted to have worked with Trina Solar on the first certification of a smart module in the Greater China region."

Trinasmart is a performance optimizer which enables the monitoring and control of arrays at a modular level and enhances system performance. Users can access all module data in real time remotely through their smartphone or laptop. In an emergency, users can switch off the entire array by a single click. Moreover, for fire emergency, the modules can be totally deactivated to eliminate high voltages and secure the safety of firefighters.


Monday, March 10, 2014
Comments & Business Outlook

CHANGZHOU, China, March 10, 2014 /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 successfully sold its 50 MW Solar Power Plant in Wuwei, Gansu province to Huadian Fuxin Energy Corporation (HK: 00816) ("Huadian Fuxin"). Huadian Fuxin will assume 100 percent ownership of the project from Trina Solar with the completion of the transaction.

"We are delighted to have successfully sold our first large-scale project in China," said Mr. Jifan Gao, chairman and CEO ofTrina Solar. This transaction represents a significant milestone for Trina Solar, as it showcases our ability to develop large-scale downstream projects with a complete project cycle from designing, construction, operation to the final sale. Huadian Fuxin is one of China's leading clean energy companies and we are pleased to have this opportunity to work with such a strategic partner."

Mr. Gao added, "Wuwei is an ideal location for a solar plant because of its abundant solar resources. Trina has strong capabilities in building highly efficient systems and we look forward to developing additional projects in the region. Our successful sale of the Wuwei power plant, coupled with Trina's global branding strength, services and superior product quality demonstrate a good start for 2014 as we make more progress with our downstream projects pipeline in China."

 


Tuesday, March 4, 2014
Comments & Business Outlook

Fourth Quarter 2013 Financial Results

  • Net revenues in the fourth quarter of 2013 were $525.6 million, a decrease of 4.1% sequentially and an increase of 73.6% year-over-year.
  • Earnings per fully diluted ADS were $0.13 in the fourth quarter of 2013 compared to $0.14 in the third quarter of 2013

"We are pleased to report that in the fourth quarter we continued to make progress in executing our operating strategy across all key geographies and end segments. In particular, we are seeing substantial sales growth in China, and anticipate that trend to continue following the government's increased target of 14 GW in new solar installations for 2014. Our efforts to diversify our business beyond the traditional markets in Europe and the USA where we have maintained leading positions and into additional emerging markets have progressed well. Geographical diversification will continue to be a key strategic focus in 2014. We have achieved significant sales volumes in 2013 in new non-traditional markets, including China, Japan, South East Asia and the Middle East.

"Operating and financial management remained a key focus in 2013, and I am happy to announce that operating expenses as a percentage of revenue declined substantially from 17.1% in the first quarter of 2013 to 12.4% in the fourth quarter. In addition, our dedication to fiscal discipline has generated positive results across most key metrics. Days of sales outstanding and inventory days continued to decrease over the previous quarter. As we closed the fourth quarter, Trina continued to stand out among its Chinese solar peers as maintaining one of the relatively healthier balance sheets. We will continue to focus on ensuring the right balance between business expansion and maintaining our financial strength.

"As a leader in R&D and innovation, Trina Solar achieved a breakthrough in cell technology in the quarter. After two years of research, last week Trina Solar announced it had jointly developed an Interdigitated high efficiency Back Contact ("IBC") cell in partnership with the Australian National University (ANU). The IBC cell, independently tested by the Fraunhofer CalLab in Germany, was able to deliver an efficiency of 24.4%, putting it among the most efficient solar cells to date. Trina Solar has independently developed a commercial version of the IBC cell and expects it to be ready for trial production in its "golden line" production line as one of Trina's focuses for R&D in 2014.

"To ensure Trina Solar has access to sufficient production capacity to meet the anticipated increase in global demand in 2014, the Company recently announced two strategic investments in China to expand its solar cell and module production capacity. These agreements provide Trina Solar with the means to efficiently and cost-effectively increase production capacity as needed. At the same time this initiative has an important role to play in helping to achieve the healthy and sustainable growth of the Chinese solar industry. We expect consolidation to continue in the solar sector. This is beneficial for the industry as a whole, but ultimately for customers and end-users as well.

"In 2014, we are optimistic that solar PV demand will continue to be strong and expect China, Japan, as well as the broader Asia Pacific region and the Middle East to be key drivers of this increased demand. At the same time, we remain committed to securing ongoing growth in Europe. To capitalize on this growing demand, we will work towards solidifying our leading position in modules sales. At the same time, we will focus further on developing downstream projects and increase the contribution from these projects to our total revenues and gross margins. To achieve this goal we have been building project pipelines in a number of different geographical regions that we anticipate will provide the Company with a platform for further growth." said Mr. Jifan Gao, Chief Executive Officer of Trina Solar.


Friday, February 28, 2014
Joint Venture

CHANGZHOU, China, February 28, 2014 /PRNewswire/ -- Trina Solar Limited ("TSL" or "Trina Solar"), a global leader in photovoltaic modules, solutions and services, announced today that researchers from Trina Solar and the Australian National University ("ANU") have jointly developed a new high-efficiency solar cell.

The laboratory scale Interdigitated Back Contact ("IBC") cell was developed at the Australian National University Centre for Sustainable Energy Systems under a research and development contract with Trina Solar through a collaboration contract with the Solar Energy Research Institute of Singapore (SERIS). After two years of research, funded by Trina Solar, the ANU has developed, with contribution from Australian consulting firm PV Lighthouse, an IBC silicon solar cell, which was independently tested by the Fraunhofer CalLab in Germany to be able to deliver an efficiency of 24.4%, putting it among the most efficient solar cells to date.

Trina Solar is now developing a commercial version of the IBC solar cell as well as an IBC PV module. The commercial cell has already reached an efficiency greater than 22% for a 125mm by 125mm IBC solar cell, and 238W for an IBC PV module (based on 72 cells), which was independently tested by the National Center of Supervision and Inspection on Solar Photovoltaic Products Quality of China. Though it is currently in laboratory scale, the new solar cell will soon be ready for industrialized mass production.

"We are delighted to collaborate with leading scientists at ANU on this exciting new development in our cell technologies," said Dr. Pierre Verlinden, Vice-President and Chief Scientist of Trina Solar. "This marks a milestone in solar cell research with an improved IBC cell efficiency of 24.4%. This world-class efficiency demonstrates our commitment to leading innovation in PV technology. We remain committed to engaging in effective partnerships with the best PV research centers, which are fundamental to delivering R&D breakthroughs."

"This is the highest efficiency independently confirmed for a conventional IBC solar cell to date," said Professor Andrew Blakers, Director of the Centre for Sustainable Energy Systems at the ANU Research School of Engineering. "The results mean the laboratory cell technology can now be further developed for commercial solar cells. The work is expected to lead to commercial solar cells with improved efficiency, allowing more power to be generated from a given area of rooftop solar module."

Professor Blakers added, "The ANU has been working to develop highly efficient back contact silicon solar cells, which have both positive and negative metallic contacts on the rear surface. That allows the surface facing the sun to be uniformly black, without the metal electrodes present on most solar cells. The back contact cell structure enables the end user to gain more electricity per unit area and a more favourable appearance."


Thursday, February 27, 2014
Contract Awards

CHANGZHOU, China, February 27, 2014 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic modules, solutions and services, announced today that it has signed an EPC contract with Fresh Fruits Company, a food storage and logistics company in Amman, Jordan, for a 2 MW rooftop solar power plant on the company's stores and warehouses. Under the contract, Trina Solar is responsible for the engineering, procurement, and construction of the project. The project will use Trina Solar TSM-PC05A Honey 260 Wp, high efficiency modules that adapt well to dry and high temperature conditions prevalent in the Middle East.

This will be the first mega-scale rooftop solar power project in Jordan. The construction is scheduled to start in March this year and is expected to be completed in the third quarter of 2014. The 2 MW rooftop solar power project is estimated to produce 3,200 MWh every year. The utilization of this solar power project will prevent emissions of approximately 38,400 tons of CO2.

"We are delighted to have been awarded this mega-scale project in Jordan," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Our successful selection as the EPC provider for this project demonstrates our ability to develop large-scale projects in the Middle East."

Mr. Gao added, "For oil and natural gas importing countries like Jordan, they are vulnerable to fluctuations in global oil and natural gas prices. Solar energy provides Jordan with a viable alternative and we see huge potential for growth in this market. Following this EPC contract and a previous supply contract for 1 MW of Trina Honey photovoltaic modules also in Jordan, we will continue to actively pursue new opportunities in this emerging market."

"The rooftop solar power project will be of great benefit to our business," commented Mr. Omar Hashlmon, General Manager of Fresh Fruits Company. "Our business of operating cold stores is an energy intensive operation. This project will significantly contribute to a reduction in our annual electricity expenditure. It will also be a sound investment for our company due to the expected quick recovery of the initial investment thanks to favorable renewable energy policies enacted by the local government."

Mr. Omar Hashlmon added, "We received more than 20 offers from both local and international companies. Trina Solar stood out due its experienced team consisting of strong local technical professionals in the Middle East and its commitment to excel in project development in the region. Trina Solar's support will enable us to gain necessary approvals from the local government. We believe Trina Solar is the most reliable partner for this, the largest solar project in Jordan."


Tuesday, February 18, 2014
Acquisition Activity

Trina Solar Announces Acquisition of Majority Stake in Hubei Hongyuan

Trina Solar Limited (NYSE:TSL), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has entered into an agreement with Shenzhen S.C. New Energy Technology Corporation ("Shenzhen S.C."), a leading solar equipment manufacturer, to acquire a majority stake in Shenzhen S.C.'s wholly-owned subsidiary, Hubei Hongyuan PV Science and Technology Co., Ltd., ("Hubei Hongyuan"), a specialized PV cell producer located in Xiantao, Hubei Province.

Trina Solar will hold a 51% stake in Hubei Hongyuan with the remaining 49% stake held by Shenzhen S.C.

The new joint venture company will expand Hubei Hongyuan's existing production facilities and solid infrastructure to achieve an expected capacity of 420 MW by the middle of 2014.

"We are delighted to announce this exciting new acquisition and collaboration with Shenzhen S.C.," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "Shenzhen S.C. and Hubei Hongyuan have extensive and proven experience in manufacturing superior quality solar equipment and products, respectively. This acquisition will provide Trina Solar with the benefit of greater access to solar cell manufacturing capacity and at a low cost of capital."

Mr. Gao added, "We continue to focus on executing our growth strategy of building an asset-light company and delivering increased returns on investment capital. This acquisition will ensure Trina Solar is better positioned to benefit from growing global demand for our solar products. As an industry leader we remain deeply committed to supporting the healthy, long-term growth of China's solar industry."

Mr. Liujian Jiang, chairman of Shenzhen S.C., said, "This transaction will enhance the presence of both companies within the solar sector by bringing together Trina Solar's solid experience and industry-leading products and services with Shenzhen S.C.'s state-of-the-art equipment. We look forward to delivering greater value to our customers and to contributing to the overall development of the solar market."


Thursday, January 23, 2014
Comments & Business Outlook

SAN JOSE, Calif., Jan. 23, 2014 /PRNewswire/ -- Trina Solar, the Smart Module market leader, today announced that Cobalt Power, a leading PV system installer, successfully commissioned the first commercial-scale installation of Trinasmart in North America.  The 113kW system located in the San Francisco Bay Area is the first North American commercial project featuring Trinasmart modules, an innovative integration of Tigo Energy's optimizer technology into Trina Solar's industry-leading solar modules. 

"Our partnership with Tigo and Cobalt made this first-of-its-kind installation using Trinasmart modules possible," said Mark Mendenhall, President of Trina Solar USA. "We expect this installation to be the first of many that utilize these innovative modules."

Trinasmart was the right solution for this customer, who was building a net zero energy office building and wanted to maximize energy production from the available roof area.  The project, commissioned in November, uses 462 Trinasmart 245W modules to maximize the energy produced on the roof. 

"The Trinasmart installation went very well," said Mark Byington, CEO of Cobalt Power Systems Inc. "With the integrated smart module, there are far fewer components to install.  This allows us to take advantage of all of the benefits of module-level optimization without the extra labor and inventory hassle.  At the end of the day it saves us money and improves our bottom line."

The Trinasmart modules optimized by Tigo Energy are expected to produce about 3% more energy than traditional modules on this project.  The system also has enhanced safety measures with panel-level disconnect, and is monitored and managed by Tigo Energy's advanced software engine.

"We're really happy to be a part of this project," said Tim Kubes, VP of North American Sales for Tigo Energy.  "We have long had a vision to integrate our technology into the solar module to make it easier to implement smart systems.  This project is a great milestone."


