Trina Solar Expands European Sales and Marketing Team

CHANGZHOU, China, May 6 /PRNewswire-Asia-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, today announced that the Company has expanded its European sales and marketing team.

Due to the continued development of its business initiatives in Europe and the growing demand for Trina Solar's quality products in over 18 countries, the Company has expanded its Sales and Marketing team to better serve the established markets of Germany, Italy, France, and Spain, as well as the emerging markets such as the Czech Republic, Portugal, the Netherlands, Austria, and Greece. The Company is pleased to announce two new appointments, who joined the Company's strong sales team in April 2009.

Ben Hill, formerly at BP Solar, has joined Trina Solar as Director of Sales & Marketing for Europe. Mr. Hill is a well-known and respected industry leader with over 23 years of experience in the photovoltaic industry. Prior to joining Trina Solar, he spent over 10 years at BP Solar, serving in both Germany and Spain and in various senior positions including Sales & Marketing Director for Europe, Africa and the Middle East, and most recently, as a Regional Director for Europe. Prior to BP Solar, he served as a Division Manager for Battery Control, DC Lighting and Solar at Sollatek Ltd. Mr. Hill will manage Trina Solar's operations in Europe and will refine and implement the Company's ambitious regional growth plans.

Daniel Priem has joined Trina Solar as Central European Manager. Mr. Priem has over 10 years of experience in solar and other renewable energies. Prior to joining the Company, Mr. Priem spent over seven years at SunTechnics, a Conergy Group company, as a sales representative for Central Europe, manager of SunTechnics (Sydney), sales head for Southeast Asia and Australia, and finally as Conergy Group's commercial manager for Southern Europe. Mr. Priem also served as the business development manager for Innovative Windpower AG.

"We view Europe as an essential market region that includes key markets under current development," said Arturo Herrero, Trina Solar's Vice President of Sales & Marketing, who oversees Trina Solar's global sales and marketing. "We are delighted to strengthen our sales and marketing team with such talented and experienced personnel who bring years of regional and global knowledge and experience from well-known PV solar companies to our business."

Trina sees PV market to grow sharply

By Fu Chenghao | 2009-4-7 |

TRINA Solar Ltd, a leading solar product maker, expects China to account for 10 percent of the global photovoltaic market in three years to five years from less than 1 percent now as the government boosts support for the alternative energy.

"It's possible if we say, by 2012, China's installed solar PV capacity could reach 2.5 gigawatts while it would be 25GW for the world," Gao Jifan, Trina's chairman and CEO, said.

Although China is the world's top PV manufacturer, the domestic solar PV market has suffered from high costs and limited subsidies.

The Ministry of Finance said late last month that China would provide a subsidy of 20 yuan (US$2.93) per watt for solar projects that have a capacity of at least 50 kilowatts and attached to buildings, covering nearly half the cost.

Gao said the subsidy is a "precursor" of a long-term state support, although some analysts said the latest subsidy was limited to roof-top solar panels and not for large-scale solar projects.

New York-listed Trina, which is based in Changzhou, Jiangsu Province, expects to sell 10 megawatts in China this year out of a planned total shipment of up to 400MW of solar modules, Gao said.

In 2008, the domestic market accounted for only a bit more than 1 percent of its shipment of 201MW.

The United States market could account for 15 percent of Trina's sales this year, up from less than 5 percent in 2008, thanks to the Obama administration's backing of renewable energy sources, he said.

Trina is not in a hurry to acquire assets but is looking at opportunities, according to Gao who said Europe would remain a top market.

Trina Solar Announces Fourth Quarter and Fiscal Year 2008 Results

CHANGZHOU, China, March 3 /PRNewswire-Asia-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, today announced its financial results for the fourth quarter and fiscal year 2008.

Fourth Quarter 2008 Financial and Operating Highlights
-- Solar module shipments were 57.59 MW, a decrease of 13.2% sequentially
and an increase of 140.9 % year-over-year
-- Total net revenues were $216.3 million, a decrease of 25.6%
sequentially and an increase of 113.4% year-over-year
-- Gross profit was $20.8 million, which gave effect to a non-cash
inventory provision of $17.0 million. Gross margin was 9.6%, compared
to 22.4% in the third quarter of 2008. The negative impact of the
inventory provision to fourth quarter gross margin was 7.9%.
-- Net loss was $0.7 million
-- Earnings per fully diluted ADS were negative $0.03. The negative impact
of the fourth quarter inventory was approximately $0.68 per fully
diluted ADS
-- Net positive operating cash flow of approximately $57.2 million
-- Short-term debt balances reduced by approximately $40.8 million to
$248.6 million as of December 31, 2008. Total available credit line
increased to over $200 million from approximately $150 million during
the fourth quarter
-- Reduced the Company's non-silicon manufacturing cost for its
multicrystalline module products to $0.82 cents per watt


Full Year 2008 Results Financial and Operating Highlights
-- Solar module shipments were 201.01 MW, compared to the Company's
previous guidance of 200 MW to 206 MW, an increase of 164.8% from 2007
-- Total net revenues were $831.9 million, an increase of 175.6% from 2007
-- Gross profit was $164.4 million, an increase of 143.2% from 2007
-- Gross margin was 19.8%, compared to 22.4% in 2007
-- Net income for the full year was $61.4 million, an increase of 71.7%
from 2007
-- Earnings per fully diluted ADS for 2008 were $2.37, compared to $1.51
in 2007
-- Secured module contracts which are expected to generate approximately
300 MW in 2009 module shipments
-- Ranked in the top two of 14 international solar module manufacturers in
TUV Reinland's Energy Yield 2008 for the testing period from September
1 to 30, 2008, as reported in January of 2009


"Despite the challenging global economic and financial climate, we are pleased with our strong performance in the fourth quarter," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "The value of and loyalty towards our brand helped us to exceed our quarterly revenue guidance, despite sector-wide declines in the average sales price of modules. The launch of our European warehouse operations added to our fourth quarter sales by improving our delivery response time and services to customers.

