Trina Solar, a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that it has entered into a set of binding agreements, including a Share Purchase Agreement (the "SPA") and a Bridge Loan Facility Agreement, with Bluefield Solar Income Fund Limited for the Company's 49.99 MW solar power plant in Norfolk, UK, for a maximum consideration of approximately GBP59.1 million (equivalent to approximately $87.7 million) with a retention of GBP3 million (equivalent to approximately $4.4 million) contingent on certain conditions under the SPA. The Bridge Loan Facility Agreement is to finance the project until the sale is closed. The sales revenue will not be recognised until the conditions set forth in the SPA are met and the share transfer is completed.
The 49.99 MW solar power plant using Trina Solar's 196,627 modules commenced construction in the third quarter of 2014 and was connected to the grid in the first quarter of 2015. It is entitled to receive 1.4 Renewables Obligation Certificates (ROCs) per megawatt-hour (MWh). As built, the project can supply clean energy to up to 14,000 UK homes per year.
"The sale of this project is in full alignment with our strategy in overseas markets to build and sell power generation assets at attractive return. This is the third utility-scale solar power plant that we have constructed and sold in the UK for a cumulative capacity of 73.76 MW, demonstrating our global team capabilities in project development and execution," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Besides our ongoing developments in the UK, we are also building several projects in Japan and are actively building our presence potentially in other markets for which we will provide updates as and when appropriate. This transaction provides us with additional capital to fund our growing global downstream projects business. With accelerating momentum in our domestic and overseas markets, we are on track to meet our 2015 target to connect a portfolio of projects totaling between 700 MW to 750 MW. Thanks to powerful synergies between our module and downstream businesses, we are confident that we will achieve our 2015 overall targets and solidify our leading position in the global solar energy solution business."
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 Bluefield Solar Income Fund Limited (BSIF)
BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. It raised gross proceeds of GBP130 million in July 2013 through an initial public offering of shares on the main market of the London Stock Exchange. It raised a further GBP13 million in February 2014 in an oversubscribed placement. Pursuant to a placing programme in November 2014the Company raised an additional GBP131 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to GBP50 million.
BSIF seeks to provide shareholders with an attractive return, principally in the form of income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites. To date, dividends have been paid semi-annually, but the Company has announced that in 2015 it intends to move to quarterly distributions. For more information, please visit http://www.bluefieldsif.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 its activities; the effectiveness, profitability and marketability of its products; the future trading of the securities of the Company; the Company's ability to operate as a public 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; demand in various markets for solar products; 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 in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or 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.
For further information, please contact:
Trina Solar Europe & Africa
T: 34 911 335 935