Yesterday Trina Solar announced that it has completed the transaction that will allow it to become a private company. Trina has requested that trading of its shares be suspended on the New York Stock Exchange, pending the de-listing of the company in 90 days or less.
Under the acquisition by a consortium led by Trina Solar Chair and CEO Jifan Gao, Trina will compensate shareholders with $11.60 per share traded on NYSE, for an estimated total of $1.1 billion. The company will formally become part of private company Fortune Solar Holdings Ltd.
For several years Trina was the world’s largest PV module maker, until being edged out of the top stop by JinkoSolar in 2016. The company's move can be seen in relation to the struggles of many publicly listed solar companies.
“2016 was really bad for solar stocks,” Mercom Capital CEO Raj Prabhu told pv magazine. “Funding becomes very difficult when the valuation of the company, especially a public company, is down.”
The press has speculated that Trina Solar will later re-list on the Hong Kong Stock Exchange or another Asian exchange, which Prabhu says is a possibility. “It all depends on how they are valued,” he notes.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.