By accelerating our non-silicon manufacturing cost reduction, we produced positive operating cash flows which preserved our cash balances as we reduced our short-term debt balances. We will continue to focus on generating positive operating cash flows to support our 2009 growth plan and strategic initiatives, which will focus on enhancements to our technology, cost reduction and brand recognition.

Addressing cost reduction, we achieved significant progress in our multicrystalline production, which we ramped up steeply in 2008. Based on our fourth quarter cost of approximately $0.82 per watt and targeted further reduction of 5% for the first quarter of 2009, we believe we will become one of the industry's cost leaders with recognized high quality. Our supply chain enhancements include increased adoption of higher efficiency materials, in addition to innovative manufacturing processes currently in advanced testing stage to increase our yields and efficiencies to further reduce unit costs.

We are also pleased to share that in January of this year Trina Solar learned it had been ranked by TUV Reinland in the top two out of 14 participating international module manufacturers for specific energy yield, during TUV Reinland's Energy Yield 2008 testing period from September 1 to 30, 2008. This underscores our committed emphasis to continually improve the quality of our material and production qualities, in addition to our customer's pre and post sales service experience.

Although economic concerns continue to affect negatively the overall PV market, we have benefited from our strong sales capabilities and brand recognition in part due to our abilities to expand our wholesale and project related distribution channels in an increasing number of markets."

Recent Business Highlights

During the fourth quarter of 2008, the Company benefited from:
-- Strong customer loyalty from significant, earlier established PV
partners throughout Europe and worldwide, who are less impacted by the
reduced availability of commercial credit
-- Increasing sales diversification to a total of 18 established and
emerging PV markets, including Greece, the Czech Republic, Australia,
and the United States
-- Increased sales to project system integrators, which currently
represent more than half of our total shipments
-- Strong support from Spanish partners who are increasingly active doing
projects outside of Spain
-- Capacity expansion to 350MW for each of ingot, wafer, cell and module
productions as of December 31, 2008
-- New cell production Lines 13 and 14 being placed into commercial
operation
-- Launch of European warehouse operations in Rotterdam, Netherlands


The Company also announced the planned establishment of the Company's North American operations base in San Francisco in 2009.

Fourth Quarter 2008 Results

Net Revenues

Trina Solar's net revenues in the fourth quarter of 2008 were $216.3 million, which exceeded the Company's previous guidance of $190 million to $210 million, a decrease of 25.6% sequentially and an increase of 113.4% year-over-year. Total shipments were 57.59 MW, within the Company's previous guidance of 55 MW to 60 MW, compared to 66.36 MW in the third quarter of 2008 and 23.91 MW in the fourth quarter of 2007. The sequential decline in ASP and total shipments was primarily due to weakened economic conditions, decreased availability of project financing in European markets, and reduced Spanish market demand resulting from amendments in government incentive legislation.

Gross Profit and Margin

Gross profit in the fourth quarter of 2008 was $20.8 million, compared to $65.2 million in the third quarter of 2008 and $27.6 million in the fourth quarter of 2007. Gross profit includes a non-cash inventory provision of $17.0 million. Gross margin was 9.6% in the fourth quarter of 2008, compared to the Company's previous guidance of 13% and 15%. The fourth quarter gross margin decreased from 22.4% in the third quarter of 2008 and 27.2% in the fourth quarter of 2007. Other than the non-cash inventory provision, the sequential and year-over-year decreases in gross margin were also due to lower module ASP resulting from weakened demand caused by global economic and financial climate. The decline was partially offset by significant reductions in blended polysilicon costs due to improved market supply conditions and the increased contribution by the Company's portfolio of polysilicon feedstock contracts. The Company also accelerated reduction of its manufacturing cost per watt due to increased production yield efficiencies resulting from improving both its technology transfer and supply chain management efforts.

Inventory Provision

The Company made a non-cash inventory provision in the fourth quarter of $17.0 million based on a revaluation of its silicon inventory as a result of notable market price declines in the quarter. The non-cash inventory provision also had a corresponding effect on the Company's operating and net margins.

Operating Expense, Income and Margin

Operating expenses in the fourth quarter of 2008 were $16.9 million, a decrease of 8.0% sequentially and an increase of 49.0% year-over-year. The Company's operating expenses accounted for 7.8% of its fourth quarter net revenues, an increase from 6.3% in the third quarter of 2008 and a decrease from 11.2% in the fourth quarter of 2007. The sequential percentage increase was primarily due to the sequential decline in total net revenues. The year-over-year decrease was achieved due to expense-control measures taken by the Company during 2008 combined with the continued growth of the Company's business over the course of the year. Operating expenses in the fourth quarter of 2008 included approximately $1.0 million in share-based compensation expenses, compared to approximately $0.7 million in the fourth quarter of 2007.

