Trina Solar Ltd. (NYSE: TSL) said it has entered into an agreement to establish a joint venture with Yabang Investment Holding Group Co., Ltd. to acquire certain production assets from Yabang subsidiary Changzhou NESL Solartech Co., Ltd.
The total investment by Trina Solar and Yabang Group is approximately USD45m, which will be used for capital expenditure and working capital. The joint venture aims to increase total solar module production capacity to 500 MW within the next 12 months.
The joint venture will acquire the existing module production assets of Changzhou NESL, including plants, machinery and equipment, which will be upgraded by utilizing the combined capital investment and international expertise provided by Trina Solar and Yabang Group. The facility will be managed by Trina Solar management, who will bring international best practices in innovation, environmental standards, quality control and technological expertise to the daily operation of the facility.
Trina Solar Ltd. is a leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar drives smart energy together with installers, distributors, utilities and developers worldwide. For more information, visit www.trinasolar.com.
Yabang Investment Holding Group Co., Ltd., headquartered in Changzhou, Jiangsu, is a Chinese conglomerate engaged in businesses across multiple industries, including chemical, pharmaceutical, logistics and real estate.
Founded in October 2006, Changzhou NESL has evolved into a national high-tech enterprise focusing on the research, development, design and manufacturing of monocrystalline and polycrystalline solar panels, BIPV modules and on-grid and off-grid solar power systems. It holds a number of patents for solar PV applications and products.