Trina Solar Limited (NYSE: TSL) 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 . This is the first of two Trina Solar UK projects that connected to the grid in Q1 2014.
“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.
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.
About Foresight Group LLP
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over £1.2 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams, Foresight funds currently manage over £875 million in more than 30 separate operating Photovoltaic (“PV”) plants in the UK, the USA, Italy and Spain. Foresight Group has offices in the UK, the USA and Italy.
Image:CC-BY-2.0], via Wikimedia Commons. This image is not of the solar project referenced in the above post as we did not have a photo of that project available. Instead we posted a great image of solar energy being used in the UK.