CHANGZHOU, China, Nov. 13 /Xinhua-PRNewswire-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, founded in 1997, announced today that the Company has signed a six-year polysilicon supply agreement with Sichuan Yongxiang Polysilicon Co., Ltd. (“Sichuan Yongxiang Polysilicon”).
Sichuan Yongxiang Polysilicon, a Leshan-based company in China’s Sichuan Province, is in the advanced stages of building a 10,000 metric ton polysilicon production facility with an initial phase of 1,000 metric tons launching next year. Under this six-year agreement, Sichuan Yongxiang Polysilicon will supply Trina Solar with virgin polysilicon sufficient to produce approximately 1,300MW of modules. Deliveries under this agreement will begin in mid-2008 and continue through 2013.
“This agreement with Sichuan Yongxiang Polysilicon represents an important step in the execution of our strategy to expand our fully integrated PV module manufacturing capacity,” said Jifan Gao, Trina Solar’s Chairman and Chief Executive Officer. “This six-year agreement ensures that Trina Solar will receive large quantities of polysilicon at favorable prices and payment conditions in a market of tight polysilicon supply.”
Stated Mr. Dezhi Feng, General Manager of Sichuan Yongxiang Polysilicon, “Our affiliate company, a current manufacturer and supplier of trichlorosilane gas to well-established polysilicon producers in China, will supply Sichuan Yongxiang Polysilicon with trichlorosilane which is an essential raw material for the polysilicon production process. With this secure source of trichlorosilane, Sichuan Yongxiang Polysilicon is on target to start our test production in the first quarter of 2008. We are very pleased to have Trina Solar as a partner and we look forward to a successful and long lasting business relationship.”
This long-term polysilicon supply agreement will enhance Trina Solar’s raw material supplies and strengthen its position as a leading global PV manufacturer. With this contract and the company’s existing supply agreements, the company has now secured approximately 70% of polysilicon requirements for its 2008 planned production.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd., is a well recognized 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 currently one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar’s solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. Trina Solar successfully completed its initial public offering on the New York Stock Exchange in December 2006 and its ADSs are traded under the ticker symbol TSL. For further information, please visit Trina Solar’s website at http://www.trinasolar.com .
About Sichuan Yongxiang Polysilicon
Sichuan Yongxiang Polysilicon Company, Ltd. is a subsidiary of Sichuan Yongxiang Company Limited by Shares, an established Chinese chemical manufacturer based in Leshan City, Sichuan Province. With the affiliated company’s existing experience in the production of trichlorosilane, Sichuan Yongxiang Polysilicon is well-positioned to become a leading provider of polysilicon feedstock to the solar PV industry.
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 the marketability of its products; 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; the Company’s ability to secure raw material supplies to support its production plans; the Company’s ability to operate its solar cell plant efficiently; 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 more information, please contact:
Trina Solar Limited
Mr. Sean Shao, CFO
Tel: +86-519-8548-6752 (Changzhou)
Mr. Thomas Young, Director of Investor Relations
Tel: +86-519-8548-6752 (Changzhou)
Email: ir@trinasolar.com
CCG Elite Investor Relations
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Ed Job, CFA
Tel: +1-646-213-1914
Email: ed.job@ccgir.com
