Trina Solar has announced today the establishment of a joint venture with Yabang Group, specifically its subsidiary, Changzhou NESL Solartech Co., to further embellish its presence in the global PV industry.
The deal sees Trina Solar invest approximately $45 million in Changzhou NESL to help aid the companys working capital and capital expenditure. It is hoped that the joint venture will be successful in increasing the subsidiarys PV module production capacity to 500 MW annually within 12 months.
The joint venture which will be named Changzhou Trina Yabang Solar Energy Co., Ltd will acquire Changzhou NESLs existing module production assets, which include its plants, machinery and equipment, with the invested funds used to upgrade the facilities. Trina Solar will bring its expertise and experience to the management team, imposing international best practice, quality control and environmental standards, while bringing its technological expertise to the facility.
"We are delighted to enter into this Joint Venture Agreement with Yabang Group," said Trina Solar CEO and chairman, Jifan Gao. "As we expect the demand for solar modules will continue to grow, particularly in China, Japan and emerging markets, the Joint Venture will strengthen Trina Solars market position by delivering much-needed extra module production capacity."
The CEO went on to outline how the partnership will enable Trina Solar to efficiently increase production capacity in a cost-effective manner, and will hopefully extend the companys supply of high quality PV products.
Yabang Group chairman, Xiaochu Xu, added: "The Joint Venture will take advantage of the capital investment from both companies and Trina Solars experience in large-scale manufacturing, extensive expertise in R&D and its global sales and marketing network, which will allow the new company to accelerate the growth of the solar business."