Trina Solar Announces Resignation of Chief Financial Officer and Appointment of Interim Replacement
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|Trina Solar Announces Three-Year $800 Million Investment in Changzhou Trina PV Park|
CHANGZHOU, China, Dec. 27, 2010 /PRNewswire via COMTEX/ --
Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, announced that it intends to invest approximately $800 million over three years in Changzhou Trina PV Park.
The investments in Changzhou Trina PV Park from 2011 to 2013 will be made for the purposes of expanding the Company's manufacturing capacity and research and development facilities. The announcement was made during a ceremony held at the Changzhou Administration Centre on December 26 and attended by Mr. Zhang Wei Guo, Vice Governor of Jiangsu Province and Mr. Fan Yan Qing, CPC Secretary of Changzhou Municipal Committee.
The Company also announced that its wholly owned subsidiary Changzhou Trina Solar Energy Co. Ltd. surpassed the revenue milestone of 10 billion Renminbi for the calendar year 2010. This figure does not represent the consolidated revenue of Trina Solar Limited in 2010.
"We are pleased to announce the continuing investments in our capacity expansion and R&D within the Changzhou Trina PV Park to meet the increasing global demand for our PV products and brand," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "The investments will also include the establishment of our State Key PV Research Laboratory to accelerate the advancement and delivery of new technologies and products to solidify our position as a global PV industry leader."
"We are also proud that our local Changzhou operating entity surpassed the milestone revenue of 10 billion Renminbi for 2010, reflecting our on-going and successful execution of our business strategy and operations growth."
As announced on November 30, 2010, the Company reiterates its total 2010 PV module shipments to be approximately 1 GW, representing an increase of approximately 151% from the annual PV module shipments in 2009.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a leading manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that have developed a vertically integrated business model from the production of monocrystalline and multicrystalline 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 athttp://www.trinasolar.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 period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; the volatility of the Company's operating results and financial condition; 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 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, 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