As a result of foregoing, operating income in the fourth quarter of 2008 was $3.9 million, compared to $46.8 million in the third quarter of 2008 and $16.2 million in the fourth quarter of 2007. Operating margin was 1.8% in the fourth quarter of 2008, compared to 16.1% in the third quarter of 2008 and 16.0% in the fourth quarter of 2007.

Net Interest Expense

Net interest expense in the fourth quarter of 2008 was $6.5 million, compared to $7.2 million in the third quarter of 2008 and $0.3 million in the fourth quarter of 2007. The sequential decline was due to a reduction in short term loan balances while the year-over-year increase was due to additional bank borrowings to support the Company's 2008 capacity expansion.

Foreign Currency Exchange Gain

Foreign currency exchange gain was $3.2 million in the fourth quarter of 2008, compared to a $4.9 million loss in the third quarter of 2008 and a $1.4 million loss in the fourth quarter of 2007. This increase was due to the appreciation of the Euro against the US dollar and the Company's increased hedging capacity involving the utilization of foreign currency forward contracts.

Net Income and EPS

Net loss was $0.7 million in the fourth quarter of 2008, a decrease from $32.1 million in the third quarter of 2008 and $17.5 million in the fourth quarter of 2007. Net loss includes a foreign currency exchange gain of $3.2 million.

Net margin was negative 0.3% in the fourth quarter of 2008, compared to 11.0% in the third quarter of 2008 and 17.3% in the fourth quarter of 2007.

Earnings per fully diluted ADS were negative $0.03. The effect of the fourth quarter inventory provision, net of tax effect, was approximately $0.68 per fully diluted ADS while the effect of the fourth quarter foreign currency exchange gain, net of tax effect, was approximately $0.13 per fully diluted ADS.

Full Year 2008 Results

For 2008, net revenues were $831.9 million, compared to the Company's previous guidance of $800 million to $850 million. Total net revenue rose 175.6% from $301.8 million in 2007, primarily due to the increased shipments and offset in part by the decreased ASP. Total shipments were 201.01 MW, an increase of 164.8% from 75.91 MW in 2007. Gross profit for 2008 was $164.4 million, an increase of 143.2% from $67.6 million in 2007. Gross margin was 19.8% in 2008, compared to 22.4% in 2007. The Company's previous 2008 guidance was from 20% to 22%.

Operating income for 2008 was $100.0 million, up 177.8% from $36.0 million in 2007. Operating margin was 12.0% in 2008, compared to 11.9% in 2007.

Net income from continuing operations for 2008 was $61.4 million, an increase of 73.5% from 2007. Net income was $61.4 million, an increase of 71.7% from 2007. Net margin was 7.4% in 2008, compared to 11.8% in 2007.

Earnings per fully-diluted ADS for 2008 were $2.37, an increase of 57% compared to $1.51 per fully diluted ADS for the full year 2007.

Financial Condition

As of December 31, 2008, the Company had $177.2 million in cash and cash equivalents, and restricted cash. The Company's working capital balance was $84.2 million. Total bank borrowings stood at $263.2 million, of which $14.6 million were long-term borrowings. Shareholders' equity was $433.1 million, up slightly from $432.7 million at the end of the third quarter of 2008.

The Company increased the effective capacity of its foreign currency hedging program during the fourth quarter of 2008 involving forward currency contracts between the Euro and US dollar currencies, with goal to mitigate possible negative effects of exchange rate volatility.

First Quarter and Fiscal Year 2009 Guidance

While the Company typically provides a range of guidance for future performance, the current global economic and financial climate makes such predictions difficult.

For the first quarter of 2009, the Company expects to ship between 50 MW to 55 MW of PV modules. The Company believes gross margin for the first quarter will likely be between 15% and 17%.

For the full year of 2009 the Company expects total PV module shipments between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008.

Operations and Business Outlook for 2009

Module Cost Reduction

As of February, 2009, the Company's non-silicon manufacturing cost for its multicrystalline modules, which are expected to represent approximately 70% of its 2009 production, was approximately $0.82 per watt. By year end 2009 the Company expects further reduction of 15% to 20% through a combination of technology and manufacturing process improvements, including supply chain and logistics management initiatives currently under testing or development.

Order Backlog

The Company is currently targeting module production of between 350 MW to 400 MW for 2009. The Company has entered into contracts expected to generate approximately 300 MW in 2009 shipments.

Silicon Procurement

Through the Company's diversified range of short, medium, and long-term supply contracts, which include agreements entered into in the first quarter of 2007, the Company will continue to maintain competitive silicon costs relative to the current market price.

Capacity Expansion

Given recent changes in the global economic and financial climate, the Company is analyzing several 2009 capacity growth scenarios for anticipated announcement in the second quarter of 2009.

Cell Technology and Product Development Update

The Company is currently improving its cell manufacturing processes, including passivation and metallization techniques involved in the photovoltaic manufacturing process, with target year end cell efficiency goals of up to 18.5% and 17.5%, respectively, for its monocrystalline and multicrystalline product lines, compared to 17.5% and 16.3% achieved in December 2008. The Company also plans to further enhance its BIPV module product.

