Trina Solar signs agreement with Philippines' Citicore to supply 700MW worth of solar modules

MANILA, Philippines, Oct. 30, 2023 /PRNewswire/ -- Trina Solar has signed a master services agreement (the "Agreement") with Philippine-based Citicore Group for the supply of market-leading solar modules, helping ramp up the country's solar capacity in line with the country's renewable energy targets.

The Agreement was signed by Todd Li, President of Trina Solar Asia Pacific, and Alreetz F. Santander, President of MCC-CCI, in October at Trina Solar's headquarters in Changzhou, China.

The Citicore Group is among the largest, vertically integrated renewable energy advocates in the Philippines. Among the companies under its umbrella are engineering, procurement, and construction (EPC) arm, MCC - Citicore Construction, Inc. ("MCC-CCI") and renewable energy operator Citicore Renewable Energy Corporation ("CREC").

Under the Agreement, MCC-CCI will purchase 700MW worth of high-power, high efficiency Vertex DE21 modules for CREC's upcoming solar plants across the Philippines, to be delivered in 2024. The said power plants are part of CREC's 1-gigawatt (GW) project pipeline for the first year leading towards its goal of 5GW in five years, and the strategic procurement will help build CREC's committed capacity in connection with the government's Green Energy Auction Program.

Vertex is Trina Solar's flagship product range. The Vertex DE21 is a 670W+ mono-facial module. Vertex modules are compatible with TrinaTracker's smart trackers; delivering high customer value, reliability, energy yield with a lower levelized cost of energy (LCOE) and lower balance of system (BOS) cost.

These modules incorporate market-leading technologies: 210mm-long solar cells produced using non-destructive cutting technology; multi-busbar (MBB) for greater light absorption; and high-density encapsulation technology to maximize the module's surface area. The modules have undergone various tests, such as factory acceptance tests and potential induced degradation tests (PID) to see the modules meet the highest industry standards.

"The procurement of PV panels from Trina Solar is part of our efforts to secure high-quality and efficient technology for our projects," said CREC President and CEO Mr. Oliver Tan. "This will help us move towards our goal of 1GW per year of RE capacity as per our commitment to the Filipino people," he added.

Todd Li said that "this Agreement marks our second collaboration with CREC. We are pleased with this opportunity to work together again and it is testament to CREC's trust in us and our smart energy solutions. Through the successful implementation of this Agreement, we look forward to strengthening our relationship with Citicore and continuing to work closely together to help the Philippines transition to renewable energy."

Trina Solar's first project with CREC was the deployment earlier this year of solar PV modules for the latter's 125MWp Lumbangan Solar Power Plant and 72MWp Luntal Solar Power Plant in the Municipality of Tuy, Batangas.

The Philippines possesses vast potential to cultivate solar energy to meet its rising energy needs. According to the Power Development Plan (PDP) 2009 – 2030, the country's energy consumption is expected to reach 149,067 gigawatt-hours (GWh) by 2030. The government, under its National Renewable Energy Program for 2020-2040, has set a target for renewables to account for 35% of power generation by 2030 and 50% by 2040. Adoption of solar energy in the Philippines aims to help the nation reduce its carbon footprint and reduce the cost of electricity for households and businesses.

Finally, Todd Li states that "the Philippines is a market with strong potential to harness solar energy for both consumer use and power production. We see enormous opportunities for deployment of solar to help the nation move towards a green net-zero future."

About Trina Solar (688599. SH)

Founded in 1997, Trina Solar is the world leading PV and smart energy total solutions provider. The company engages in PV products R&D, manufacture and sales; PV projects development, EPC, O&M; smart micro-grid and multi-energy complementary systems development and sales, as well as energy cloud-platform operation. In 2018, Trina Solar launched its Energy IoT brand, established the Trina Energy IoT Industrial Development Alliance together with leading enterprises and research institutes in China and around the world, and founded the New Energy IoT Industrial Innovation Centre. With these actions, Trina Solar is committed to collaborating with its partners to build the energy IoT ecosystem and develop an innovation platform to explore New Energy IoT, as it strives to be a leader in global intelligent energy. In June 2020, Trina Solar listed on the STAR Market of Shanghai Stock Exchange. For more information, please visit www.trinasolar.com

ABOUT CREC:

Citicore Renewable Energy Corporation is one of the Philippines' leading renewable energy companies engaged in solar, run-of-river hydro, and wind projects. CREC was awarded 916.58MWac of renewable energy capacity in line with the competitive selection process in July 2023 for the DOE's Green Energy Auction Program. CREC is committed to powering a First-World Philippines with Pure Renewable Energy. For more information, please visit www.crec.com.ph.

SOURCE Trina Solar Energy Development Pte. Ltd.