Trina Solar Announces Resignation of Chief Financial Officer and Appointment of Interim Replacement
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|Trina Solar Announces India Solar Power Plant Completion with Lanco Solar|
CHANGZHOU, China, Dec. 31, 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 today through its subsidiary, Changzhou Trina Solar Energy Co. Ltd., the completion of a 5 MW solar power plant developed by Lanco Infratech Limited ("LITL"), one of the fastest growing business conglomerates in India. The project is one of the largest single-location solar power plants in the country and the first such for the State.
Trina Solar was the exclusive supplier of the high performance PV modules to power the solar plant located in the Indian state of Gujarat. The western Indian state of Gujarat is emerging as a hub of solar power generation due to its abundant open space, high solar radiation and keen Government support to promote Gujarat as an investment destination for solar energy.
"We are pleased to work with Lanco, one of India's leading integrated players with considerable experience in EPC, construction and power generation," said Ku Jun Heong, Director of Sales and Marketing (Asia Pacific) at Trina Solar. "India is one of the most promising solar growth markets, announcing its goal to achieve 22 GW of solar energy by end of 2022. We believe our partnership with Lanco will play a significant role in fulfilling India's solar potential under the National Solar Mission."
"We are excited to work with Trina Solar, a recognized global leader in solar PV modules, on this project," said Mr. Sai Baba, CEO of Lanco Solar. "Leveraging our in-house expertise to establish and grow Lanco as a leader in the solar industry, we hope to strengthen our partnership with Trina Solar to provide sustainable, innovative and cost effective energy solutions."
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 Lanco Infratech Limited
Lanco Infratech Limited ("LITL") is one of India's top business conglomerates and among the fastest growing. Lanco Infratech has subsidiaries and divisions across a synergistic span of verticals. LITL is the flagship company of Lanco Group, one of the fastest growing business conglomerates in India with interests in power, construction & EPC, infrastructure and renewables. Lanco Infratech's projects, operational and underway, are spread across India. Lanco Solar, a subsidiary of Lanco Infratech, is currently working on a large project development pipeline spanning across several countries. The company aims to commission 35 MW in Gujarat by December 2011. The company has also received LOIs for development of a 5MW solar PV project and a 100MW solar thermal project in the State of Rajasthan under the first phase of the National Solar Mission. The company undertakes project development and turnkey EPC services at this juncture, with a backward-integration plan for manufacture of polycrystalline silicon, ingots, wafers & modules. For further information, please visit Lanco's website at http://www.lancogroup.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