Conference Call

The Company will host a conference call at 8:00 a.m. ET on March 3, 2009, to discuss the results for the quarter ended December 31, 2008. Joining Jifan Gao, Chairman and CEO of Trina Solar, will be Terry Wang, Chief Financial Officer, Sean Tzou, Chief Operating Officer, Steven Zhu, Vice President, International Procurement and Business Development, Arturo Herrero, Vice President, Sales and Marketing, and Thomas Young, Director of Investor Relations. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1 (800) 884-2382. International callers should dial +1 (660) 422-4933. The conference ID for the call is 8623-0496.

If you are unable to participate in the call at this time, a replay will be available on March 3 at 11:00 a.m. ET, through March 10, at 11:59 p.m. ET. To access the replay, dial 1 (800) 642-1687, international callers should dial +1 (706) 645-9291, and enter the conference ID 8623-0496.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at http://www.trinasolar.com . To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) 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 .

Trina Solar Announces Selected Estimated Fourth Quarter and Full Year 2008 Financial Results

CHANGZHOU, China, Feb. 17 /PRNewswire-Asia-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, today announced the following selected estimated financial results for the quarter and the full year ended December 31, 2008.

For the fourth quarter 2008, the Company expects:
-- total net revenues for the fourth quarter to exceed its previous
guidance range of $190 million to $210 million
-- fourth quarter positive net operating cashflow to be approximately $60
million
-- short-term debt to be reduced by approximately $41 million to $249
million
-- a non-cash inventory provision between $16 million and $18 million


For the full year 2008, the Company expects:
-- total net revenues for the full year 2008 to meet its previous guidance
range of $800 million to $850 million
-- total module shipments for the full year 2008 to meet its previous
guidance range of 200 MW to 206 MW


"Against a very challenging operating environment, where preservation of cash and balance sheet fundamentals were our priorities, the notable reduction in both our silicon and non-silicon manufacturing costs resulted in our highest ever quarterly operating cashflow," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "This allowed us to significantly reduce our short-term debt to further improve our capital structure and maintain our liquidity for 2009."

The Company also announced that it anticipates a non-cash inventory provision between $16 million and $18 million mainly due to the revaluation of its silicon inventory linked to notable market price declines in the fourth quarter of 2008. The provision is expected to have a negative gross margin impact of 7% to 8%. With this provision, the Company expects its fourth quarter gross margin to be in the range of 9% to 10%, compared to its earlier previous guidance of 13% to 15%. The Company also expects its operating and net margins would be correspondingly affected.

As these selected estimated results are subject to finalization of the Company's financial closing procedures, the Company's actual results may differ from its current estimates.

The Company will review its fourth quarter and full year 2008 results via conference call on March 3, 2009 at 8:00 am (EST). Conference call details may be found via separate announcement, available at the company's website at http://www.trinasolar.com.

Trina Solar Signs Sales Agreement With GA Solar

Friday, Jan 30, 2009

CHANGZHOU, China, Jan. 29 /PRNewswire-Asia-FirstCall/ --Trina Solar Limited a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced that its subsidiary, Changzhou Trina Solar Energy Co.,Ltd., entered into a sales agreement with Spanish customer Gestamp Asetym Solar, S.L. ("GA Solar"). The agreement was signed during the recent World Future Energy Summit 2009 in Abu Dhabi,held on January 19-21.

Under the terms of this agreement, Trina Solar will supply GA Solar between 20 to 36 MW of PV modules for one year at pre-determined prices. Shipments under this agreement have recently been initiated.

"We are excited to have entered into this sales agreement which affirms our successful long-term supply partnership with GA Solar in the past," stated Mr. Arturo Herrero, Vice-President of Sales & Marketing of Trina Solar. "GA Solar's plan to implement new solar projects in markets such as Italy, Greece, the United States and the Middle East will be supported by their parent company's presence in over twenty countries, and we believe that our experience in working with PV system integrators can play an important part in GA's expansion plan."

"This agreement reinforces and confirms the strategic alliance between both companies," declared Mr. Jose Maria Rodriguez Paraja, Strategic Development Director of GA Solar. "This association assures a high quality technical solution that will enable us to successfully approach diverse PV markets worldwide, thereby assuring our needed requirements are fulfilled in terms of reliability, competitiveness and excellence proven by Trina Solar in our recent years of partnership.

TRINA SOLAR STARTS WAFER SHIPMENT FOR ATLANTA CONVENTION CENTER

BEIJING, Dec 19, 2008 (AsiaPulse via COMTEX) -- China's integrated solar modules producer Trina Solar Limited (NYSE:TSL) has commenced shipment of wafers and modules for Atlantic City Convention Center (ACCC) of the United States, a source with Trina Solar was quoted by local media.

Qiu Diming, director of the company's technology committee, declined to deliberate the exact quantity of shipment for the time being as well as its time table for the development of UMG-based modules.

Trina Solar will provide as many as 13,400 modules in a bid to build a rooftop solar power generation system at World Congress Center with acreage of 180,000 square feet.

This project is expected to generate 2.8 million kilowatt hours of electricity each year, serving 280 households.

As the largest rooftop power generation project in North America, the system has a capacity of 2.4 MW.

