CHANGZHOU, China, April 25, 2016 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has partnered with GE Energy Financial Services ("GE EFS") to invest in a 14 MW (megawatt) DC (direct current) utility-scale solar project (the "Project") in Ishinomaki, Miyagi Prefecture, Japan.
As part of the partnership, GE EFS will hold an 85% equity interest in the Project, acquired from Trina Solar under the terms of the Membership Interests Purchase Agreement. Both companies will make capital contributions to the Project on a pro rata basis in accordance with their respective interests. Moreover, a management committee, consisting of two representatives appointed by each company, will be established to manage the day-to-day business of the Project. Trina Solar Japan Energy, a wholly-owned subsidiary of Trina Solar, has been contracted to develop the Project and for engineering, procurement, and construction management (EPCM).
Equipped with Trina Solar modules, the Project will begin construction at the end of April and is expected to reach commercial operation by June of next year. The clean electricity generated by the Project, which is sufficient to serve the needs of more than 4,400 Japanese households, will be sold to regional utility Tohoku Electric Power Co. under a 20-year feed-in-tariff contract at the rate of JPY36.0 per kWh.
"Trina Solar is an experienced global developer and we are proud to work with them to bring this exciting project in Miyagi, Japan to fruition and to continue to expand our footprint in Asia," said Sushil Verma, Managing Director and Head of Asia Pacific at GE Energy Financial Services.
A number of global companies are investing in Japan's solar market as the country works to achieve its goal of generating 20 percent of its power from renewable sources by 2030. GE Energy Financial Services has invested in six solar power projects since entering the country in 2014, of which three have already achieved commercial operation in 2016.
"We are delighted to kick-off this partnership with GE EFS, a top global investor in the energy sector. Their tremendous investment experience combined with our extensive resources in the solar industry will create a win-win in terms of project quality and investment value maximization," commented David You, President of the International PV System Business Unit (ISBU) at Trina Solar. "Leveraging our proven track record of 1GW in developing and building solar projects around the world, we have been working to actively expand our presence in the downstream market in Japan. The country remains one of our main target markets where the share of solar in the energy mix is expected to further increase. We look forward to continuing our partnership with GE, and moving ahead, we will carry on enhancing our strategic deployment in the region by expanding our pipeline, delivering comprehensive project solutions, and deepening collaborations with select renewable energy players and investors."
About Trina Solar Limited
Trina Solar Limited (NYSE:TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company's industry-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world's energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects.
GE Energy Financial Services is part of the GE Store and is able to provide unique customer value by leveraging GE's industrial energy heritage and strong technology footprint to offer access to capital and expertise. It is headquartered in Stamford, CT with regional hubs in London, Houston, Hong Kong and Nairobi. More information: www.geenergyfinancialservices.com; Twitter @GEEnergyFinServ.
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
SOURCE Trina Solar Limited