Monday, December 30, 2013
Comments & Business Outlook

CHANGZHOU, China, Dec. 30, 2013 /PRNewswire/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has signed an investment framework agreement with the local government authority of Turpan Prefecture to develop a 1GW ground-mounted solar power plant project in western China's Xinjiang Region.

Under the agreement, the solar power plants totaling 1GW are scheduled to be built in multiple phases over a four year time frame starting from early 2014. The commencement of each phase of development is subject to certain conditions, including approvals from the local government and State Grid. The first two phases of the project, with installed capacity of 300 MW, are scheduled to be completed and connected to the grid by the end of 2014, subject to receipt of the required approvals. Upon receiving approval for phase one, Trina Solar will also invest in the construction of a PV module production facility in the local area to supply modules to the solar power plants.

"Trina Solar's position as a global PV industry leader makes us the ideal partner for this exciting new project, which upon completion is slated to be the largest solar power plant project in Xinjiang," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "Xinjiang's abundant land and solar resources make Turpan an ideal location for this project."

Mr. Gao added, "The solar plants will ensure a stable supply of clean energy and improve reliability of electricity supply to the surrounding regions. At the same time, the module production facility will also create jobs and stimulate the growth of the local economy. We look forward to working in close collaboration with the local authorities to satisfy the conditions needed for phase one to commence in the first quarter of 2014."


Thursday, December 19, 2013
Contract Awards

CHANGZHOU, China, Dec.19, 2013 /PRNewswire/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has been chosen as the sole supplier of 25 MW of modules to Phase III of the 75 MW Bangchak Solar Energy Project in Thailand. The project is owned by Bangchak Solar Energy (Nakhonratchasima) Co., Ltd. ("BSE-NMA") and Bangchak Solar Energy (Chaiyaphum 1) Co., Ltd. ("BSE-CPM1"), the subsidiaries of Bangchak Solar Energy co., Ltd. ("BSE") and will be constructed by Gunkul Engineering Public Company ("Gunkul"). Trina Solar is expected to commence shipment in late December.

"We are very pleased to collaborate with BSE, a leading solar power plant operator in Thailand," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "This is a significant module supply contract for Trina Solar in Thailand and demonstrates our continued commitment to delivering on our strategy of market diversification."

Mr. Gao added, "Thailand is a leading emerging solar market in South East Asia. We look forward to growing our presence in Thailand's solar market in 2014 and to contributing to the realization of a more secure, clean and independent solar energy for Thailand."

"BSE is deeply committed to growing the number and the scale of solar power projects in Thailand to strengthen local economies and help defend against climate change," commented the management of Bangchak Solar Energy. "Trina Solar's excellent international track record combined with their high-efficiency panels, which are highly suited toThailand's hot and humid climate, singled them out as our partner of choice."

"This solar project further supports Thailand's National Energy Policy Commission's new target of delivering 1,000 MW of solar power by 2014 and 2,000 MW of solar power through utility projects by 2021 incented by feed-in-tariffs for rooftop and community ground-mounted solar projects, signaling high-level support for Thailand's solar sector," added the management of Bangchak Solar Energy.


Tuesday, December 17, 2013
Contract Awards

CHANGZHOU, China, Dec. 17, 2013 /PRNewswire/ --  Trina Solar Limited ("TSL"), a global leader in photovoltaic modules, solutions and services, announced today that it has recently reached an agreement to supply 1MW of Trina Honey photovoltaic modules to Mustakbal Clean Tech ("Mustakbal"), a EPC specialist focused on the Middle East and North America markets and the international photovoltaic system integrator Phoenix Solar Pte Ltd ("Phoenix Solar"), the Asia Pacific headquarters of German-based Phoenix Solar AG, for use in Jordan's biggest and first large-scale solar power project.

The power project, owned by the Ma'an Development Company ("MDC"), will be built jointly by Phoenix Solar and Mustakbal. The electricity generated by the solar power project will cover 100 percent of the electricity needs of two student dormitory buildings in the Ma'an Development Area Residential Community in Ma'an, making them zero net energy buildings and a showcase for solar technology in Jordan. Upon completion, the 4,032 Trina solar modules will generate approximately 2,000 MWh of solar electricity annually, enough to mitigate 24,000 metric tonnes of CO2 per year.

Trina Solar's Honey series modules were chosen because of their high efficiency and performance under harsh environmental conditions. All of Trina Solar's panels come with a 10-year workmanship warranty and a 25-year linear power output warranty.

"This new collaboration with Phoenix Solar and Mustakbal recognizes once again Trina Solar's wide experience as a solar leader and the reliability of our products and services," commented Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This is significant for Trina Solar and we are thrilled to see our modules being used in Jordan's largest solar power project. Jordan is a rapidly emerging solar market and today's announcement marks Trina's continued progress in our strategy of geographical and market diversification. We see great potential in the Middle East and Jordan in particular, and we will continue to actively pursue further opportunities for ongoing expansion which we have identified in these markets.

Mr. Gao added, "We have established a strong, experienced local team in the Middle East, who work closely with our partners in the region, providing ongoing technical and product support on-the-ground. We estimate that Trina Solar currently enjoys approximately 50 percent of the solar market in Jordan and we expect to continue to grow our market presence as we move into 2014."   

"Trina Solar's support was instrumental in our success in the Ma'an and other projects. We look forward to building on this year's successful cooperation with further in-depth collaboration well into the future. The responsible and efficient way in which Trina Solaroperates makes them an extremely reliable partner," commented Dr. Ala Qubain, CEO of Mustakbal Clean Tech.

The modules will start to be shipped before the end of 2013, with the project expected to be completed in the second quarter of 2014.


Wednesday, December 11, 2013
CFO Trail

CHANGZHOU, China, December 11, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or "the Company"), a global leader in photovoltaic modules, solutions and services, announced today the Company has accepted Terry Wang's resignation as Chief Financial Officer effective January 10, 2014 to pursue other interests. Teresa Tan will be appointed as Chief Financial Officer of the Company immediately upon Mr. Wang's departure.

Ms. Tan has over two decades of international experience in accounting, finance, and management leadership roles. Most recently, Ms. Tan worked for Parker Hannifin Corporation, a leading global manufacturer of motion and control technologies/systems listed on the New York Stock Exchange. She headed the financial service team for the Asia Pacific region and also served briefly as the Financial Controller for China since she joined Parker Hannifin in 2005. From 1996 to 2005, Ms. Tan was the Corporate Vice President of Tax for Aleris International Inc., a leading U.S. manufacturer of aluminum products, where she was responsible for the company's global tax planning and compliance. From 1991 to 1996, Ms. Tan was a Manager at the U.S. offices of Ernest & Young, where she provided consulting advices on tax and business planning matters to public and privately held companies across a broad range of industries.

Ms. Tan is a CPA, with a Bachelor's degree in Industrial Engineering Management from Shanghai Jiao Tong University in China, a Master's degree in Accountancy and a Master's degree in Economics from Virginia Polytechnic Institute and State University in Virginia, United States.

Jifan Gao, Chairman and Chief Executive Officer of Trina Solar, said, "We greatly appreciate the contributions Terry made during his tenure at Trina Solar. Terry has been an important member of our management team and has played a key role in ensuring Trina's steadfast growth by building a strong finance management foundation and establishing key financial capabilities for the Company. We respect his decision and wish him the very best with his future endeavors."

"We are pleased to welcome Teresa to our management team as the new Chief Financial Officer. Teresa brings with her strong financial background, extensive experience in public company financial management, as well as outstanding professional credentials. Her depth of financial, accounting and managerial experience will be invaluable to our Company. We are confident that Teresa will continue to strengthen our communications with the market and better understand the requirements of investors," said Mr. Gao.


Monday, December 9, 2013
Legal Insights

CHANGZHOU, China, December 9, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or "the Company"), a global leader in photovoltaic modules, solutions and services, offers the following statement regarding the decision of definitive anti-dumping ("AD") and anti-subsidy ("AS") duties imposed by the Council of the European Union.

On December 5, 2013, the European Commission announced its decision to accept the price undertaking offered by Chinese export producers with the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) in connection with the AD and AS proceedings. Chinese solar panel exporters that participate in the price undertaking, including Trina Solar, are exempt from the AD and AS duties as described below. The Council of the European Union announced its final decision imposing AD and AS duties on imports of crystalline silicon photovoltaic cells and modules originating in or consigned from China. An average duty of 47.7%, consisting of both AD and AS duties, will be applied for a period of two years beginning on December 6, 2013 to Chinese solar panel exporters who cooperated with the European Commission's investigations.

"Trina Solar is committed to complying with and has been in full compliance with the price undertaking since its provisional application at the beginning of August this year, and as such we are exempt from the European Union's recently announced anti-dumping and anti-subsidy duties," said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "We look forward to years of stable growth in the European markets, which will continue to be one of Trina Solar's most important markets."


Friday, November 29, 2013
Joint Venture

CHANGZHOU, China, November 29, 2013 /PRNewswire/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has entered into an agreement (the "JV Agreement") to establish a joint venture (the "Joint Venture") with Yabang Investment Holding Group Co., Ltd. ("Yabang Group") to acquire certain production assets from Changzhou NESL Solartech Co., Ltd. ("Changzhou NESL"), a subsidiary of Yabang Group, which specializes in the production of solar PV modules. The total investment by Trina Solar and Yabang Group is approximately US$45 million which will be used for capital expenditure and working capital. The Joint Venture aims to increase total solar module production capacity to 500 MW within the next 12 months.

The Joint Venture will acquire the existing module production assets of Changzhou NESL, including plants, machinery and equipment, which will be upgraded by utilizing the combined capital investment and international expertise provided by Trina Solar and Yabang Group. The facility will be managed by Trina Solar management, who will bring international best practices in innovation, environmental standards, quality control and technological expertise to the daily operation of the facility.

"We are delighted to enter into this Joint Venture Agreement with Yabang Group," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "As we expect the demand for solar modules will continue to grow, particularly in China, Japan and emerging markets, the Joint Venture will strengthen Trina Solar's market position by delivering much needed extra module production capacity."

Mr. Gao added, "The Joint Venture will enable us to quickly and efficiently increase production capacity in a cost-effective manner. This move demonstrates Trina Solar's strategic approach to expanding capacity through acquisitions as opposed to organic growth, which we believe will help ensure the industry's existing capacity is being used productively. We are pleased to have the opportunity to collaborate with Yabang Group on this important partnership. This will not only benefit our customers by guaranteeing a supply of high quality and reliable products, but will also promote a sustainable and balanced solar industry in China."

Mr. Xiaochu Xu, chairman of Yabang Group, said, "We are very pleased to form this strategic alliance with Trina Solar. The Joint Venture will take advantage of the capital investment from both companies and Trina Solar's experience in large-scale manufacturing, extensive expertise in R&D and its global sales and marketing network, which will allow the new company to accelerate the growth of the solar business."

According to the JV Agreement, the Joint Venture will be named Changzhou Trina Yabang Solar Energy Co., Ltd. Trina Solar will hold a 51 percent stake in the Joint Venture and Yabang Group will hold the remaining 49 percent. Trina Solar and Yabang Group expect to complete the establishment of their joint venture partnership by the end of 2013.


Tuesday, November 19, 2013
Comments & Business Outlook

Third Quarter 2013 Financial  Results

  • Net revenues in the third quarter of 2013 were $548.4 million, an increase of 24.4% sequentially and 84.0% year-over-year.
  • Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) was $0.14, compared to loss per fully diluted ADS of $0.47 in the second quarter of 2013

"I am pleased to report that we have returned to profitability and delivered a better-than-expected performance across a number of key operating metrics. Our third quarter module shipments exceeded the high end of our expectations by almost 100 MW, driven by strong demand across most of our key markets," said Mr. Jifan Gao, chairman and CEO ofTrina Solar. "While average selling prices ("ASPs") and polysilicon costs continue to stabilize in the third quarter, consolidation in the solar industry will also continue as it aligns more closely with supply. As a result of our ongoing efforts in improving our operational efficiency and controlling manufacturing costs, we achieved a further reduction in non-silicon costs, which contributed to notable quarter-on-quarter margin improvement.

"In the third quarter we saw continued strong demand in our key markets, driven in particular by increasing demand inChina, North America, Japan and the UK, where we have further strengthened our leading positions. In the meantime, we continue to successfully achieve our aim of diversifying our geographical footprint, with non-EU markets now comprising a majority of our sales. We expect this diversification will continue to support sustainable growth in volume and revenues.

"Our decades-long investment in building a premier reputation globally for quality, reliable products and services has also produced great results in the domestic market, further enhanced by favorable industry conditions and regulatory environment. We have experienced a strong and growing demand for our products in China, where we continue to be seen as a preferred business partner.