Trina Solar Announces 'MeSolar' Brand UMG-Silicon Based Product Line

18 December 2008

CHANGZHOU, China, Dec. 18 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (''Trina Solar'' or the ''Company''), a leading integrated manufacturer of photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, today announced the launch of the brand name "MeSolar" for its newly in-house developed line of products based on Upgraded Metallurgical Grade ("UMG") silicon materials.

The product line is part of Trina Solar's strategy to expand its product portfolio in order to address customers' increasing demand for lower cost solar module systems. "We are pleased to introduce the brand name 'MeSolar' which represents our high quality and efficient modules using UMG silicon materials, with advantageous prices for our customers," stated Arturo Herrero, Trina Solar's Vice President of Sales & Marketing. "MeSolar" products undergo a stringent production process as well as rigorous quality control checks as a result of initial optimization and critical development stages during testing along the entire value chain, starting from UMG silicon materials, wafers, and cells, to modules, the final product.

Jifan Gao, Trina Solar's Chairman and CEO, stated, "We expect that UMG feedstock technology will continue to advance in the next year, which combine with improved manufacturing efficiencies should provide significant and sustainable cost advantages forward for added value to our customers."

Trina Solar plans to launch production of "MeSolar", employing its existing, dedicated manufacturing lines, with sales and deliveries planned throughout 2009. The UMG-based "MeSolar" modules have a 20-year warranty.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) 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 .

Chinese PV product makers face gloomy fourth quarter

Beijing. December 2. INTERFAX-CHINA - Chinese photovoltaic product manufacturers, who have just enjoyed a two-year boom period, are concerned that the global financial crisis will cool overseas demand and impact their bottom lines in the fourth quarter.

Chinese PV product manufacturers rely on exports for 95 percent to 98 percent of their sales, and as such, the industry could be in for a long winter, Qu Xiaohua, president of Suzhou-based PV product maker CSI Solar Manufacturing Inc., told Interfax at the 3rd China New Energy International Forum. According to CSI's third quarter report, the company has lowered its expectations for shipments, margins and earnings for the fourth quarter.

Changzhou-based Trina Solar Ltd., another PV product manufacturer, has seen demand for its products shrink in recent months and some of its customers have even reneged on contracts, according to the company's technology committee director Qiu Diming.

Shi Zhengrong, chairman and CEO of Suntech Power, China's largest solar cell producer and a major exporter to Europe, agreed that China's PV product market is entering a tough period. Suntech Power stated in its third quarter report that the weakening of the Euro against the U.S. dollar, combined with unstable credit markets, would hurt its profitability in the fourth quarter.
Meanwhile, manufacturers have been unable to gain some breathing room by capitalizing on the recent tumble in prices for polysilicon, a raw material used to make PV products, which have halved from a high of RMB 3,000 ($439.24) per kilogram in July, as they have also cut solar cell and solar module prices on poor demand.

According to Shi from Suntec Power, which is also operates solar power stations, the industry should band together to petition for more government support, with the aim of extracting policies that will stimulate the domestic market as overseas markets weaken.

One of the problems that Suntech faces is that there are no incentives for power grid companies to spend money to connect solar power stations to their grids, despite China's Renewable Energy Law, which requires them to do so. Shi said that it took two years for one of Suntech Power's projects to be connected to the local grid.

Song Shucai, deputy general manager of Tianwei Group, a large Hebei-based renewable energy developer, suggested that the government raise power tariffs by RMB 0.02 ($0.0029) and use the proceeds to subsidize renewable energy projects.

Despite their concerns, Chinese PV product manufacturers are trying to look on the bright side of things. Several executives pointed out that the European Union, the United States and Japan are now encouraging solar power development as a way to stimulate economic growth.

In the meantime, Chinese PV product manufacturers could increase their focus on thin-film silicon PV modules, a sub-area that is attracting significant interest, especially from state-owned companies with deep pockets.

Jeannine Sargent from Oerlikon Solar, the world's leading manufacturer of thin-film PV silicon solutions, told Interfax that China's thin-film PV market will still be one of the fastest growing markets when compared with others around the globe. "For Oerlikon Solar, we are expecting a 200 percent increase in revenue from 2007 to 2009 in China."

Dr. Sun Haiyan, head of Oerlikon Solar Technical Marketing Asia, believes there are a couple of reasons why the sector will remain strong in the near term. "The price of glass, which is used as a raw material in thin-film solar module production, is quite cheap in China, which is an advantage when it comes to manufacturing," he said, adding that state-owned companies will likely support development in this field.

In this April and July, Oerlikon Solar signed two turnkey contracts with China's Tianwei Group and Chint Solar to supply thin-film solar module production lines. "We anticipate that we will not only build manufacturing facilities, but also partner with our customers on an R & D center as well," Sargent said.

Trina Solar Announces Third Quarter 2008 Results

By: PR Newswire

CHANGZHOU, China, Nov. 19 /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, today announced its financial results for the third quarter 2008.

