Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it signed a share purchase agreement on September 30, 2014 to sell the Company's 10.6MW PV power plant located in Trehawke, UK to funds managed by Foresight Group LLP ( "Foresight"). This is the first of two Trina Solar UK projects that connected to the grid in Q1 2014.
The utility-scale Trehawke solar power plant utilizes 41,404 Trina Solar TSM-255-PC05A modules that provide high quality, durability and performance. The solar power plant generates 10,300 MWh of electricity every year.
"We are delighted to acquire the 10.6MW PV power plant located in Trehawke, Cornwall from Trina Solar, which has a successful track-record of delivering value to its clients," said Ricardo Piñeiro, Director and Head of UK Solar at Foresight. "The transaction is consistent with Foresight's strategy to invest in high quality operational assets built by world-leading tier one solar power system developers, such as Trina Solar and which offer stable returns for our investors. This transaction with Trina Solar showcases the strength of working with a partner with international credentials, and we look forward to further cooperation with Trina Solar in the near future."
"This is an exciting step forward for Trina Solar's overseas downstream expansion and underscores our continued momentum in the UK," said Mr. Jifan Gao, CEO of Trina Solar. "Successful completion of this sale will allow us to redeploy resources on other projects and to further expand our pipeline in the UK. We currently have an additional 49.9MW project under construction in the UK expected to be completed in Q1 2015, which has attracted the interest of several potential buyers. We look forward to more sales in the near future and will continue our project development through the outstanding efforts of our company and local strategic partners."
The revenue from the sale of the Trehawke power plant is expected to be recognized in Q3 2014.
