CHANGZHOU, China, April 1, 2015 /PRNewswire/ -- Trina Solar Limited
(NYSE: TSL) ("Trina Solar" or the
"Company"), a global leader in photovoltaic ("PV") modules,
solutions, and services, today announced that it has entered into a
set of binding agreements, including a Share Purchase Agreement
(the "SPA") and a Bridge Loan Facility Agreement, with Bluefield
Solar Income Fund Limited for the Company's 49.99 MW solar power
plant in Norfolk, UK, for a
maximum consideration of approximately GBP59.1 million (equivalent to approximately
$87.7 million) with a retention of
GBP3 million (equivalent to
approximately $4.4 million)
contingent on certain conditions under the SPA. The Bridge Loan
Facility Agreement is to finance the project until the sale is
closed. The sales revenue will not be recognized until the
conditions set forth in the SPA are met and the share transfer is
completed.
The 49.99 MW solar power plant using Trina Solar's 196,627 modules commenced construction in the
third quarter of 2014 and was connected to the grid in the first
quarter of 2015. It is entitled to receive 1.4 Renewables
Obligation Certificates (ROCs) per megawatt-hour (MWh). As built,
the project can supply clean energy to up to 14,000 UK homes per
year.
"The sale of this project is in full alignment with our strategy
in overseas markets to build and sell power generation assets at
attractive return. This is the third utility-scale solar power
plant that we have constructed and sold in the UK for a cumulative
capacity of 73.76 MW, demonstrating our global team capabilities in
project development and execution," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Besides our ongoing developments
in the UK, we are also building several projects in Japan and are actively building our presence
potentially in other markets for which we will provide updates as
and when appropriate. This transaction provides us with additional
capital to fund our growing global downstream projects business.
With accelerating momentum in our domestic and overseas markets, we
are on track to meet our 2015 target to connect a portfolio of
projects totaling between 700 MW to 750 MW. Thanks to powerful
synergies between our module and downstream businesses, we are
confident that we will achieve our 2015 overall targets and
solidify our leading position in the global solar energy solution
business."
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in
photovoltaic modules, solutions and services. Founded in 1997 as a
PV system integrator, Trina Solar
today drives smart energy together with installers, distributors,
utilities and developers worldwide. The company's industry-shaping
position is based on innovation excellence, superior product
quality, vertically integrated capabilities and environmental
stewardship. For more information, please visit
www.trinasolar.com.
About Bluefield Solar Income Fund Limited (BSIF)
BSIF is a Guernsey-registered investment company focusing on
large scale agricultural and industrial solar assets. It raised
gross proceeds of GBP130 million in
July 2013 through an initial public
offering of shares on the main market of the London Stock Exchange.
It raised a further GBP13 million
in February 2014 in an oversubscribed
placement. Pursuant to a placing programme in November 2014 the Company raised an additional
GBP131 million. In June 2014 it agreed a three-year revolving credit
facility with Royal Bank of Scotland, for up to GBP50 million.
BSIF seeks to provide shareholders with an attractive return,
principally in the form of income distributions, by investing in a
diversified portfolio of solar energy assets, each located within
the UK, with a focus on utility scale assets and portfolios on
greenfield, industrial and/or commercial sites. To date,
dividends have been paid semi-annually, but the Company has
announced that in 2015 it intends to move to quarterly
distributions. For more information, please visit
http://www.bluefieldsif.com/
Safe Harbor Statement
This announcement contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's ability to
raise additional capital to finance its activities; the
effectiveness, profitability and marketability of its products; the
future trading of the securities of the Company; the Company's
ability to operate as a public company; the period of time for
which the Company's current liquidity will enable the Company to
fund its operations; general economic and business conditions;
demand in various markets for solar products; the volatility of the
Company's operating results and financial condition; the Company's
ability to attract or retain qualified senior management personnel
and research and development staff; and other risks detailed in the
Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry in which the Company operates. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward
looking statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and the Company cautions
investors that actual results may differ materially from the
anticipated results.
For further information, please contact:
Trina Solar
Limited
|
Christensen
IR
|
Teresa Tan, CFO
(Changzhou)
|
Linda
Bergkamp
|
|
Phone: +1 480 614
3014 (US)
|
Email:
teresa.tan@trinasolar.com
|
Email:
lbergkamp@ChristensenIR.com
|
|
|
Yvonne
Young
|
|
Investor Relations
Director
|
|
Email:
ir@trinasolar.com
|
|
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SOURCE Trina Solar Limited