Trina Solar: Share purchase agreement
CHANGZHOU, China - Trina Solar Limited (NYSE: TSL), a global leader in photovoltaic ("PV") modules, solutions, and services, 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.
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 Shuntai Leasing (Changzhou) Company Ltd
Shuntai Leasing (Changzhou) Company Ltd ("Shuntai Leasing") was established in April 2012 with registered capital of US$10 million. Changzhou Hi-tech Jinlong Holdings Ltd, a subsidiary of Changzhou Hi-tech Group Co., Ltd, is the majority shareholder of Shuntai Leasing. Shuntai Leasing is one of the financing institutions under Changzhou Hi-Tech group and was the first leasing company in Changzhou High-tech Industrial Park. It specializes in the leasing of a full range of equipment and has different programs designed to fit differing customer needs. The company has built a new platform for enterprises in Changzhou to raise funds and has optimized financing channels in Changzhou City.