CHANGZHOU, China, Jan. 7, 2015 /PRNewswire/ — Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it has successfully completed the sale of its 13.2MW solar power project located in Dorset, UK, to funds managed by Foresight Group LLP ("Foresight"). This follows the successful sale of a similar 10.6MW UK solar power project to the same buyer in September of 2014.
Construction of the Homeland Solar Farm started in December 2013 with successful connection to the grid in March 2014. The project utilized approximately 52,000 high quality and durable Trina Solar TSM-255-PC05A modules. The solar project is expected to deliver clean and sustainable solar electricity of approximately 14,000MWh per year and be capable of providing energy for 4300 homes in the region. The project sale concluded at the end of 2014 with revenue recognition in the fourth quarter of 2014.
"The successful sale of our second UK solar power project this year demonstrates our growing presence in the UK market," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "It also once again demonstrates our strong credentials and the capabilities of our PV project team from initial project development to final project completion. Global demand for clean and sustainable solar energy is expected to continue growing in the coming year. We look forward to steadily expanding the global footprint of our solar solution business and will benefit from the industry growth tremendously."
Ricardo Piñeiro, Head of UK Solar at Foresight added, "Our team is delighted to have completed the acquisition of the Homeland Solar Farm in Dorset from Trina Solar, the second such acquisition from Trina Solar in the final quarter of 2014. This has rounded off a successful 2014, which has seen Foresight’s UK portfolio of operating solar plants grow by more than 500%, to a generating capacity of more than 310MW."
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 Foresight Group LLP
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over GBP1.3 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams, Foresight funds currently manage over GBP930 million in more than 40 separate operating Photovoltaic ("PV") plants in the UK, the USA, Italy and Spain. Foresight Group has offices in the UK, the USA and Italy. For more information, please visit www.foresightgroup.eu.
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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