CHANGZHOU, China, Nov. 19, 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 it has entered into an agreement for the design, build and operation and maintenance of the 10 MW Shamsuna Solar Project in Aqaba, Jordan with Shamsuna Power Company ("Shamsuna Power").
Foursan Capital Partners will hold a 85% stake and Shamasuna Power will hold a 15% stake in the project, respectively. The project is being financed by International Finance Corporation ("IFC") and a small syndicate of lenders. Construction of the project is scheduled to commence in December 2014 with completion and grid connection expected in the second quarter of 2015. Once the plant is completed, Trina Solar will provide Operation and Maintenance services on the project based on a 5 year service agreement with a possible 5 year extension upon mutual agreement.
The solar farm, located in the Aqaba Special Economic Zone, southeast of Aqaba, Jordan, will utilize 40,320 of Trina Solar's 250Wp TSM- PC05A modules. Once operational, it will be the largest solar farm in Aqaba, Jordan. All output generated by the project will be sold to Jordan's National Electric Power Company ("NEPCO") under a 20-year Power Purchase Agreement ("PPA") backed by a full sovereign guarantee from the Government of Jordan. The project will generate over 19 GWh of power annually helping to meet the growing demand for electricity in Jordan and reducing carbon emissions by approximately 11,500 tons per year.
"We are delighted to work with Trina Solar to build the largest solar farm in Aqaba, Jordan," said Shadi Haddadin, The Solar Plant manager of Shamsuna. "Trina Solar's global leadership, durable quality modules, as well as its proven track record distinguishes it as the best partner for us to work with. We regard this partnership as a win-win endeavor, and we look forward to continuing our success by working with Trina Solar again in the future."
"We are excited to be part of this groundbreaking project and are proud to have been accepted by IFC as the Engineering, Procurement and Construction ("EPC") provider for this project," said Qi Lin, President of PV Systems Business Unit of Trina Solar. "The project provides us with valuable first-hand experience in operating a solar system in a desert environment, as well as substantial knowledge of local grid companies that will help Trina Solar accelerate its pace of project development in the Middle East. The Jordanian government has introduced new incentives to encourage the development of solar projects throughout the country with the aim of increasing renewable energy contributions to 10% of the country's generation mix by 2020. We look forward to playing a meaningful role in Jordan's efforts to develop its solar sector and to leveraging Trina Solar's global brand, proven track record and technological expertise to rapidly penetrate the broader Middle East market."
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.
Shamsuna Power is a Limited Liability Company that seeks to be the premier supplier of solar power to the national grid across the Hashemite Kingdom of Jordan. By establishing a major presence in the field, the goal of the Company is to grow into a green utility. Shamsuna Power Company aspires to be the dominant player in that transformation and to place Jordan on the international solar map. For more information, please visit www.shamsuna.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.
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SOURCE Trina Solar Limited