Trina Solar Acquires 28% Stake in Shuntai Leasing

CHANGZHOU, China, Dec. 8, 2014 /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 entered into a share purchase agreement to acquire a 28% stake in Shuntai Leasing (Changzhou) Company Limited ("Shuntai"). Total registered capital of Shuntai is approximately $50 million.

Changzhou Hi-tech Jinlong Holdings Ltd, a subsidiary of Changzhou Hi-tech Group Co., Ltd ("Changzhou Hi-tech Group), is the major shareholder of Shuntai. Changzhou Hi-tech Group is one of the largest state-owned companies in Changzhou covering a wide range of businesses including government financing, city development and operation of business enterprises. The group also owns several financing institutions and has raised approximately US$5.5 billion in the past years.

Trina Solar has also signed a cooperation agreement with Shuntai to finance the Company's downstream projects and solar manufacturing business by leveraging Shuntai's leasing platform.

"We are delighted to announce this investment in Shuntai," said Jifan Gao, Chairman and CEO of Trina Solar. Changzhou Hi-tech Group is our long-term strategic partner with whom we have developed a deep and trusting relationship. Our future cooperation with Shuntai will enable Trina Solar to expand its financing channels and better support our downstream business as well as our module business. We believe our investment in Shuntai together with our financing cooperation best leverage each party's strengths and we are confident it will drive future value for both Trina Solar and Shuntai."

The share transfer is expected to be completed by the end of this year.

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 Shuntai Leasing (Changzhou) Company Ltd

Shuntai Leasing (Changzhou) Company Ltd ("Shuntai Leasing") was established in April 2012 with registered capital of US$10 million. Changzhou Hi-tech Jinlong Holdings Ltd, a subsidiary of Changzhou Hi-tech Group Co., Ltd, is the majority shareholder of Shuntai Leasing. Shuntai Leasing is one of the financing institutions under Changzhou Hi-Tech group and was the first leasing company in Changzhou High-tech Industrial Park. It specializes in the leasing of a full range of equipment and has different programs designed to fit differing customer needs. The company has built a new platform for enterprises in Changzhou to raise funds and has optimized financing channels in Changzhou City.

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.

For further information, please contact: 

SOURCE Trina Solar Limited

Related Links

http://www.trinasolar.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED