Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it has entered into a share purchase agreement to acquire a 28% stake in Shuntai Leasing (Changzhou) Company Limited ("Shuntai"). Total registered capital of Shuntai is approximately $50 million.
Changzhou Hi-tech Jinlong Holdings Ltd, a subsidiary of Changzhou Hi-tech Group Co., Ltd ("Changzhou Hi-tech Group), is the major shareholder of Shuntai. Changzhou Hi-tech Group is one of the largest state-owned companies in Changzhou covering a wide range of businesses including government financing, city development and operation of business enterprises. The group also owns several financing institutions and has raised approximately US$5.5 billion in the past years.
Trina Solar has also signed a cooperation agreement with Shuntai to finance the Company's downstream projects and solar manufacturing business by leveraging Shuntai's leasing platform.
"We are delighted to announce this investment in Shuntai," said Jifan Gao, Chairman and CEO of Trina Solar. Changzhou Hi-tech Group is our long-term strategic partner with whom we have developed a deep and trusting relationship. Our future cooperation with Shuntai will enable Trina Solar to expand its financing channels and better support our downstream business as well as our module business. We believe our investment in Shuntai together with our financing cooperation best leverage each party's strengths and we are confident it will drive future value for both Trina Solar and Shuntai."
The share transfer is expected to be completed by the end of this year.