Third Quarter 2008 Financial Highlights
-- Solar module shipments were 66.36 MW, up 213.7% from 21.15 MW in the third quarter of 2007 and 39.5% from 47.57 MW in the second quarter of 2008
-- Total net revenues increased to $290.7 million, up 252.1% year-over-year and 42.4% sequentially
-- Gross margin was 22.4%, compared to 20.1% in the third quarter of 2007 and 23.2% in the second quarter of 2008
-- Operating margin was 16.1%, compared to 8.4% in the third quarter of 2007 and 14.3% in the second quarter of 2008
-- Net income was $32.1 million, compared to $7.8 million in the third quarter of 2007 and $17.1 million in the second quarter of 2008
-- Net income includes a foreign currency exchange loss of $4.9 million
-- Earnings per fully diluted ADS were $1.17. The effect of the third quarter foreign currency exchange losses was approximately $0.17 per fully diluted ADS

"We are very pleased with our strong performance during the third quarter," said Jifan Gao, Trina Solar's Chairman and CEO. "Despite further rising silicon costs, over the last four reporting quarters we have either met or exceeded our aggressive goals for output, revenues and operating margin. In the third quarter we again demonstrated the ability to leverage on our integrated manufacturing capabilities, enhanced further by significant improvements in operating efficiencies and cost controls as measured by our operating expenses. We are also pleased by the recently announced expansion of our product portfolio via our in-house developed UMG-based module product. This timely offering is expected to address increasing customer demand for lower cost modules, with initial sales expected in fourth quarter of 2008."

Third Quarter 2008 and Recent Business Highlights
-- Expanded capacity to approximately 300 MW for each of ingot, wafer, cell and module production as of September 30, 2008
-- Launched cell Lines 11 through 14, of which lines 11 and 12 were put into commercial production
-- Announced sales agreements with Invictus NV (Belgium), American Capital Energy (US), GreenergyCapital and Enel (Italy), and a sales and marketing collaboration agreement with Spanish Premier League Football Club Espanyol
-- Announced the product launch of an in-house developed UMG-based module product, with sales expected in the current fourth quarter
-- Enhanced the Company's brand recognition and market share by further developing sales channels in developing solar markets, including the US, Belgium, France, South Korea, and Australia
-- Announced the Company's intentions to base its North American operations in the City of San Francisco
-- Announced the Company's intentions to establish warehouse operations in Rotterdam, a key port city in the Netherlands

Third Quarter 2008 Results

Net Revenues
Trina Solar's net revenues in the third quarter of 2008 were $290.7 million, an increase of 42.4% sequentially and 252.1% year-over-year. Total shipments in the third quarter of 2008 increased to 66.36 MW, up from 47.57 MW in the second quarter of 2008 and 21.15 MW in the third quarter of 2007. Average sales price ("ASP") was $4.09 in the third quarter of 2008, compared to $4.03 in the second quarter of 2008 and $3.75 in the third quarter of 2007.

Gross Profit and Margin
Gross profit in the third quarter of 2008 was $65.2 million, an increase of 37.6% sequentially and 292.9% year-over-year. Gross margin was 22.4% in the third quarter of 2008, a decrease from 23.2% in the second quarter of 2008 and an increase from 20.1% in the third quarter of 2007. The sequential decrease in gross margin was predominantly due to higher cost of silicon raw materials while the year-over-year increase was primarily due to higher module ASP and cost efficiencies from an increased degree of vertical integration, including in-house cell production.

Operating Expense, Income and Margin
Operating expenses in the third quarter of 2008 were $18.4 million, or 6.3% of net revenues. This compares to 8.9% in the second quarter, reflecting the fourth straight quarterly improvement as a net revenue percentage. Operating expenses in the third quarter of 2008 included approximately $0.6 million of share-based compensation expenses.

Operating income in the third quarter of 2008 was $46.8 million, an increase of 60.6% sequentially and 575.0% year-over-year.

Operating margin was 16.1% in the third quarter of 2008, compared to 14.3% in the second quarter of 2008 and 8.4% in the third quarter of 2007. The sequential increase was primarily due to lower general and administrative expenses as a percentage of net revenues while the year-over-year increase was primarily due to both lower general and administrative expenses and selling expenses as a percentage of net revenues.

Net Interest Expense
Net Interest expense in the third quarter of 2008 was $7.2 million, compared to $5.1 million in the second quarter of 2008 and $0.6 million in the third quarter of 2007.

Foreign Currency Exchange Loss
Foreign currency exchange loss was $4.9 million in the third quarter of 2008, compared to $6.1 million sequentially. This was primarily due to the devaluation of the Euro against the U.S. Dollar, which resulted in a loss upon the remeasurement of the Company's receivables.

Net Income and EPS
Net income was $32.1 million in the third quarter of 2008, compared to $17.1 million in the second quarter of 2008 and $7.8 million in the third quarter of 2007. Net Income includes a foreign currency exchange loss of $4.9 million.

Net margin was 11.0% in the third quarter of 2008, compared to 8.4% in the second quarter of 2008 and 9.4% in the third quarter of 2007. The effect of the third quarter foreign currency exchange losses, net of tax effect, were approximately $0.17 per fully diluted ADS. Earnings per fully diluted ADS were $1.17.

Senior Convertible Notes Offering
On July 24, 2008, Trina Solar completed a public offering of $138 million of Senior Convertible Notes due 2013. The net proceeds of the offering is being used for the expansion of manufacturing lines for the production of silicon ingots, wafers, solar cells and solar modules, the purchase of raw materials, research and development and other general corporate purposes.

Financial Condition
As of September 30, 2008, the Company had $136.3 million in cash and cash equivalents, excluding the Company's restricted cash balance of $48.5 million. The restricted cash comprises deposits pledged to banks to secure bank borrowings and letter of credit facilities.

