Trina Solar Announces Resignation of Chief Financial Officer and Appointment of Interim Replacement
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|Trina Solar Signs Supplemental Long Term Wafer and Polysilicon Supply Agreement with GCL-Poly|
CHANGZHOU, China, Jan. 11, 2011 /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 today through its subsidiary, Changzhou Trina Solar Energy Co. Ltd., has signed a supplemental long-term wafer and polysilicon product supply agreement with GCL (Changzhou) Solar Energy Technology Company Limited, a subsidiary of GCL-Poly Energy Holdings Limited ("GCL-Poly", the "Company" or the "Group"; stock code: 3800.HK).
Under the terms of the supplemental agreement and existing agreements, GCL-Poly is expected to supply Trina Solar with wafers and polysilicon sufficient to produce approximately 7,500 MW of solar modules in aggregate over five years. Delivery of the wafers and polysilicon at predetermined prices will commence from January 2011 to December 2015. Terms of the agreement also contain a price adjustment clause.
"We are very pleased to further strengthen our long term strategic partnership with GCL-Poly by signing this supplemental agreement," said Patrick Lu, Trina Solar's Vice President of Supply Chain Management. "The agreement to secure a portion of the Company's wafer and polysilicon requirement from GCL-Poly continues to extend our advantage to support our long-term sales growth and market share expansion goals into 2011 and beyond."
"GCL-Poly remains committed to providing the best-in-class wafers and polysilicon to Trina Solar to further secure its position as a leading PV player in the fast growing global solar industry," said Mr. Shu Hua, Executive Director and President of GCL-Poly.
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 at http://www.trinasolar.com.
About GCL-Poly Energy Holdings Limited
GCL-Poly Energy Holdings Limited (3800. HK) is China's largest polysilicon producer and one of the world's leading wafer suppliers and also a top green energy enterprise in China. Annual polysilicon production capacity attained 21,000 MT by the end of 2010, and the quality of polysilicon products has reached electronic grade level. The Group's wafer production capacity has already achieved 3.5 GW in November 2010. In addition, the Group owns a 20 MW solar farm in Xuzhou, Jiangsu province, which is currently the largest solar farm in China. For more information about GCL-Poly, please visit the company's website at www.gcl-poly.com.hk .
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