CHANGZHOU, China, Oct. 21, 2015 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, is pleased to announce that, to date, it has successfully connected to the grid two thirds of a 300MW ground-mounted solar project in Yunan, China ( the "Project").
As previously announced, through an open bidding process, Trina Solar acquired a 90% stake in Yunnan Metallurgical New Energy Co., Ltd, which has a 300MW project under development in Southern Yunnan province. Once fully operational, the project will become the largest single utility-scale solar power plant in Yunnan and one of the largest in China.
Trina Solar commenced the construction phase of the Project in the fourth quarter of 2014 with the deployment of its self-branded solar PV modules to the barren hills of Jianshui County. After having connected 70MW of modules to the grid in the second quarter of this year, the Company surpassed the 200MW milestone by the end of the third quarter with additional connection of 133MW. The electricity generated from the project is being provided to a local industrial park and to farms located in the surrounding area. The Project is eligible for a 20-year benchmark on-grid tariff of 0.95 RMB/KWh based on the present feed-in-tariff program in China.
"Despite the fact that our Yunnan project is located in a topographically challenging area, we are extremely pleased to announce that we are proceeding on schedule," said Qi Lin, Vice President and President of PV Systems Business Unit of Trina Solar. "This project demonstrates our strong capabilities of executing our downstream strategy as we continue to utilize our competitive advantages in module manufacturing to develop high-quality and efficient solar farms in select locations around the world. China has raised its solar installation target for 2015 by 5.3 GW to 23.1 GW, which underscores the determination of the central government to bolster the development of solar energy. With this project and others, we are confident that we are on the right track to meet our 2015 downstream guidance."
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.
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.
SOURCE Trina Solar Limited