As of October 31, 2008, the Company's total approved credit facilities totaled approximately $450 million, of which includes approximately $150 million in available credit.

Fourth Quarter and Fiscal Year 2008 Guidance
For the fourth quarter of 2008, the Company expects to ship between 55 MW and 60 MW of PV modules and currently expects total net revenues to be in the range of $190 million to $210 million. The Company expects gross margin for the fourth quarter will likely be between 13% and 15% and estimates operating margin to range between 5% and 7% of total net revenues.

For the full year of 2008, the Company updates its projections as follows:
Total net revenues to be in the range of $800 million to $850 million, compared to previous guidance of $850 million to $900 million.
Total PV module shipments between 200 MW to 206 MW, compared to previous guidance of 210 MW to 220 MW.
The Company believes gross margin to be in the range of 20% and 22% for the year, compared to previous guidance of 23% and 25%, and estimates operating margin will likely be in the range of 12% to 14% of total net revenues, compared to previous guidance of 15% and 17%.

Business Outlook
Given industry concerns related to changes in the global economic and credit environments, the Company reiterates its confidence in regards to its financial strength and operational strategies for fiscal year 2009.

"We are confident in our ability to successfully navigate our operations and related capital requirements despite recent and significant market environment changes," stated Terry Wang, Chief Financial Officer. "We are fully aware of the risks and volatility of market conditions. After careful examination of various scenarios reflecting market demand, average selling price, and cost reductions of key material inputs, we reiterate expectations to preserve sufficient cash holdings and to maintain positive cashflows from operations initiated in the third quarter, which were over $20 million. These cashflows will drive the funding for future operations and capacity expansions, to be deployed prudently and effectively based on evolving market conditions."

Management Changes

The Company announces recent management changes:
Dr. Suping Chen has joined the Company as Vice President of Manufacturing, East Campus. Mr. Chen previously worked at Samsung Electronics (Suzhou) Semiconductor Co., Ltd. and at Seagate Technology International (Wuxi) Co., Ltd., where he served for over seven years in roles including Senior Product Manager and Operations Director. Dr. Chen, who formed his own management consulting company in 2006, has more than 12 years of IT manufacturing experience in China.

Dr. Qiang Huang has been appointed as Vice President of Technology. He replaces Mr. Ting Cheong Ang, the former Vice President of Technology Development. Dr. Huang served earlier as a Director of Manufacturing Engineering. Before joining our Company, he earlier served as Engineering Manager with Taiwan Semiconductor Manufacturing Co. (TSMC) and as a Senior Manager of Device Integration at ST Microelectronics in Singapore. Dr. Huang has more than eight years of commercial operations experience in semiconductor engineering development and engineering problem solving.

The Company also announces the appointment of Mr. Steven (Yu) Zhu as Vice President of International Procurement and Business Development. The position fills the vacancy created by the departure of Mr. Andrew Klump, the former Vice President of Business Development. Mr. Zhu, who joined the Company in 2005, earlier worked for IBM in the United States for four years as a global training leader and software engineer. Prior to joining the Company, Mr. Zhu also was founder and president of a wireless internet company from 2002 to 2005.

Trina Solar to open Rotterdam warehouse

11/17/2008

ROTTERDAM: Changzhou, China-based Trina Solar plans to establish warehouse operations at the Port of Rotterdam in The Netherlands. Service is expected to begin in the fourth quarter of 2008, strengthening Trina Solar's distribution network and providing module supply functions to respond to customer delivery requests.

"We are pleased to announce the opening of our first warehouse in Europe, which will offer quality after-sales support to our customers and improve our module supply function. This demonstrates our continual commitment to provide excellent customer service and accessible and effective solutions to our customers," said Arturo Herrero, Trina Solar's Vice President of Sales and Marketing.

Trina Solar earlier this month selected San Francisco as the location for its North America base.
"This is an important step in our continuing commitment to deliver high quality Trina Solar PV modules to customers in the North American markets," said Mr. Jifan Gao, chairman and CEO of Trina Solar. "As our geographic footprint continues to expand, we remain committed to a location with tremendous talent to provide the support and services that have allowed us to create strong customer relationships throughout the world."

Trina Solar manufactures solar photovoltaic products, including ingots wafers and cells, and assembles photovoltaic modules.

Trina Solar Announces UMG-based Module Launch

CHANGZHOU, China, Nov. 11 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a leading integrated manufacturer of photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, founded in 1997, today announced its development of a new product line fully based on Upgraded Metallurgical Grade (UMG) silicon material. UMG is a variety of solar grade polysilicon feedstock capable of delivering conversion rates comparable to higher grade polysilicon, but at a significantly lower cost. The product launch is part of Trina Solar's strategy to extend its product portfolio in order to better address customer demand for lower cost solar module systems. Trina Solar is one of the first vertically integrated solar manufacturers to offer a UMG-based module product.

"We are happy to announce our achievement of critical development milestones in the design, engineering evaluation and reliability testing of this new product, from efforts which initiated in mid-2007," stated Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "This advancement, which reflects significant proprietary processes, was aided by our integrated manufacturing capabilities, which offer efficiencies in both technology and quality feedback control from our single-campus, ingot-to-module development path. Our UMG-based product is currently meeting our targeted conversion efficiency levels of approximately 14%, and offers advantage via its competitively lower silicon cost component. Customer benefits include a significantly lower module system investment cost compared to our standard high efficiency module lines. Our product development path has involved various stages of trial production, performance testing and evaluation in both real-time field applications and accelerated test environments before commercial production."

