Trina Solar to Develop 49.9MW Solar Power Plant in UK
Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, announced the acquisition of a 49.9 MW utility-scale ground-mounted power project in the UK from Good Energy Group PLC ("Good Energy").
The solar PV power plant received planning consent in January 2014 and will utilize Trina Solar's high quality PV modules. Construction will start in the third quarter of 2014 and the site is expected to be connected to the national grid before the end of the first quarter of 2015. If connection occurs prior to the end of March 2015 it will be entitled to receive 1.4 Renewables Obligation Certificates (ROCs) per megawatt-hour (MWh). Once operational, the project is expected to supply clean energy to more than 14,000 UK homes per year.
"This new project represents a new step forward for Trina Solar in the UK following the completion and grid-connection of our first two projects that totaled an installed capacity of 23.8 MWp. This new project will further strengthen our leading market position in the UK, as well as in Europe," said Mr. Jifan Gao, Chairman and Chief Executive Officer of Trina Solar. "As a mature and fast growing PV market, the UK presents opportunities for Trina to continue to invest in the downstream business. With a diversified downstream pipeline in China, Europe, Japan and Middle East, we are well positioned to realize our goal of 400 MW to 500 MW project developments 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 Good Energy
Good Energy is a fast-growing100% renewable electricity supply company, offering value for money and award-winning customer service. An AIM-listed PLC, and founder member of the Social Stock Exchange, its mission is to support change in the energy market, address climate change and boost energy security. Good Energy matches over the course of a year all the electricity its customers use with power from renewable sources. For the last three years, Good Energy has topped the energy company customer satisfaction survey. Good Energy's dual fuel tariff is cheaper on average than the standard tariffs sold by the 'Big 6' before discounts. For more information, please visit www.goodenergygroup.co.uk.
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.