"As a long-term goal, we are committed to investing in innovation and R&D to promote the ongoing development of the solar industry. Our Changzhou PV laboratory is one of the first PV laboratories in China to receive accreditation fromChina's Ministry of Science and Technology as a State Key Laboratory of PV Science and Technology. This is a clear endorsement of Trina Solar's ongoing efforts and expertise in solar innovation and R&D. We remain committed to the development of high-efficiency products tailored to the needs of our customers, with Trinasmart being the most recent example of our ongoing achievements on this front. We believe these efforts further enhance the recognition of our brand.

"On regulatory developments, the agreement reached between Europe and China that sets a minimum price for Chinese panels and a maximum cap on annual shipments provides a degree of certainty in Europe. While Europe will continue to be an important geographical region for sales and marketing, we are also committed to geographical diversification and continued expansion, in order to take advantage of favorable market conditions where they exist and limit exposure to risks associated with other markets."

Fourth Quarter and Fiscal Year 2013 Guidance

During the fourth quarter of 2013, the Company expects to ship between 760 MW to 790 MW of PV modules.

The Company believes its overall gross margin for the fourth quarter, taking into account wafer and cell quantities outsourced from third party suppliers to meet demand in excess of its internal capacity and other needs will be in the mid-teens in percentage terms. Such guidance is based on the exchange rate between the Euro and the U.S. dollar as of November 19, 2013.

For the full year 2013, the Company revises its previous PV module shipment guidance of between 2.3 GW and 2.4 GW to 2.58 GW and 2.62 GW.


Tuesday, November 5, 2013
Comments & Business Outlook

CHANGZHOU, China, Nov. 5, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, announced today the following updates to its previous guidance made for the quarter ended September 30, 2013.

The Company estimates its solar module shipments in the third quarter of 2013 to be between 750 MW to 780 MW, compared to the Company's previous guidance of 650 MW to 680 MW. Additionally, for the third quarter of 2013, the Company estimates that its overall gross margin to be between 14.5% to 15.5%, compared to the Company's previous guidance of low double digits in percentage terms.

The Company expects its net earnings results in the third quarter of 2013 to be impacted by:

  • An incremental accounts receivable provision of between $9.5 million and $10.5 million.
  • A foreign currency exchange gain of $7.5 million to $8.5 million, net of change in fair value of derivative instruments.

As these selected estimated results are subject to the finalization of the Company's financial closing procedures, the Company's actual results may differ from its current estimates.

The Company will confirm or revise its previous module shipment guidance of between 2.3 GW to 2.4 GW for the full year 2013 during its third quarter 2013 earnings conference call.

The Company will announce its third quarter 2013 results via conference call at 8:00 a.m. ET on November 19, 2013. Conference call details may be found via separate announcement, available at the Investors Center of the Company's website at


Friday, October 11, 2013
Legal Insights

CHANGZHOU, China, Oct. 11, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company") commented today on the filing of an antitrust and unfair trade practice lawsuit by Energy Conversion Devices against Trina Solar and other China-based solar manufacturers in the U.S. District Court for the Eastern District of Michigan. The Company believes the lawsuit is without merit and will vigorously defend itself against the baseless allegations in the complaint.  The Company is not in a position to evaluate the potential impact of this lawsuit on its business at this time


Tuesday, August 20, 2013
Comments & Business Outlook

Second Quarter 2013 Financial Results

  • Net revenues were $440.7 million, an increase of 69.4% from the first quarter of 2013
  • Gross profit was $51.2 million, compared to $4.4 million in the first quarter of 2013
  • Net loss was $33.7 million, compared to a net loss of $63.7 million in the first quarter of 2013
  • Loss per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) was $0.47, compared to $0.90 in the first quarter of 2013

"I am pleased to announce that we achieved record quarterly shipment numbers in the second quarter of 2013, exceeding our original guidance by more than 100 MW," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "With robust global demand, we took full advantage of our global sales network and strong brand to seize available commercial opportunities. In terms of pricing, the average selling price ("ASP") of modules has stabilized, reversing the falling trend seen in previous quarters. As a result of our on-going efforts to improve operational efficiency and control manufacturing costs, we achieved continuing reductions in non-silicon costs, which contributed to quarter-on-quarter margin improvement.

"In the second quarter, there was regulatory uncertainty surrounding the E.U.'s anti-dumping case against PV imports from China. Geographic diversification of revenue helped to mitigate such regulatory risks. We achieved strong sequential shipment increases in growth markets, including China, the U.S., India and Japan, which added to our stable shipments to Europe. We continue to monitor the latest developments in the trade case and are encouraged by the recent solution negotiated between the E.U. and China. We remain committed to continuing to serve our customers and business partners in Europe, with whom we have built strong relationships.

"In terms of project development, we made good progress on the 50 MW power plant project in Wuwei, Gansu Province, China in the second quarter. Construction has been completed and we expect the facility to be grid connected and commence initial electricity generation by the end of the third quarter of 2013. For our downstream systems business, we remain focused on research and development and committed to delivering innovative products and solutions to lower installation costs, while enhancing the efficiencies and ease-of-use of solar energy.

"Following the end of the second quarter, we completed the redemption of all remaining outstanding convertible senior notes when they became due in July 2013. We continue to manage our balance sheet and liquidity position carefully, which will ensure that we have the necessary resources to develop downstream opportunities."

Third Quarter and Fiscal Year 2013 Guidance

During the third quarter of 2013, the Company expects to ship between 650 MW to 680 MW of PV modules.

The Company believes its overall gross margin for the third quarter, taking into account wafer and cell quantities outsourced from third party suppliers to meet demand in excess of its internal capacity and other needs, will be in the low double digits in percentage terms. Such guidance is based on the exchange rate between the Euro and U.S. dollar as of Aug 20, 2013.

For the full year 2013, the Company revises its previous PV module shipment guidance of between 2.0 GW and 2.1 GW to 2.3 GW and 2.4 GW.


Wednesday, July 17, 2013
Deal Flow

CHANGZHOU, China, July 17, 2013 /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 completed the redemption of its outstanding convertible senior notes due 2013 (the "Notes") on July 15, 2013 (the "Maturity Date"). With the completion of this redemption, Trina Solar has no outstanding convertible debt.

In July 2008, the Company issued $138 million in aggregate principal amount of the Notes. The Company began repurchasing its outstanding Notes during the fourth quarter of 2011. As set out in the Company's first quarter earnings release, approximately $84 million of the Notes were outstanding as of March 31, 2013. On the Maturity Date, the Company redeemed all remaining outstanding Notes, together with all accrued but unpaid interest.


Thursday, July 11, 2013
Joint Venture

CHANGZHOU, China, July 11, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE:TSL) ("Trina Solar" or "the Company"), a global leader in photovoltaic modules, solutions and services, announced today that it has recently supplied 7 MW of photovoltaic modules to Ikaros Solar, a leading company dedicated to the installation of green solar energy systems, for an agricultural project in the UK.

Large-scale solar systems will be installed at Goose Willow Farm in the town of Abingdon in the UK, with the capacity to generate 7 MW using a total of 24,000 Trina Solar modules with power outputs of 290 Wp and 295 Wp.

"Trina Solar panels offer excellent efficiency, performance, and quality standards, and the company provides a wide range of solutions and services. Ikaros Solar is glad to begin this new collaboration with Trina Solar with this large project in the UK, and we hope this will be the first of many projects," commented Mr. Yves Devis, Group CEO of Ikaros Solar.

Trina Solar's multicrystalline PC14 series modules were chosen because they are especially adapted to large scale projects, as well as for their 15.2 percent efficiency, ability to generate up to 295W, and high performance under low light conditions. Furthermore, this Trina Solar module is able to bear snow loads of up to 5,400 Pa and wind loads of up to 2,400 Pa. All of Trina Solar's panels come with a 10-year workmanship warranty and a 25-year linear power output warranty.

"This first collaboration with Ikaros Solar is very important to us and we are looking forward to the continuation of our fruitful partnership. The proven quality of our products positions us as one of our customers' brands of choice because we are internationally recognized for our track record in product quality and reliability," said Mr. Ben Hill, President of Trina Solar Europe.


Tuesday, July 2, 2013
Deal Flow

CHANGZHOU, China, July 2, 2013 /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 redeem its outstanding convertible senior notes due 2013 (the "Notes") on July 15, 2013 (the "Maturity Date").

In July 2008, the Company issued $138 million in aggregate principal amount of the Notes. The Company began to repurchase its outstanding Notes in the fourth quarter of 2011. As set out in the Company's first quarter earnings release, approximately $84 million of the Notes were outstanding as of March 31, 2013. Since the end of the first quarter, the Company repurchased another$27 million of its outstanding Notes. To date, the Company had repurchased approximately US$81 million of the Notes. Trina Solar expects to redeem all of its remaining outstanding Notes of an aggregate principal amount of $57 million, together with any accrued but unpaid interest, on the Maturity Date.


Wednesday, May 29, 2013
Comments & Business Outlook

First Quarter 2013 Results

  • Net revenues were $260.2 million, a decrease of 26% from $349.8 million in the first quarter of 2012.
  • Loss per fully diluted American Depositary Share was $0.90, compared to a loss of $0.42 in the first quarter of 2012.

"While the average selling price ("ASP") of modules continued to decline in the first quarter due to the lingering supply-demand imbalance in the global PV industry, the rate of decline has slowed from previous quarters," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "In this environment, we continue to focus on improving operational efficiency and exercising financial discipline. In the first quarter, the reductions in non-silicon costs we achieved outweighed the fall in ASP, and we also collected a sizeable amount of overdue accounts receivables. These efforts enable us to maintain strong liquidity and a robust balance sheet, making us better positioned to capture future growth opportunities.

"At the beginning of the year, we announced that the Company had been awarded the right to develop a 50 MW solar project in Gansu province, China. We began construction on the project during the end of the first quarter and expect to connect the project to the power grid and begin limited production by the end of the third quarter of 2013. For our downstream systems business, we remain committed to focusing on R&D and delivering innovative products and solutions to lower installation costs, while enhancing the efficiencies and ease-of-use of solar energy."

Second Quarter and Fiscal Year 2013 Guidance

During the second quarter of 2013, the Company expects to ship between 500 MW to 530 MW of PV modules.

The Company believes its overall gross margin for the second quarter, taking into account wafer and cell quantities outsourced from third party suppliers to meet demand in excess of its internal capacity and other needs, will be in the middle single-digits in percentage terms. Such guidance is based on the exchange rate between the Euro and U.S. dollar as of May 29, 2013.

For the full year 2013, the Company maintains its previous guidance of 2.0 GW to 2.1 GW for total PV module shipments.


Tuesday, May 14, 2013
Comments & Business Outlook

CHANGZHOU, China, May 14, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) (" Trina Solar " or the "Company"), a global leader in photovoltaic (PV) modules, solutions and services, announced today the following updates to its previous guidance made for the quarter ended March 31, 2013.

The Company estimates its solar module shipments in the first quarter of 2013 to be between 390 MW to 400 MW, compared to the Company's previous guidance of 420 MW to 430 MW. Additionally, for the first quarter of 2013, the Company estimates that overall gross margin to be between 1.0% to 3.0%, in-line with the Company's previous guidance of low single digits in percentage terms.

The Company further expects that its bottom line results in the first quarter of 2013 be impacted by:

  • An accounts receivables provision reversal of between $10.5 million to $11.5 million.
  • A foreign currency exchange loss between $18.5 million to $19.5 million, net of changes in fair value of derivative instruments.

The Company will confirm or revise its previous shipment guidance of between 2.0 to 2.1 GW for the full year 2013 during its first quarter 2013 earnings conference call.


Tuesday, February 26, 2013
Comments & Business Outlook

Fourth Quarter 2012 Results

  • Net revenues in the fourth quarter of 2012 were $302.7 million, an increase of 1.6% sequentially and a decrease of 30.5% year-over-yea
  • Gross profit in the fourth quarter of 2012 was $5.6 million, compared to $2.4 million in the third quarter of 2012 and$31.0 million in the fourth quarter of 2011.
  • Net loss was $87.2 million in the fourth quarter of 2012, an increase from a loss of $57.5 million in the third quarter of 2012 and $65.8 million in the fourth quarter of 2011.

"While realizing sequential improvements in shipments in the fourth quarter, our bottom line continued to be adversely impacted by a supply-demand imbalance and aggressive pricing by some competitors," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Amidst these commercial conditions, our focus on profitable sales, inventory management, and on-going expense reductions allowed us to achieve positive operating cashflows. During the fourth quarter we also made progress in the global development of our in-house system business, and expect to commence grid-scale opportunities in China and the Americas later this year."

