Trina Solar Signs Contract with GT Solar
Trina Solar Limited, a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, founded in 1997, today announced that it has signed an agreement with GT Solar Incorporated ("GT Solar") to purchase primary converter and reactor systems for its planned polysilicon production project for a total consideration of approximately US$49 million, with purchase price to be paid in installments over an approximate period of 12 to 18 months. The execution of this agreement is subject to final approval by the Boards of both companies.
"We are very excited to further our partnership with GT Solar, who will provide us a world class platform which is expected to extend our technology, brand and cost advantages to include silicon feedstock under our vertically integrated manufacturing model," said Jifan Gao, Trina Solar's Chairman and CEO. "We believe GT Solar's advanced technology will help Trina Solar to reduce cost in the long run in connection with our polysilicon production."
Tom Zarrella, GT Solar's CEO, stated "Trina Solar's order for our advanced polysilicon manufacturing equipment and technologies to support their upstream expansion plan is a strong indication of GT Solar's continued expansion in the Asia market. We value our relationship with Trina Solar and appreciate its continued confidence in our products."
The agreement was signed through Trina Solar (Lianyungang) Co. Ltd., a subsidiary of Trina Solar, at the Washington International Renewable Energy Conference (WIREC). Senior governmental officials from both the United States State Department and China's National Development Reform Commission attended this conference and expressed strong support for greater cooperation between companies of both countries. This agreement is a part of the governments' cooperation framework in renewable energy. The signing ceremony was co-hosted by ACORE (American Council on Renewable Energy) and CREIA (China Renewable Energy Industries Association).