CHANGZHOU, China, Sept. 12 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (NYSE: TSL; "Trina Solar" or the "Company"), 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 its subsidiary, Changzhou Trina Solar Energy Co., Ltd., has entered into a sales agreement with Invictus NV, a Belgium company (Invictus), member of the Benelux TEC-Servicegroup (former Group GACS).
Under this two year agreement starting in 2009 with predetermined prices, Trina Solar will supply Invictus with 20MW and 30MW for 2009 and 2010, respectively, with an option to purchase additional 10MW for each year. "We look forward to continue working with Invictus, which helps to strengthen our presence in the Benelux market," stated Arturo Herrero, Trina Solar's Vice President of Sales and Marketing. "This agreement further demonstrates our success in establishing commercial relationships with leading PV system integrators in emerging solar PV markets around the globe."
Jan Van der Henst, Chief Executive Officer of Invictus stated, "We are happy to enter into this sales agreement with a well established manufacturer like Trina Solar. Trina Solar has proven itself to be among the few vertically integrated companies in the industry, and we believe this agreement will strengthen our position in the Benelux."
After signing this sales agreement, Trina Solar has now secured the sale of approximately 70 percent of its estimated 2009 production target of 450MW. Approximately 40 percent of the 450MW target has been secured with predetermined prices.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL - News) is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com .
About Invictus NV
Invictus NV is a Benelux based green project development company specialized in photovoltaic installations. After the acquisition by the TEC Servicegroup (former Group GACS) in May 2008, the company evolved to a total solution provider for PV projects, enabling them to become a reliable partner on a long term base. The present agreement provides Invictus and its customers the guarantee that the confirmed projects, for already 65 MW, will be executed according agreements.
TEC Servicegroup (former Group GACS) is a Benelux group in full expansion with the mission to provide full service solutions for technical building installations. The group has more than 800 employees.
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, Trina Solar'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 ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; 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 companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to 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, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Trina Solar Limited
Terry Wang, CFO
Tel: +86-519-8548-2008 (Changzhou)
Thomas Young, Director of Investor Relations
Tel: +86-519-8548-2008 (Changzhou)
Email: ir@trinasolar.com
CCG Investor Relations
Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Richard Micchelli, Financial Writer
Tel: +1-646-454-4516
Email: richard.micchelli@ccgir.com
Source: Trina Solar Limited
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