"Looking ahead, we believe that the further decrease in module and total system costs will drive increased global demand for the PV industry in 2013, despite the decrease in favorable government policy in traditional European markets. Meanwhile, we are seeing a ramping up in PV adoption and planning in new markets within Africa, the Americas and the Middle East. We are also encouraged by recent announcements in Asia, most notably in Chinaand Japan, that governments are strengthening their commitment to solar energy and raising the target for solar power contribution to the national grid capacity."

"As solar-generated power increasingly competes against traditional energy forms for large-scale power purchase agreements, we continue efforts to expand our project systems business as a percentage of our overall business, while continuing to deliver innovative products and services through increasing partnerships with the PV industry's leading global technology developers. Our efforts were recently recognized by Fast Company Magazine, which named Trina Solar in their list of The World's Top 10 Most Innovative Companies in China. We believe that because of these factors, Trina Solar will continue to solidify its position as a brand and partner of choice across multiple geographies and end user segments.

Operations and Business Outlook

Non-Silicon Cost
In the fourth quarter of 2012, the Company's non-silicon manufacturing cost for its core raw materials in module production, including the effects of higher unit depreciation costs from lower sequential capacity utilization, was approximately $0.51 per watt, compared to $0.54 per watt in the third quarter of 2012, and its previously announced target of $0.50 per watt by the end of 2012. The sequential reductions in non-silicon manufacturing cost were primarily due to more efficient manufacturing and higher cell conversion efficiencies, as well as reduced supply chain costs created by increased on-site recycling of consumable and non-consumable materials.

Silicon Procurement
As a result of the renegotiation, extension, or market-based pricing of its long-term silicon supply agreements, the Company expects to maintain competitive silicon costs relative to the current market price in the first quarter of 2013.

2012 Manufacturing Capacity
As of December 31, 2012, the Company's annualized in-house ingot and wafer production capacity was approximately 1.2 GW and its PV cell and module production capacity was approximately 2.4 GW.

Cell Technology Update
Based on test production, the Company is targeting a 21.5% cell efficiency by the middle of 2013 for its announced mono-crystalline cell technology development with the Solar Energy Research Institute of Singapore.

The Company is also engaged in cell technology research and development with the Chinese Academy of Science inShanghai and Australian National University, and is a key member of the Australian Centre for Advanced Photovoltaics with the University of New South Wales.

The Company is focused on high performing module products and developing high-efficiency multi and mono-crystalline silicon PV modules incorporating innovative technologies. These include advanced crystallization and wafer technologies, special metallization, improved low light performance, reduced reflectivity and improved light trapping through better texturing, selective emitter technology and rear side passivation.

In June, 2012 the Company announced that, to its best knowledge, Honey Ultra, the second generation of its Honey cell technology had achieved a new world record for multicrystalline modules. The standard-size module (1650x992mm) reached 284.7 watts peak power output in May 2012, which has been confirmed by TUV Rheinland.

The Company is also developing high-efficiency cells based on N-type substrates, and has already achieved cell efficiencies over 20% with low cost processes.


Tuesday, February 5, 2013
Comments & Business Outlook

SAN JOSE, Calif., February 5, 2013 /PRNewswire/ -- Trina Solar Limited (TSL), ("Trina Solar" or "the Company"), a global leader in photovoltaic modules, solutions and services, announced today its subsidiary Trina Solar US Development Company LLC has entered into a teaming agreement with Silicon Valley-based QBotix Inc., recognized as the first company to utilize mobile, intelligent and rugged robotics for the operation of solar power plants.

Under terms of the agreement, Trina Solar and QBotix will collaborate this year on test and commercial projects within and outside the United States, and develop a scalable 'building block' design solution for commercial project developers. QBotix's first product, QTS, a robotically driven dual-axis tracking system, is currently being advance field-tested in commercial deployments in California, Arizona and Japan.

Wasiq Bokhari, CEO of QBotix, Inc., said, "We are looking forward to working with Trina Solar to deploy PV systems combining Trina modules and our breakthrough QTS platform to dramatically lower installation times and LCOE, and to provide unprecedented system level intelligence for the solar industry."

Randy Wu, Trina Solar's General Manager, Project Development, Americas, added, "We are both pleased and excited to team with QBotix, whose solution is capable of playing a vital role in lowering energy production costs for our in-house and customer project portfolios. This collaboration is in line with our focus to partner with leading technology developers to enhance the quality and performance advantages of our products."


Tuesday, January 29, 2013
Comments & Business Outlook

CHANGZHOU, China, January 29, 2013 /PRNewswire/ -- Trina Solar Limited (TSL), a global leader in photovoltaic modules, solutions and services, announced today that it will supply 30MW of photovoltaic modules to Gestamp Solar, one of the world's leading companies in the development and management of photovoltaic parks, for two projects in South Africa.

Large-scale solar systems will be installed in South Africa's Northern Cape Province, in the towns of Prieska and De Aar, with the capacity to generate 20MW and 10MW respectively. According to terms of the agreement, deliveries will be made in the third quarter of 2013.

Jorge Barredo, CEO of Gestamp Solar said: "Trina Solar panels offer excellent efficiency and performance, and the company provides a wide range of solutions and services. Gestamp Solar has been working on the development of projects with Trina Solar since the early days of the European photovoltaic industry because, as well as the excellent quality of their products, they have always been reliable suppliers."

Trina Solar's multicrystalline PC05 series modules were chosen because of their 15 percent efficiency, ability to generate up to 245W, and high performance under low light conditions. Furthermore, this Trina Solar module - the company's most popular - is able to bear snow loads of up to 5,400Pa and wind loads of up to 2,400Pa. All of Trina Solar's panels come with a 10 year workmanship warranty and a 25 year linear power output warranty.

Mr. Jifan Gao, Chairman and CEO of Trina Solar said: "This new collaboration with Gestamp Solar is very important to us. It is a milestone for the company, as it is our first major project in South Africa and will enable us to strengthen our presence in this market, where the solar sector is booming. The responsible way in which we handle our business and our balance sheet makes us a stable and reliable partner for these kinds of large-scale projects, and we are delighted to be continuing to work with Gestamp Solar."


Thursday, January 17, 2013
Comments & Business Outlook

MUNICH, January 17, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE:TSL) ("Trina Solar" or "the Company"), a global leader in photovoltaic modules, solutions and services, has supplied PV modules totaling 61MW for the Green Tower project in the German federal state of Brandenburg. More than 252,000 multi-crystalline Trina Solar modules, each with an average output of more than 240Wp, have been installed on the former Preschen airfield in Jocksdorf, Brandenburg. Following a land conversion process, the compound was developed into a giant solar farm with rows of modules extending for more than a kilometre. The PV park that now covers the former military field has been fully commissioned and is considered to be one of the most efficient plants in the world. It provides clean solar power covering the annual energy needs of approximately 17,000 households.

"Selecting Trina Solar as our main module provider was a very good choice," said Alfred Behrens, CEO at AB Unternehmensberatung & Beteiligungsgesellschaft mbH, who initiated the project. "Because construction advanced well ahead of schedule, we ordered an additional 5.5MW of modules, which Trina Solar was able to provide and deliver to the site in just three days. Delivery capacity like that is hard to beat. And in terms of product quality, Trina Solar is top-class."

"We are glad to have contributed to the success of this solar farm as the main module provider," said Ben Hill, Head of Europe at Trina Solar. "Their decision to work with Trina Solar clearly endorses our corporate strategy and priorities: high quality and adherence to schedules, and being flexible when parameters change - these are the ingredients you need to make large-scale projects like this successful."


Monday, January 14, 2013
Comments & Business Outlook

CHANGZHOU, China, January 14, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products, today announced that it has obtained approval from the Gansu Provincial Development and Reform Commission to develop a 50 MW grid-connected solar power plant project in Wuwei, Gansu. The project is expected to support economic stimulus in a region challenged by semi-desert conditions. The Wuwei municipality is well-suited for solar energy production due to favorable irradiance and the ability to sell off electricity to other regions in addition to supplying local needs.

"We are delighted to have been granted the rights to develop this solar project in Wuwei, Gansu province," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This project will bring not only job opportunities to the Wuwei region of Gansu, but also environmentally friendly renewable energy which is vital to the overall economic development of the region."

Trina Solar has a long history of promoting the use of PV energy. As early as 2003, the Company completed the construction of 40 standalone power stations in Tibet, providing much needed electricity to the Chamdo region. The central and western regions will be the focus of China's economic and social development in the coming decade. Trina Solar is dedicated to building a reliable energy infrastructure in underdeveloped regions of China.


Contract Awards

CHANGZHOU, China, January 14, 2013 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products, today announced that it has obtained approval from the Gansu Provincial Development and Reform Commission to develop a 50 MW grid-connected solar power plant project in Wuwei, Gansu. The project is expected to support economic stimulus in a region challenged by semi-desert conditions. The Wuwei municipality is well-suited for solar energy production due to favorable irradiance and the ability to sell off electricity to other regions in addition to supplying local needs.

"We are delighted to have been granted the rights to develop this solar project in Wuwei, Gansu province," said Mr.Jifan Gao, Chairman and CEO of Trina Solar. "This project will bring not only job opportunities to the Wuwei region ofGansu, but also environmentally friendly renewable energy which is vital to the overall economic development of the region."


Tuesday, November 20, 2012
Comments & Business Outlook

Third Quarter 2012

  • Net revenues were $298.0 million, a decrease of 13.9% from the second quarter of 2012
  • Gross profit was $2.4 million, a decrease of 91.9% from the second quarter of 2012
  • Gross margin was 0.8%, compared to 8.4% in the second quarter of 2012, and included a non-cash inventory write-down totaling $13.3 million and a reversal of prior provision for anti-dumping and countervailing duties (AD/CVD) in the United States totaling $25.8 million
  • Net loss was $57.5 million, compared to $92.1 million in the second quarter of 2012
  • Loss per fully diluted American Depositary Share ("ADS") were $0.81, compared to $1.30 in the second quarterof 2012 (each ADS represents 50 ordinary shares)

"Our third quarter sales were adversely impacted by the ongoing supply-demand imbalance in the global PV industry, high inventories and the irrational pricing practices by some competitors in the market," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "These factors contributed to declines in our average selling prices, despite cost improvements of our key materials. Higher historical costs of our inventory also contributed to the low gross margin and net loss in the third quarter. In response to this challenging operating environment, we focused our efforts on retaining quality customers and maximizing operating cash flow, which resulted in improvements in trade receivables and inventory balance from the previous quarter.

"As recently announced, we have also successfully implemented two major initiatives. During the third quarter, we conducted the restructuring of our global business into distinct modules and systems business units. We believe this will allow us to more efficiently manage operating costs for product development to address increasing PV solar end-use applications and geographic expansion, as well as to grow our project systems as a percentage of our total business. In conjunction with this restructuring, we performed a top-down review of our operations to reallocate and reduce our headcount and other operating expenses. These initiatives address current industry conditions as well as the shift in regional demand and changes to our customers' business models as a result of the increasingly attractive economics of solar energy for utility scale applications.

"We remain committed to improving the quality of our products, as well as our manufacturing process and performance. In the third quarter, we received the Carbon Footprint Verification from the British Standards Institute, which affirms that we comply with international best practices in carbon accounting, demonstrating our commitment to sustainable development. More recently, our commitment to quality was reflected by a certification from Underwriters Laboratories' ("UL") Client Test Data Program, which will allow Trina Solar to conduct UL-standard testing to accelerate market delivery of our latest technology-driven innovations and products."

Fourth Quarter and Fiscal Year 2012 Guidance

During the fourth quarter of 2012, the Company expects to ship between 380 MW to 400 MW of PV modules.

The Company believes its overall gross margin for the fourth quarter, taking into account wafer and cell quantities outsourced from third party suppliers to meet demand in excess of its internal capacity and other needs, will be approximately similar to that in the third quarter of 2012. Such guidance is based on the exchange rate between the Euro and U.S. dollar as of November 22, 2012. For the full year 2012, the Company revises its expectations for total PV module shipments to be between 1.55 GW to 1.6 GW, compared to its previous guidance of 1.75 to 1.8 GW


Monday, November 12, 2012
Comments & Business Outlook

CHANGZHOU, China, Nov. 12, 2012 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products, announced today the following updates to its previous guidance for the quarter ended September 30, 2012.

The Company estimates its solar module shipments in the third quarter of 2012 to be between 375 MW and 385 MW, compared to the Company's previous guidance of between 450 MW and 480 MW. Additionally, for the third quarter of 2012, the Company estimates that overall gross margin, including the impact of a provision for a non-cash inventory write-down and a reversal of prior provisions for anti-dumping and countervailing duties (ADCVD) in the United States, to be between 0% and 1.5%, compared to the Company's previous guidance of middle-single digits in percentage terms.

