CHANGZHOU, China, June 25 /PRNewswire-Asia-FirstCall/ -- Trina Solar
Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated
manufacturer of solar photovoltaic products from the production of ingots,
wafers and cells to the assembly of PV modules, today announced it has secured
from Standard Chartered Bank (China) Limited new credit facilities totaling
approximately $57 million, consisting of trade financing and defensive hedging
products. The facilities are aimed to provide financial support to Trina
Solar's raw material procurement and product sales while helping Trina Solar
to mitigate foreign exchange risks associated with market volatilities.
"The credit facilities offer us greater flexibility to strengthen our cash
flow position to further enhance our capital resources", said Terry Wang,
Trina Solar's Chief Financial Officer. "We are very pleased to work with
Standard Chartered, a well-known international bank with extensive experience
and presence in China. Our strategic collaboration with Standard Chartered
confirms Trina Solar's financial strength and ability to secure funding in a
challenging economic environment."
The Company's total credit facilities stand currently at approximately
$520 million, up from $460 million as previously announced. The new credit
facilities are part of the Company's on-going strategy to optimize its long-
term capital structure.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a well recognized manufacturer of high
quality modules and has a long history as a solar PV pioneer since its
foundation in 1997 as a system installation company. Trina Solar is one of the
few PV manufacturers that has developed a vertically integrated business model
from the production of monocrystalline and multicrystalline silicon ingots,
wafers and cells to the assembly of high quality modules. Trina Solar's
products provide reliable and environmentally-friendly electric power for a
growing variety of end-user applications worldwide. For further information,
please visit Trina Solar's website at http://www.trinasolar.com .
About Standard Chartered
Standard Chartered PLC, listed on both London and Hong Kong stock
exchanges, ranks among the top 25 companies in the FTSE-100 by market
capitalisation. The London-headquartered Group has operated for over 150 years
in some of the world's most dynamic markets, leading the way in Asia, Africa
and the Middle East. Its income and profits have more than doubled over the
last five years primarily as a result of organic growth and supplemented by
acquisitions.
Standard Chartered aspires to be the best international bank for its
customers across its markets. The Bank derives more than 90 per cent of its
operating income and profits from Asia, Africa and the Middle East, generated
from its Wholesale and Consumer Banking businesses. The Group has around 1,600
branches and outlets located in over 70 countries. The extraordinary growth of
its markets and businesses creates exciting and challenging international
career opportunities.
Leading by example to be the right partner for its stakeholders, the Group
is committed to building a sustainable business over the long term and is
trusted worldwide for upholding high standards of corporate governance, social
responsibility, environmental protection and employee diversity. It employs
70,000 people, nearly half of whom are women. The Group's employees are of 125
nationalities, of which 70 are represented among senior management.
In China, the Bank set up its first branch in Shanghai in 1858 and has
remained in operation throughout the past 150 years. Standard Chartered Bank
(China) Limited is one of the first foreign banks to locally incorporate in
China in April 2007. This demonstrates the Bank's commitment to the China
market, and its leading position as a foreign bank in the banking industry.
Standard Chartered has one of the largest foreign bank networks -- with 15
branches, 37 sub-branches, 1 representative office and a Village Bank in China.
In 2008, Standard Chartered China clinched the Asian Banker's Best Foreign
Retail Bank in China Award, and the "Outstanding Corporate Award of 2008
Corporate Social Responsibility Ranking in China" by China Business Network.
For more information on Standard Chartered, please log on
http://www.standardchartered.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 the Company's
activities; the effectiveness, profitability, and marketability of its
products; the future trading of the securities of the Company; the ability of
the Company to operate as a public company; the period of time for which its
current liquidity will enable the Company to fund its operations; the
Company's ability to protect its proprietary information; general economic and
business conditions; 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. The Company
undertakes no obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or to 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, they cannot assure you that their expectations will turn out to be
correct, and investors are cautioned that actual results may differ materially
from the anticipated results.
For further information, please contact:
Trina Solar Limited
Terry Wang, CFO
Phone: +86-519-8548-2009 (Changzhou)
Thomas Young, Director of Investor Relations
Phone: +86-519-8548-2009 (Changzhou)
Email: ir@trinasolar.com
Brunswick Group
Caroline Jinqing Cai
Phone: +86-10-6566-2256
Michael Fuchs
Phone: +86-10-6566-2256
Email: trina@brunswickgroup.com
SOURCE Trina Solar Limited
-0- 06/25/2009
/CONTACT: Trina Solar Limited - Terry Wang, CFO, +86-519-8548-2009
(Changzhou); Thomas Young, Director of Investor Relations, +86-519-8548-2009
(Changzhou), or ir@trinasolar.com; Brunswick Group - Caroline Jinqing Cai,
+86-10-6566-2256; Michael Fuchs, +86-10-6566-2256, or trina@brunswickgroup.com
/
/Web Site: http://www.trinasolar.com
http://www.standardchartered.com /
(TSL)
CO: Trina Solar Limited; Standard Chartered
ST: China
IN: OIL UTI
SU: VEN FNC
KY
-- CNTH013 --
7645 06/25/2009 08:00 EDT http://www.prnewswire.com