The Company will confirm or revise its previous shipment guidance of between 1.75 to 1.8 GW for the full year 2012 during its third quarter 2012 earnings conference call.

As these selected estimated results are subject to the finalization of the Company's financial closing procedures, the Company's actual results may differ from its current estimates.

"Our third quarter sales were adversely impacted by a continued supply-demand imbalance in the global PV industry, high inventory levels and irrational pricing practices by some competitors in the market," said Mr. Jifan Gao, Chairman and CEO of Trina Solar.

"As recently announced, we have successfully completed two major initiatives, which include the restructuring of our global business into distinct modules and systems business units, and a top-down review of our operations to reallocate and reduce our headcount and other operating expenses. Such initiatives address current industry conditions as well as the shift in regional demand and changes to our customers' business models as a result of the increasingly attractive economics of solar energy for utility scale applications."



Thursday, October 11, 2012
Comments & Business Outlook

SAN JOSE, CA and CHANGZHOU, China, October 11, 2012 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company") offers the following statement regarding the final determinations of antidumping and countervailing duties (AD/CVD) by the U.S. Department of Commerce ("DOC") in the AD/CVD investigations on Crystalline Silicon Photovoltaic Cells, Whether or Not Assembled into Modules, from China.

On October 10, 2012, the DOC announced its final determination regarding the duties applicable to these imports. Trina Solar, a producer and exporter of these products to the United States market, received a combined effective net rate of 23.75% (out of a range from 23.75% to 254.66%). This rate is comprised of AD duties of 18.32% and CVD duties of 15.97%, of which an export subsidy of 10.54% is subtracted from the AD duties calculation to avoid double application. Trina Solar has prepared for this potential outcome and continues to abide by its contractual commitments.

The DOC also reaffirmed that the scope of the case would be limited to solar cells and modules manufactured using solar cells produced in China.

Trina Solar continues to actively defend its position before the International Trade Commission ("ITC"), which in November of 2012 is expected to make separate determinations of economic injury as well as critical circumstances before the AD/CVD duties can be imposed.

At the end of these cases, Trina Solar will consider whether it is necessary and prudent to appeal the final determinations issued by the DOC or the ITC.

"While we disagree with the Department of Commerce's conclusions in this case, we will abide by their decision and look forward to the ITC's final ruling on this issue in November," said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "We are a strong, resilient company and we will continue to innovate, drive technological advances and bring clean energy to the U.S. and around the world."

"We highly value our U.S. customers and business partners, and their loyal support throughout this process," said Mark Mendenhall, President of Trina Solar Americas. "We look forward to final resolution of this case and will continue to build strong relationships and to grow our North American business to meet our customers' needs."


Wednesday, September 12, 2012
Comments & Business Outlook

CHANGZHOU, China, September 12, 2012 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced its plans to streamline its organizational structure to optimize business operations.

"In order to overcome the challenges of an increasingly competitive landscape in today's solar PV industry and achieve sustainable development, we are taking company-wide initiatives to streamline our organization. These initiatives include separating our PV module and systems business units and adopting an operating expense reduction program, which will involve some headcount reductions," said Mr. Jifan Gao, Chairman and CEO of Trina Solar, "These measures will enhance the Company's agility in responding to the needs of different customers and commercial opportunities. The Company also hopes that these initiatives will allow us to improve our competitiveness and elevate our standing as an industry leader in measures beyond cost leadership."

"In bringing down our operating expenses, we will become a more competitive organization," said Mr. Terry Wang, CFO of Trina Solar. "This streamlining is planned to enhance management efficiency. Going forward, our continued success in the solar PV industry will largely depend upon our ability to strategically allocate our resources in the most efficient manner."


Tuesday, August 21, 2012
Comments & Business Outlook

Second Quarter 2012 Financial and Operating Highlights

  • Net revenues were $346.1 million, a decrease of 1.1% sequentially
  • Gross profit was $29.0 million, an increase of 43.1% sequentially
  • Net loss was $92.1 million, compared to net loss of $29.8 million in the first quarter of 2012
  • Earnings per fully diluted American Depositary Share ("ADS") were negative $1.30, compared to negative $0.42 in the first quarter of 2012 (each ADS represents 50 ordinary shares)

"Industry overcapacity and demand constraints in newer and traditional PV markets contributed to deflationary pricing pressures in the second quarter, which adversely affected our operating margins and profitability," said Mr. Jifan Gao, Chairman and CEO of Trina Solar.

"Market demand challenges included uncertainty caused by changes in the system of feed-in-tariffs in markets such as Italy, the influence of potential anti-dumping tariffs in the United States, inventories due to project delays from U.S. customers that made purchases under the U.S. federal government's 1603 Program and project start-up delays by certain of our customers in China due to revised network planning and related bid award delays and financing limitations. Despite these uncertain market conditions, we tried to maintain gross profits by further lowering our manufacturing costs, which are on track to meet our previously stated year-end target.

"To address the increased competitiveness of our environment, we have recently restructured our global sales, marketing and project development structure. We anticipate that these changes will streamline the flow of information required in our day-to-day commercial decision-making to better serve the needs of our four global revenue regions and to expand our global customer base. Together with our expanding portfolio of innovative, technology-driven products and solutions and increased presence in regional markets, we believe these changes will better position us to secure our long-term position as an industry leader," said Mr. Gao.

"Our second quarter receivables provision largely reflects the overdue balances for certain customers," said Mr. Terry Wang, Chief Financial Officer of Trina Solar. "We continue our efforts to monitor and collect payments from these customers.


Monday, July 30, 2012
Comments & Business Outlook

CHANGZHOU, China, July 30, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today the following updates to its previous guidance made for the quarter ended June 30, 2012.

The Company estimates its solar module shipments in the second quarter of 2012 to be between 390 MW to 420 MW, compared to the Company's previous guidance of 500 MW to 520 MW for the reasons discussed below. Additionally, for the second quarter of 2012, the Company estimates that overall gross margin, including the impact of a provision for potential countervailing and anti-dumping duties and a non-cash inventory write-down in the range of $26 million to $28 million, to be 7.0% to 9.0%, compared to the Company's previous guidance of approximately 10%.

The Company further expects that its operating expenses in the second quarter of 2012 will be impacted by:

  • A receivables provision between $45 million to $48 million primarily for certain customers' accounts receivables; and
  • A foreign currency exchange loss between $22 million to $23 million, which was net of changes in fair value of derivative instruments.

The Company will confirm or revise its previous shipment guidance of between 2.0 to 2.1 GW for the full year 2012 during its second quarter 2012 earnings conference call.

"An overcapacity-induced deflationary pricing environment caused the shortfall in gross margin," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Shipment volume fell short of our targets as US market uncertainty on the preliminary impact of the tariff resulted in stagnant demand in North America, and the timing of several large projects in China was pushed to the second half of 2012. Amidst these market conditions, we strived to maintain reasonable gross profits."

"The receivables provision results largely from the overdue balances for certain customers," said Mr. Terry Wang, CFO of Trina Solar. "Meanwhile, the Company is making a strong effort to collect payments from these customers."

As these selected estimated results are subject to the finalization of the Company's financial closing procedures, the Company's actual results may differ from its current estimates.


Friday, July 27, 2012
Investor Alert

ZURICH, Switzerland, July 27, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company") offers the following statement regarding the EU ProSun Initiative Group's announcement that a formal request was rendered with the European Commission to investigate alleged unfair importation of solar products made in China.

Trina Solar believes that its transactions with customers in Europe were made in accordance with fair trade practices. It has, and will continue to, adhere to prudent and recognized industry practices and standards in the European Union. Trina Solar is confident that these facts will be affirmed with the proceedings.

"Trina Solar's track record of technology innovation has contributed to great value creation for our global and European partners," said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar.

"We remain committed to the strong relationships we have developed in the European solar industry and will continue to deliver industry leading solutions together with our customers," added Ben Hill, President of Trina Solar Europe. "Open markets and increased competition have made solar energy in the European Union affordable, contributing to an increasingly diversified European energy mix and progress toward the ambitious EU 2020 climate change targets and 2050 roadmap. Today, the price for solar energy is already competitive with more carbon-intensive energy sources in some areas in Europe. A misguided trade conflict could undermine years of solar industry progress, investment and innovation in Europe," said Mr. Hill.

As before, Trina Solar remains dedicated to bringing the sustainable benefits of clean and innovative solar energy products and services to residential, commercial and utility scale customers worldwide.


Tuesday, July 10, 2012
Comments & Business Outlook

ONTARIO, July 10, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or "the Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from ingots to modules, today announced a new Ontario sales and business development office as the Company also announces a partnership with Silfab Ontario, enabling Trina Solar to offer world-class modules that are locally-manufactured for the Canadian market.

Trina Solar's establishment of a Canadian subsidiary, Trina Solar (Canada) Inc., represents the Company's commitment to the Canadian solar PV market. Fueled by a forward-thinking feed-in tariff, Ontario has become the second largest North American solar PV market after California.

"Trina Solar sees the Canadian market as an opportunity to expand our sales efforts and create local jobs by providing clean energy that fights global warming," said Mark Paddison, Trina Solar's newly appointed company representative who has nearly three decades of experience working in Canadian and American PV sectors. "We foresee strong growth for the Canadian industry that could reach 1GW by 2015. We look forward to participating more directly in the growth of the industry and to collaborating with our Canadian partners to bring solar PV to the next level of adoption and popularity."  Full release.


Tuesday, June 26, 2012
Auditor trail

CHANGZHOU, China, June 26, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today that its board of directors and audit committee approved the appointment of KPMG as its independent auditors for the year ending December 31, 2012.  The selection of KPMG was made as part of a structured rotation of the Company's audit service providers and is subject to shareholder's approval at the Company's annual general meeting.  The Company is working closely with its prior audit firm, Deloitte Touche Tohmatsu CPA Ltd. ("Deloitte"), and KPMG to ensure a seamless transition.

"We would like to thank Deloitte for the service of their experienced and dedicated team over the past several years," said Mr. Jifan Gao, chairman and chief executive officer of the Company.  "We look forward to working with the KPMG team."

Deloitte's report on the Company's consolidated financial statements for the past two years did not contain any adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles.  In the Company's two most recent fiscal years and subsequent interim period preceding the appointment of the new auditors, the Company and Deloitte did not have any disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures that would have caused Deloitte to make reference to the subject matter of the disagreement in connection with its report on the Company's consolidated financial statements.


Tuesday, June 12, 2012
Joint Venture

ZURICH, Switzerland, June 12, 2012 /PRNewswire-Asia/ - Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, today announced a collaboration with Germany-based E3/DC to develop next generation energy storage solutions for homes and small businesses.

After introducing Trinamount in 2011 and announcing the launch of Trinasmart recently, Trina Solar further strengthens its position as provider of solar energy solutions. "We are very excited about this new collaboration," said Ben Hill, Head of Trina Solar Europe. "Storage is a key technology going forward. It helps to balance solar energy generation with consumption. Customers thus become independent from rising energy costs. We see increasing interest in storage solutions and wish to be at the forefront of this development."

While the collaboration provides Trina Solar access to best-in-class storage technologies, E3/DC benefits from Trina Solar's global footprint. "Trina Solar is a well established and well respected global solar brand," said Andreas Piepenbrink, managing partner of E3/DC. "Trina Solar's sales and marketing offices throughout Asia-Pacific, Europe and Americas allow us to reach out to a multiple of markets and a broad scope of customers. This is a highly important and promising collaboration for us."


Wednesday, May 23, 2012
Comments & Business Outlook

First Quarter 2012 Results

  • Solar module shipments were approximately 380 MW for the first quarter of 2012, compared to the Company's previous guidance of between 400 MW to 430 MW, representing a decrease of 10.6% sequentially
  • Net revenues were $349.9 million, a decrease of 19.7% sequentially
  • Gross profit was $20.3 million, a decrease of 34.7%
  • Gross margin, including provisions for potential countervailing and anti-dumping duties totaling $26.2 million, was 5.8%, compared to the Company's previous guidance of low teens in percentage terms, compared to 7.1% in the fourth quarter of 2011
  • Gross margin, excluding provisions for potential countervailing and anti-dumping duties, was 13.3%
  • Loss from operations was $39.9 million, compared to operating loss of $62.9 million in the fourth quarter of 2011
  • Operating margin was negative 11.4%, compared to negative 14.4% in the fourth quarter of 2011
  • Net loss was $29.8 million, compared to net loss of $65.8 million in the fourth quarter of 2011
  • Earnings per fully diluted American Depositary Share ("ADS") were negative $0.42, compared to negative $0.93 in the fourth quarter of 2011

"While we maintained relatively strong shipments in a seasonally low first quarter, continued module price declines adversely impacted our profitability despite significant cost improvements." said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "Additionally, our first quarter benefited from shipments to the United States in connection with qualified projects under the U.S.'s 1603 Federal Grant Program."

"Though we see further signs of industry consolidation, we are addressing the challenges of the current market environment by accelerating the delivery of innovative, technology-driven products and providing differentiated service offerings."

"Lower system costs continue to drive market opportunities throughout the Americas and our market development efforts have expanded in South America, the Caribbean Islands and in Canada, where we have established a legal operating entity in Ontario. Meanwhile, in Africa and the Middle East, we are working with a growing number of local developers and utilities to supply power purchase agreement-driven projects, which are increasingly independent of traditional feed-in-tariffs.

"Finally, in the area of corporate social responsibility, we are very pleased by our recent number one overall ranking in the Silicon Valley Toxics Coalition's 2012 Solar Scorecard. We believe this reflects our increasing effort and commitment toward ensuring our role in the PV sector remains positive for the environment, our workers, and the communities in which we conduct our business."

Second Quarter and Fiscal Year 2012 Guidance

For the second quarter of 2012, the Company expects to ship between 500 MW to 520 MW of PV modules.

The Company believes its overall gross margin for the second quarter, including the impact of provisions for potential countervailing and anti-dumping duties, will be approximately 10 percent. This figure takes into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity. Such guidance is based on the exchange rate between the Euro and U.S. dollar as of May 23, 2012.

For the full year 2012, the Company expects total PV module shipments between 2.0 to 2.1 GW, representing an increase of 32.5% to 39.1%, respectively, from 2011.


Friday, May 18, 2012
Legal Insights

CHANGZHOU, China, May 18, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company") offers the following statement regarding the preliminary determination of antidumping duties by the U.S. Department of Commerce (the "DOC").

On May 17, 2012, a preliminary determination was announced by the DOC in Washington, DCregarding the exportation of crystalline silicon photovoltaic cells and modules from China. A preliminary antidumping duty ("AD") rate of 31.14% was calculated to apply to the importation intothe United States of Trina Solar's solar cells and modules/panels produced in China.

The DOC also preliminarily determined that the AD investigation does not apply to modules manufactured in China that incorporate solar cells produced in a third country. This decision is consistent with DOC's prior preliminary determination in the parallel countervailing duty ("CVD") investigation of the same products. The DOC found "critical circumstances" and therefore the AD rate will apply retroactively to imports, beginning approximately 90 days prior to the preliminary determination. Trina Solar continues to actively defend its position in these administrative proceedings.

"Trina Solar's innovation and globalization has helped to create great value for our stakeholders," said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "Current market conditions illustrate precisely why we have been conservative in the past, and why we place a priority on building a strong balance sheet. We believe that the quality of our panels and the strength of our team will ensure that we continue to serve the US market for the long term."

"We remain committed to the very close relationships we have developed in the US solar industry and will continue to deliver industry leading solutions together with these customers," added Mark Kingsley, Chief Commercial Officer of Trina Solar. "Our primary objective remains to sustainably drive down total installed per watt cost through the use of our proprietary high-efficiency module know-how in combination with industry best practices on balance of system cost optimization. This is simply what is required to unlock the next level of fossil fuel replacement in the United States. Any duties are short-sighted impediments to this worthy goal."

Kingsley concluded, "We intend to strongly defend with data our position that these duties are unwarranted and serve as an impediment to the broader adoption of solar energy in a time of rising fuel costs. As a forward-thinking global company, we will continue to assess our options to most effectively serve all of our markets, including our growing business in the United States."


Thursday, March 22, 2012
Comments & Business Outlook

ZURICH, Switzerland, March 22, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE:TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, today announced that it will launch a partner program for installers in German-speaking markets on the 2nd April 2012. The program is called Trina Solar Partner Plus and offers a number of benefits to registered members including exclusive offers, technical service, active sales support and first hand information. Interested installers can register free of charge at www.trinasolar-partnerplus.com. Early bird registrations until 1st April 2012 are rewarded with attractive offers. Trina Solar is the first top tier PV manufacturer from China to offer such a program to installers in German-speaking markets. The service offering of the program has been based on extensive research and addresses key installer needs.

"We are very excited to launch this program," said Ben Hill, Head of Trina Solar Europe. "Our Trina Solar Partner Plus program provides numerous benefits to installers under the motto 'You Deserve More.' Registered installers collect valuable points by buying our products. These points define membership privileges and can be used for attractive awards. Providing more support to installers generates more demand for our products and drives more sales, which means more business for our distribution partners. So our Trina Solar Partner Plus program is a double win - for installers and for our authorized business partners."

The start of Trina Solar's Partner Plus program comes shortly after the company was awarded the TOP BRAND PV quality seal in Germany. The award was based on representative surveys among installers and end customers carried out by the independent and renowned solar research institute EuPD. It proves that Trina Solar achieved a major increase in brand awareness and preference in Germany and is one of the best-known international brands among installers.

"It is an honor for us to be recognized as one of the top brands that are authorized to carry the TOP BRAND PV seal," said Ben Hill. "Our Partner Plus program builds on this trust, further deepens our relationship with installers and rewards their loyalty to our brand. The trust in our brand is based on superior product quality, reliability as a partner, solid financials and strong local customer service." Trina Solar is planning to roll out the Partner Plus program in other key European markets in 2012


Thursday, February 23, 2012
Comments & Business Outlook

Fourth Quarter 2011 Financial and Operating Highlights

  • Solar module shipments were approximately 425 MW for the fourth quarter of 2011, compared to the Company's previous guidance of between 320 MW to 350 MW, a sequential increase of 14.8%
  • Net revenues were $435.7 million, a decrease of 9.6% sequentially
  • Gross profit was $31.0 million, a decrease of 40.4% sequentially
  • Gross margin was 7.1%, compared to the Company's previous guidance of approximately 10%, and to 10.8% in the third quarter
  • Loss from operations was $62.9 million, compared to an operating loss of $23.5 million in the third quarter of 2011
  • Operating margin, including receivables and supplier prepayment provisions totaling $25.4 million, was negative 14.4%, compared to negative 4.9% in the third quarter of 2011
  • Net loss was $65.8 million, compared to a net loss of $31.5 million in the third quarter of 2011
  • Earnings per fully diluted American Depositary Share ("ADS") were negative $0.93, compared to negative$0.45 in the third quarter of 2011

"We achieved notable sequential shipment growth in the fourth quarter as we expanded sales in our existing major and newer emerging markets. Despite this achievement, growth in worldwide module capacity and peaked channel inventory resulted in significantly lower product prices which adversely affected our bottom line results, whereby our cost reduction was not sufficient to offset lower ASPs." said Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "Most notably, as a result of our diversified sales by region, revenue outsideEurope exceeded fifty-percent of global sales for the first time in our history.

"We finished 2011 with annual shipment growth of approximately 43% over 2010. We believe that our broader geographic sales mix will better position us for future growth in both sales and income as expected price stabilization is realized.

"We will continue our focus on combining innovative products and manufacturing efficiency to respond to and anticipate customer's needs by extending service offerings and integrating our technology developments into improved end-user solutions. For our U.S. customers, we recently launched a fully-integrated solution that encompasses in-house design services, our recently-commercialized high performing 'Honey' modules and Trinamount, which saves time on the installation process to lower total system costs.

"Despite challenges facing the market, we expect the global solar industry to experience long-term growth and that further consolidation will occur among the smaller solar companies in the next few years. We maintain our position as a top-tier and renowned manufacturer of high quality solar products. Our recent ISO14064-1:2006 verification from the British Standards Institute is evidence of our commitment to lead the PV industry in sustainable development.

"Lastly, with installed PV systems becoming increasingly affordable, we see evidence of increasing solar demand in markets less dependent upon government support or utility rate premiums. The cost of solar power compares favourably against other alternative energies, such as wind, and is now below user-paid rates for an increasing number of markets and user categories. We believe this positive trend represents a great opportunity for our company and the solar industry in the future.

Operations and Business Outlook

Non-Silicon Cost
In the fourth quarter of 2011, the Company's non-silicon manufacturing cost for its core raw materials to module production reached approximately $0.64 per watt, compared to its previously announced target of $0.70 per watt by the end of 2011. The year-on-year reductions in non-silicon manufacturing cost were primarily due to more efficient manufacturing and higher cell conversion efficiencies, as well as reduced supply chain costs created by increased on-site recycling of consumable and non-consumable materials.

By the end of 2012, the Company expects to reach a non-silicon manufacturing cost of below $0.60 per watt through continued innovative technological and manufacturing process improvements involving proprietary processes for ingot, wafer, cell and module manufacturing, higher cell conversion efficiencies, and further supply chain and logistics management initiatives currently under testing or development.


Thursday, February 16, 2012
Deal Flow

CHANGZHOU, China, Feb. 16, 2012 /PRNewswire-Asia/ -- Trina Solar Limited (NYSE: TSL)today that its wholly-owned subsidiary, Trina Solar (Changzhou) Science & Technology Co. Ltd., has obtained a three-year structured term loan facility from Standard Chartered Bank.

The structured term loan facility is for an amount of up to US$100 million dollars, which may be drawn down in single or multiple tranches within the first 12 months. Each tranche is for a term of up to 36 months from the initial drawdown date, and may be extended for up to another two years. The facility will support the Company's announced East Campus project, which is expected to add approximately 500 MW of cell and module capacity and feature its high-efficiency Honey cell technology.

"We are very pleased to have received this financing to drive the commercial realization of our innovative technology," said Terry Wang, Chief Financial Officer of Trina Solar. "We recognize Standard Chartered Bank's consistent and strong support of solar energy's adoption through its renewable energy financing initiatives, including providing this loan to support the rollout of our new high-efficiency product."

Eric Lian, Managing Director and Head of Wholesale Banking Origination & Client Coverage, Co-Head of Wholesale Banking, Standard Chartered Bank (China) Limited, said, "We are very pleased to provide financial support to Trina Solar, a leading integrated manufacturer of solar photovoltaic products. Standard Chartered is a firm supporter of renewable energy. We have integrated environmental and sustainable development criteria into our lending and investment decision making processes, and established deep relationships with many clients in the clean energy sector. Leveraging on our global expertise in sustainable business, we are committed to developing financial products and services for Chinese corporates in the clean energy industry to facilitate a shift to a low-carbon economy in China."

In addition to this term loan, Standard Chartered Bank has worked closely with Trina Solar since 2008, providing short-term working capital and trade financing facilities, as well as products that support the Company's foreign exchange hedging program.


Wednesday, January 4, 2012
Comments & Business Outlook

CHANGZHOU, China, January 4, 2012 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, today announced the establishment of the Changzhou Trina International School.

The initiative is driven by investment from the Changzhou State-Owned Asset Investment Corporation, Changzhou Trina Solar Energy Co., Ltd., and the Changzhou Foreign Language School. The Changzhou Trina International School is also supported by the Changzhou New District Government and the Changzhou Education Bureau.

The international school will primarily attract children from the expatriate community, as well as students from within Jiangsu Province who have demonstrated outstanding academic achievement. The goal of creating a school of recognized international standards is to meet the city's growing demand for a first-class international education service, and will serve as an important pillar to attract international talents to Changzhou. The private school will provide international curricula for kindergarten, elementary, middle school and high school students, and is expected to open operations in the fall of 2012. The Company will invest an estimated $11.9 million for an approximate 31% equity stake.

"We are extremely proud to be involved in the establishment of the Changzhou Trina International School, which will help to educate young people and promote academic excellence in an environment of cultural diversity," said Jifan Gao, Chairman and CEO of Trina Solar. "This non-profit venture will meet the educational needs of the children of the foreign expatriate community, as well as outstanding students from the province.

In addition to providing benefits in line with our Corporate Social Responsibility commitments, we believe the school's establishment will offer Trina Solar a strategic competitive advantage in attracting and retaining first class solar industry management over the long term, as well as R&D talent to complement the opening of our National PV Research Laboratory within our Changzhou Trina PV Park."


Tuesday, November 22, 2011
Comments & Business Outlook

Third Quarter 2011 Results

  • Solar module shipments were approximately 370 MW for the third quarter of 2011, representing a decrease of 6.6% sequentially and an increase of 27.4% year-over-year
  • Net revenues were $481.9 million, a decrease of 16.8% sequentially and 5.2% year-over-year
  • Gross profit was $52.0 million, a decrease of 47.1% sequentially and 67.4% year-over-year
  • Gross margin was 10.8% which includes a non-cash inventory write down of $19.1 million, compared to 17.0% in the second quarter of 2011 and 31.4% in the third quarter of 2010
  • Gross margin relating to the Company's in-house wafer production to module production was 18.3%
  • Loss from operations was $23.5 million, compared to operating income of $32.8 million in the second quarter of 2011 and $113.0 million in the third quarter of 2010
  • Operating margin was negative 4.9%, compared to 5.7% in the second quarter of 2011 and 22.2% in the third quarter of 2010
  • Net loss was $31.5 million, compared to net income of $11.8 million in the second quarter of 2011 and $82.9 million in the third quarter of 2010
  • Earnings per fully diluted American Depositary Share ("ADS") were negative $0.45, compared to $0.17 in the second quarter of 2011 and $1.08 in the third quarter of 2010


 

"We experienced a challenging third quarter as a result of significant price declines and tightened financing conditions, which affected some of our customers' large European projects," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "During the third quarter, we paid increasing attention to customer credit risks and in some cases regulatory risks linked to the underlying project markets, which resulted in our foregoing some sales opportunities. We also continued to maintain a strong balance sheet during this quarter."

"To best position Trina Solar going forward, we are refining our marketing and product strategies to address larger and more diversified distribution channels, in both established and emerging solar markets. These include the growing US residential leasing channel, where we recently signed a 60 MW supply agreement in the fourth quarter."

"As we focus on growth, the recent establishment of our Asia Pacific regional headquarters in Singapore will help us secure new customers in the Asia Pacific region, the Middle East and South Africa. In markets such as Australia and Southern Europe, as grid parity approaches, we believe that long-term success will ultimately depend on the effective delivery of innovative solutions based on efficient manufacturing and customer-driven value-added support services. Examples of our successful execution of this strategy include our total system cost-saving Trinamount module line and our recently launched multicrystalline-based 'Honey' technology-based module, which we believe achieved a world record output based on tests conducted by TUV Rheinland ("TUV")."

Fourth Quarter and Fiscal Year 2011 Guidance

For the fourth quarter of 2011, the Company expects to ship between 320 MW to 350 MW of PV modules.

The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the fourth quarter will be approximately 10%. Such guidance is based on the exchange rate between the Euro and U.S. dollar as of November 21, 2011. Based on its demand outlook for the fourth quarter of 2011, the Company has revised its outlook for the full year 2011 PV module shipment to approximately 1.4 GW, representing an increase of approximately 32.5% from 2010, compared to the Company's previous guidance of between 1.75 GW to 1.8 GW.


Thursday, November 3, 2011
Comments & Business Outlook

CHANGZHOU, China, November 3, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today the following updates to its previous guidance made for the quarter ended September 30, 2011.

The Company estimates its solar module shipments in the third quarter of 2011 to be in the range of 372 MW to 375 MW, compared to the Company's previous guidance of 480 MW to 520 MW for the reasons discussed below. Additionally, for the third quarter of 2011, the Company estimates:

  • Gross margin relating to its in-house wafer production and module production to be in the range of 18% to 19%, in line with the Company's previous guidance of high teens in percentage terms; and
  • Overall gross margin to be in the range of 10% to 11%, which includes a non-cash inventory write down of approximately $19 million, compared to the Company's previous guidance of mid to high teens in percentage terms.

"A deflationary pricing environment impacted by challenging financing conditions for some of our customer's European projects resulted in the shortfall of our targeted shipment volumes," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "At the same time, we strived to maintain reasonable gross profits amidst such market conditions."

"Despite continued challenges in our traditional markets, we believe our efforts to capture or expand business in new and existing customer channels will result in significant orders for the year 2012. Specifically, we are encouraged by the prospects of demand growth in emerging PV markets within the Americas, Asia and Africa. Additionally, we have improved, and will continue to improve, our leading manufacturing efficiencies and cost structure through, among other things, renegotiations of some of our polysilicon and other key materials agreements to position us favorably going forward."

Based on its demand outlook for the second half of 2011, the Company has revised its outlook for the full year 2011 PV module shipments to approximately 1.4 GW, compared to the Company's previous guidance of between 1.75 GW to 1.8 GW.


Tuesday, August 23, 2011
Comments & Business Outlook

Second Quarter 2011 Results

  • Net revenues were $579.5 million, an increase of 5.2% sequentially and 56.3% year-over-year
  • Net income was $11.8 million, compared to net income of $47.7 million in the first quarter of 2011 and $38.7 million in the second quarter of 2010
  • Earnings per fully diluted American Depositary Share ("ADS") were $0.17, compared to $0.63 in the first quarterof 2011 and $0.52 in the second quarter of 2010

"Amidst continuing demand environment challenges, we achieved record shipment volumes in the second quarter," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Despite this increase, our sales were affected by end-market financing and high industry inventory due in part to recently-issued regulatory revisions and reduction of solar subsidies in Italy.

"In the third quarter, we expect a significant reduction in our manufacturing costs due in large part to recently completed renegotiation of the majority of our long term polysilicon feedstock and wafer agreements. We have seen substantial improvement in order pipeline from our distributors and large commercial and utility segment customers across Europe and North America. In addition to recently concluded agreements, we are also advancing discussions with new and existing customers to secure a growing number of sales agreements that extend through the second half of the year and early 2012.

"We are very encouraged by China's solar feed-in-tariff updates announced on August 1, which we believe reflect the improved economics and efficiency of solar energy. Since our recently announced agreements to supply two large-scale solar projects in Qinghai, we have seen increased opportunities to expand our domestic shipment allocations as the market expands.

"We remain focused on quality performance, product innovation and improved manufacturing efficiency, with the ultimate goal of improving total PV system performance, reliability and cost factors to further differentiate our product offerings. To support these goals, we recently announced our collaboration with Australia National University to develop high efficiency n-type monocrystalline solar cells with conversion efficiencies of 20%, and the launch of our innovative Trinamount mounting solutions to reduce overall system costs through systems-level innovation and product design.

"Lastly, we are excited to announce an improved warranty program that extends our product workmanship warranty from five to ten years and offers a 25-year linear performance warranty that positions Trina Solar's modules as one of the safest investments in the renewable energy marketplace."

Third Quarter and Fiscal Year 2011 Guidance

For the third quarter of 2011, the Company expects to ship between 480 MW to 520 MW of PV modules.

The Company expects its gross margin relating to its in-house wafer production to module production to be in the high teens in percentage terms during the third quarter of 2011. The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the third quarter will be in the mid to high teens in percentage terms. Such guidance is based on an exchange rate between the Euro and U.S. dollar of approximately $1.40. For the full year 2011, the Company expects total PV module shipments to be between 1.75 GW to 1.8 GW, representing an increase of 65.6% to 70.3% from 2010.

2011 Capacity Expansion

As of July 31, 2011, the Company's annualized in-house ingot and wafer production capacity was approximately 1.0 GW and its PV cell and module production capacity was approximately 1.9 GW.

To meet expected demand for its PV solar modules, the Company expects to raise its annualized in-house ingot and wafer production capacity to approximately 1.2 GW in the second half of 2011, based on actual manufacturing yield.


Wednesday, August 17, 2011
Joint Venture

CHANGZHOU, China August 17, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from ingots to modules, today announced that through its subsidiary, Trina Solar Australia Pty Ltd, it has signed a strategic partnership with Origin Energy Australia ("Origin"), the leading Australian integrated energy company.

Under the terms of the agreement, Trina Solar is expected to supply Origin with approximately 22 MW of PV modules over the next twelve months starting from the third quarter of 2011.

"We are delighted to initiate our relationship with Origin, Australia's leading energy retailer and the country's largest green energy retailer with significant investments in renewable energy technologies," said John Susa, Trina Solar's Country Manager of Australia and New Zealand. "We are confident that this long-term partnership with Origin will bolster our ability to expand and strengthen our market position in the residential segment."


Thursday, August 4, 2011
Comments & Business Outlook

CHANGZHOU, China, August 4, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, announced today that its subsidiary, Changzhou Trina Solar Energy Co. Ltd, has signed supply agreements with Huanghe Hydropower Development Co., Ltd ("Huanghe Hydropower"), a subsidiary of China Power Investment Corporation, for two ground-mounted solar projects in China for a total of 30 MW PV modules.

Under the terms of the agreement, Trina Solar will supply approximately 20 MW of PV modules for the Golmud project, of which delivery commenced in June and is expected to extend through August of this year. The Company is also expected to supply approximately 10 MW for the Henan project located in China's Qinghai Province, of which delivery is expected to start from August and continue through October of this year.

"We are pleased to expand our business relationship with Huanghe Hydropower and supply world class solar products for PV projects under development in China," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This relationship is an excellent opportunity to showcase Trina Solar's outstanding product quality and extend the company's strength in the Chinese market. Our cooperation with Huanghe Hydropower is expected to expand further as both parties continue to actively explore possibilities for collaboration on additional projects."


Tuesday, August 2, 2011
Comments & Business Outlook

CHANGZHOU, China, August 2, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today the following updates to its previous guidance made for the quarter ended June 30, 2011.

Despite achieving record shipment volumes in the second quarter, the Company estimates its solar module shipments in the second quarter to be in the range of 395 MW to 397MW, compared to the Company's previous guidance of 430 MW to 450 MW for the reasons discussed below.

Additionally, for the second quarter 2011, the Company estimates:

- Gross margin relating to its in-house wafer production and module production to be approximately 20%, compared to the Company's previous guidance of in the mid 20s in percentage terms; and

- Overall gross margin to be in the range of 17.0% to 17.5%, compared to the Company's previous guidance of in the low 20s in percentage terms.

"While shipment volumes in the second quarter were our highest ever, sales were adversely impacted by extended slower demand and high industry inventory due in part to recently issued regulatory revisions and reduction in solar subsidies in Italy," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We expect a significant improvement in production costs and an increase in shipment volumes in the third quarter."


Tuesday, July 12, 2011
Investor Alert

CHANGZHOU, China, July 12, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today the following changes to its board and board committees, including its audit and corporate governance and nominating committees.  

Mr. Peter Mak, an independent director and chairman of the audit committee of the Company, has resigned from the Company's board of directors and audit committee effective July 10, 2011 to focus on other personal and professional pursuits.

Mr. Jerome Corcoran, an independent director of the Company, has been appointed as chairman of the audit committee of the board to replace Mr. Mak. Mr. Corcoran previously served as a member of the audit committee of the board from December 2006 to April 2010. Mr. Corcoran has many years of experience in finance and investments, having served as a managing director at Merrill Lynch's China Private Equity Group in Beijing and a managing director and the head of international investment banking of Merrill Lynch in New York and London.  Mr. Corcoran also serves on the compensation and corporate governance and nominating committees of the board.  


Friday, July 8, 2011
Comments & Business Outlook

CHANGZHOU, China, July 8, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced holders of the Company's 4.00% Convertible Senior Notes due 2013 (the "Securities") have the right to surrender their Securities for purchase by Trina Solarpursuant to the terms of the indenture for the Securities (the "Option"). The Option expires on August 4, 2011.

The Option entitles each holder of the Securities to require the Company to purchase, on August 5, 2011, all or any part of such holder's Securities at a price equal to the principal amount plus accrued and unpaid interest.Trina Solar will pay the purchase price solely with cash. Holders that do not surrender their Securities for purchase pursuant to the Option will maintain the right to convert their Securities, subject to the terms, conditions and adjustments applicable to the Securities.

The opportunity to surrender Securities for purchase pursuant to the Option will terminate at 5:00 p.m., New York City time, on August 4, 2011. In order to exercise the Option, a holder must follow the procedures set forth in the notice to holders. Holders may withdraw any Securities previously surrendered for purchase at any time prior to 5:00 p.m., New York City time, on August 4, 2011.

Trina Solar will file a Tender Offer Statement on Schedule TO for the Securities with the Securities and Exchange Commission. In addition, documents specifying the terms, conditions and procedures for surrendering and withdrawing Securities for purchase, including the notices to holders, will be available through The Depository Trust Company and the paying agent. Neither Trina Solar nor its Board of Directors or employees have made or are making any representation or recommendation as to whether or not any holder should surrender any Securities.


Tuesday, May 17, 2011
Comments & Business Outlook

First Quarter Results:

  • Net revenues were $550.9 million, a decrease of 14.2% sequentially and an increase of 63.5% year-over-year
  • Gross profit was $151.3 million, a decrease of 25.0% sequentially and an increase of 45.1% year-over-year
  • Gross margin was 27.5%, compared to the Company's previous guidance of mid to high 20s in percentage terms, compared to 31.4% in the fourth quarter of 2010 and 30.9% in the first quarter of 2010
  • Gross margin relating to the Company's in-house wafer production to module production was 32.2%, compared to the Company's previous guidance of approximately 30%
  • Operating income was $84.5 million, compared to $145.1 million in the fourth quarter of 2010 and $76.0 million in the first quarter of 2010
  • Operating margin was 15.3%, compared to 22.6% in the fourth quarter of 2010 and 22.6% in the first quarter of 2010
  • Net income was $47.7 million, which included a net foreign currency exchange loss of $24.1 million, compared to net income of $145.3 million in the fourth quarter of 2010 and $44.5 million in the first quarter of 2010
  • Earnings per fully diluted American Depositary Share ("ADS") were $0.63, compared to $1.87 in the fourth quarter of 2010 and $0.66 in the first quarter of 2010

"Building off our quality-performance and manufacturing efficiency leadership, in 2011 we are increasingly focused on elevating our technology innovation, customer orientation and corporate social responsibility advantages. As we further differentiate our brand, we believe such enhancements are directly responsible for our recent successes in supplying large commercial and utility-scale segments in Italy, Germany and the United States."


Thursday, April 21, 2011
Liquidity Requirements
We believe that our current cash, cash equivalents, short-term and long-term borrowings and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next 12 months. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.

Saturday, March 5, 2011
Comments & Business Outlook

CHANGZHOU, China, Feb. 22, 2011 /PRNewswire-Asia-FirstCall/

Fourth Quarter 2010 Financial and Operating Highlights

  • Solar module shipments were approximately 351 MW for the fourth quarter of 2010, compared to the Company's previous guidance of approximately 300 MW, representing an increase of 20.7% sequentially and 114.3% year-over-year
  • Net revenues were $641.8 million, an increase of 26.3% sequentially and 104.9% year-over-year
  • Gross profit was $201.8 million, an increase of 26.6% sequentially and 97.4% year-over-year
  • Gross margin was 31.4%, above the Company's previous guidance of approximately 30%, compared to 31.4% in the third quarter of 2010 and 32.6% in the fourth quarter of 2009
  • Gross margin relating to the Company's in-house wafer production to module production was 36.5%, compared to its previous guidance of mid 30s in percentage terms
  • Operating income was $145.1 million, compared to $113.0 million in the third quarter of 2010 and $64.4 million in the fourth quarter of 2009
  • Operating margin was 22.6%, compared to 22.2% in the third quarter of 2010 and 20.6% in the fourth quarter of 2009
  • Net income was $145.3 million, which included a net foreign currency exchange gain of $25.3 million, compared to net income of $82.9 million in the third quarter of 2010 and $48.8 million in the fourth quarter of 2009
  • Earnings per fully diluted American Depositary Share ("ADS") were $1.87, compared to $1.08 in the third quarter of 2010 and $0.74 in the fourth quarter of 2009
  • Non-GAAP EPS was $1.46 vs. $0.66

Full Year 2010 Results Financial and Operating Highlights

  • Solar module shipments were approximately 1.06 GW, compared to the Company's previous guidance of approximately 1 GW, an increase of 164.8% from 2009
  • Total net revenues were $1.86 billion, an increase of 119.8% from 2009
  • Gross profit was $584.4 million, an increase of 146.4% from 2009
  • Gross margin was 31.5%, compared to 28.1% in 2009
  • Operating income was $417.3 million, compared to $135.4 million in 2009
  • Net income for the full year was $311.5 million, an increase of 223.7% from 2009
  • Earnings per fully diluted ADS for 2010 were $4.18, compared to $1.69 in 2009
  • Non-GAAP  EPS was $4.06 vs. $1.72

"We are very pleased with our outstanding performance in the fourth quarter, which saw record shipment volume and resulted in our exceeding previous guidance for both the fourth quarter and full year 2010," said Mr. Jifan Gao, Chairman and CEO of Trina Solar.

"In a year of industry-wide ASP declines which made PV systems more affordable, our shipment volume and revenue more than doubled year over year and we continued to increase margins. This was achieved through our relentless drive for manufacturing and supply chain efficiency, increased local sales and expanded global support operations. Additionally, despite significant capacity expansion in 2010, we further strengthened our balance sheet over 2009 through our continued focus on maintaining positive operational cashflows."

"Our growth in 2010 demonstrates the successful execution of our strategy to expand sales across distribution segments and geographic end markets in North America and other exciting PV markets such as India, Australia and China. We believe this reflects growing customer appreciation of the high quality and performance of Trina Solar products, and our brand's increasing global recognition, which we are enhancing through premier marketing initiatives such as our Formula 1 team sponsorship."

"Our commitment to create high quality products remains critical to our success, and in the fourth quarter of 2010, we initiated construction of our Key State PV Research Laboratory, which is located next to our manufacturing facilities and a growing number of strategic supply partners operating within our state of the art Changzhou Trina PV Park.  We expect to complete the construction of the laboratory in late 2011."

"As we look to 2011 we will continue to focus on increasing the efficiencies of our new and existing products to reinforce our cost leadership, further build supportive customer relationships, and continue to implement environmental and health and safety best practice initiatives."

First Quarter and Fiscal Year 2011 Guidance

For the first quarter of 2011, the Company expects its shipment volume for PV modules to be slightly higher than that for the fourth quarter of 2010.

The Company expects its gross margin relating to its in-house wafer production to module production to be approximately 30% during the first quarter of 2011. The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the first quarter will be in the mid to high 20s in percentage terms. Such guidance is based on the average exchange rate between the Euro and U.S. dollar from January 1, 2011 to February 22, 2011.

For the full year of 2011, the Company expects total PV module shipments between 1.75 GW to 1.80 GW, representing an increase of 65.6% to 70.3% from 2010.


Tuesday, March 1, 2011
Comments & Business Outlook

CHANGZHOU, China, March 1, 2011 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, announced the signing of a licensing, sales and marketing partnership agreement with Zep Solar, Inc., a US based manufacturer of the first comprehensive platform for module-integrated installation hardware. This hardware is expected to deliver significant reductions to total system costs and will become one of the quickest ways to install PV arrays for residential and commercial roof applications.


Tuesday, November 30, 2010
Comments & Business Outlook

Third Quarter 2010 Financial and Operating Highlights

  • Solar module shipments were approximately 291 MW, exceeding the Company's previous guidance of 250 MW to 260 MW, representing an increase of 30.4% sequentially and 137.0% year-over-year
  • Net revenues were $508.3 million, an increase of 37.1% sequentially and 103.5% year-over-year
  • Overall gross margin was 31.4%, above the Company's previous guidance of approximately 30%, compared to 32.1% in the second quarter of 2010 and 28.5% in the third quarter of 2009
  • Gross margin was 37.6%, above the Company's previous guidance of mid 30s in percentage terms, relating to its in-house wafer production to module production
  • Operating income and operating margin were $113.0 million and 22.2%, respectively, compared to $83.3 million and 22.5%, respectively, in the second quarter of 2010
  • Net income was $82.9 million, which included a net foreign currency exchange loss of $8.3 million, compared to net income of $38.7 million in the second quarter of 2010
  • Earnings per fully diluted ADS were $1.08, which included the impact of a net foreign currency exchange loss of $0.11 per fully diluted ADS, compared to $0.52 in the second quarter of 2010

"We are very pleased to deliver another strong quarter which saw a record 30% jump in shipment volume and a sequential ASP increase, resulting in revenues surpassing a milestone of $500 million," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We exceeded our previous shipment guidance and margin guidance due to ongoing strong demand and continued efficient execution."

"We have furthered our goal to build a globally recognized and trusted brand through raising the performance and reliability of our products to an expanding client base. As a result, we are increasingly becoming the supplier of choice in both established and emerging PV markets worldwide."

"We continue to see strong demand momentum into the fourth quarter and the outlook for 2011 is increasingly positive; we expect that demand for our products will outpace our planned capacity expansion in 2011. Our expansion will allow us to increase sales in high growth PV markets such as the United States and Japan, while expand our presence and sales in Australia and other emerging solar markets. In parallel, our continued investments in localizing customer service and increasing service levels allow us to target higher value end-segments and high profile projects and to further differentiate our product offerings from other brands.  We expect continuous gain in market share linked to our sales strategy and our emphasis on quality in our existing and new PV products and solutions."

Fourth Quarter and Full Year 2010 Guidance

For the fourth quarter of 2010, the Company expects to ship approximately 300 MW of PV modules.  

The Company expects its gross margin relating to its in-house wafer production to module production to be in the mid 30s in percentage terms during the fourth quarter of 2010.  The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the fourth quarter will be approximately 30%. Such guidance is based on the average exchange rate between the Euro and U.S. dollar from October 1, 2010 to November 30, 2010.

For the full year of 2010, the Company raises its guidance for total PV module shipments to be approximately 1 GW, compared to its earlier guidance of between 900 MW to 930 MW, representing an increase of approximately 151% from the annual PV module shipments in 2009.


Tuesday, August 24, 2010
Comments & Business Outlook
Second Quarter 2010 Financial and Operating Highlights:Second Quarter 2010 Financial and Operating Highlights:
-- Solar module shipments were approximately 223 MW, compared to the Company's previous guidance of 200 MW to 205 MW, representing an increase of 15.7% sequentially and 248.7% year-over-year
-- Net revenues were $370.8 million, an increase of 10.1% sequentially and 147.2% year-over-year
-- Gross margin was 32.1%, above the Company's guidance of high 20s in percentage terms, compared to 30.9% in the first quarter of 2010 and 27.4% in the second quarter of 2009
-- Operating income and operating margin were $83.3 million and 22.5%, respectively, compared to $76.0 million and 22.6%, respectively, in the first quarter of 2010
-- Net income was $38.7 million, which includes a net foreign currency exchange loss of $29.2 million, compared to net income of $44.5 million in the first quarter of 2010
-- Earnings per fully diluted ADS were $0.52, which include the impact of a net foreign currency exchange loss of $0.37 per fully diluted ADS, compared to $0.66 in the first quarter of 2010

Excerpts:

We are very pleased to report another quarter of strong operating results," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We exceeded our previous guidance through both record shipment volumes, and despite significant Euro currency pressures, a sequential improvement in gross margin.

Our high quality products, well-recognized brand and customer loyalties allowed us to expand shipments to an increasing number of geographical end-markets and PV user segments. In addition to growing our business in Australia and Southeast Asia, we had notable successes in the United States. This included signing a landmark supply agreement with Southern California Edison to participate in their California Solar Program, a milestone utility-owned PV generation project in the United States.

We see increasing evidence that strong demand for our PV products will extend well into 2011, and we are currently looking into how best to manage capacity expansion to capture increasing global market opportunities.

Sales Outlook

As a result of strong demand for its module products in both European and non-European markets, the Company expects to increase its shipment volume in the second half of 2010 compared to the first half. Additionally, the Company expects to increase its percentage of global shipments to the United States in the second half of 2010.

2010 and 2011 Capacity Expansion

Through yield increases achieved from improved cell conversion efficiency rates, improved production efficiencies and manufacturing line enhancements, the Company has increased its annualized in-house production capacities of ingot and wafer as well as PV cells and modules to approximately 700 MW and 850 MW respectively as of June 30, 2010. The Company expects to expand its annualized cell and module production capacity to reach up to 950 MW by the end of August 2010.

By the end of 2011, the Company expects to expand its annualized in-house production capacities of ingot and wafer as well as PV cell and module production capacity to approximately 1.0 GW and 1.5 GW respectively.


Tuesday, May 25, 2010
Comments & Business Outlook
"Finally, with regard to current macroeconomic concerns involving the European markets and the Euro, we are still seeing strong demand for our products, and that our shipment flow to customers has not been negatively affected by credit availability or other related factors. We continue to expand and refine our internally-managed currency hedging program, which has been in place since the fourth quarter of 2008."

Monday, July 27, 2009
Comments & Business Outlook

For the third quarter of 2009, the Company expects to ship between 90 MW and 110 MW of PV modules.

For the full year of 2009, the Company reiterates the guidance for total PV module shipments between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008.

Source: PR Newswire (July 27, 2009)


Monday, June 22, 2009
Comments & Business Outlook

For the second quarter of 2009, the Company expects to ship between 60 MW to 65 MW of PV modules. The Company believes gross margin for the second quarter will likely be between 18% and 20%.

For the full year of 2009 the Company reiterates the guidance for total PV module shipments between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008.

Source: PR Newswire (May 28, 2009)


Monday, February 23, 2009
Comments & Business Outlook

Guidance Report:

Full Year Fiscal 2008 Guidance Ending December

  2008 Guidance 2007 Reported Period Change
GAAP Revenue $800 to $850 million $302 million 165% to 181%

 Source: PR Newswire (February 17, 2009)