The Company further announced that the UMG module products will be produced using existing manufacturing lines and will be marketed and sold under a separate brand, backed by a 20-year warranty. Initial sales are expected in the current fourth quarter, with increasing production planned throughout 2009.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) 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 .

Trina Solar to open U.S. headquarters in S.F.

Wednesday, November 12, 2008

San Francisco Business Times - by Lindsay Riddell

Trina Solar Ltd. will open its North American headquarters in San Francisco in the coming year, focused on selling its solar modules to the U.S. market.

The company (NYSE: TSL) was started as a solar installation business in 1997 and went public in 2006. It has about 5,000 employees.

The company shipped 75 megawatts of solar modules in 2007 resulting in $301.8 million in net revenue and $35.4 million in net income for the year. The company said it has secured longterm contracts for polysilicon — the conducting ingredient of its solar modules — and will develop its own polysilicon manufacturing plant to further boost its supply.

Yimei Wong, an executive of Trina Solar America, said it was too early to say how many employees might move to San Francisco or how large the office would be. She said San Francisco would be the company's American base and manufacturing would remain in Changzhou, China. The company is doubling its production capacity to 700 megawatts by the end of 2009.

The U.S. now makes up just 5 percent of the company's sales, while Germany, Spain and Italy, which provide lucrative subsidies for buying solar, account for the overwhelming majority of Trina Solar's business.

The company's new U.S. office was announced at the grand opening ceremony for ChinaSF, the San Francisco economic development office in Shanghai charged with helping companies from China locate in the Bay Area.

Wong said Trina Solar had been working with the ChinaSF office since late 2007, planning its eventual entrée to the U.S. market.

Because a quarter of San Francisco's population is Chinese, San Francisco has much to offer Chinese companies in the way of services, workforce and comforts like Chinese language schools, said San Francisco Assesor-Recorder Phil Ting, who chairs the ChinaSF advisory committee in San Francisco.

"We want to be the go-to city for any company looking to locate their company in North America," Ting said. "We think if we can get to that critical mass, we'll become the place to locate for companies from China.”

Second wave of major new Chinese module manufacturers coming in 2009

Current financial crisis could speed up consolidation in PV industry

By: Edwin Koot (CEO solarplaza)

31 October 2008 - The global solar energy market in 2008 is expected to grow by 50% compared to 2007. The Chinese solar PV industry is growing rapidly and will soon be the biggest producer of solar cells and modules in the world. There are now over 100 Chinese solar module manufacturers, and even more new market players are expected in the short term. The question is: what might the current credit crisis and pessimistic economic forecasts mean for the PV market and industry in 2009? With solar modules becoming a commodity product, China will definitely be playing a key role as a major producer of solar cells and modules. However, if we look at the maturity of the PV industry right now, and what has happened in other industries, an imminent consolidation phase seems likely. That could mean that fewer producers, and only the bigger ones among them, will survive. So which companies are likely to be the winners, and be reliable business partners for the long term?

Global PV market developments
The PV market is likely to grow less rapidly in 2009. First of all, the world's biggest market in 2008 - Spain - has reduced its support for solar energy. Feed-in tariffs will be cut by 30% in 2009 and, even more significantly, only 500 MWp of new installed PV power will be eligible for this feed-in tariff. This could lead to a decrease in volume for the Spanish market of more than 60%. With feed-in tariffs going down by around 10% in the German PV market, which was the world's biggest PV market for many years, it is likely to grow, but at a moderate rate. Growth in other markets is also dependent on government support programs. And although the US government recently agreed on an eight-year extension of the federal tax credit scheme for solar energy, the US market is not likely to grow very rapidly. The current credit crisis, and the economic recession forecasted for 2009, will limit the available finance from banks, and therefore also limit the development of new PV projects.

On the supply side, along with the global PV industry as a whole, supply will grow even faster than market demand in 2009. A conservative forecast by the Prometheus Institute suggests that solar module production volume will grow by a massive 80% in 2009. Most of the investments in new production capacity were planned between late 2007 and 2008, under the highly profitable market conditions.

Consolidation phase
Last September, SolarPlaza held the second Global PV Demand Conference in Valencia, Spain. The conclusion was that the huge growth in solar module production over the next two years, compared with the ?modest? growth in demand, would lead to an oversupply situation commencing in 2009. The experts in attendance predicted that this would create a consolidation phase in the PV industry. This conclusion was drawn even before the international credit crisis began. The difficulty in obtaining finance for new solar energy systems is now visible in the European PV markets. Even worse is the situation in the USA. Not only is the credit market frozen, the country is also facing economic recession in 2009 and possibly even 2010. Under these conditions, with the oil price falling and with no bank to finance PV system investments, customers might think twice about spending their savings on solar energy. Therefore, the credit and economic crisis may prevent rapid growth in both the US and the global PV markets. Together with the inevitable oversupply situation already predicted for 2009, the solar PV industry could be facing very hard times over the next two years. For the longer term, market forecasts are extremely positive. Industry consolidation will bring module prices down further. And, within a few years, one solar kilowatt hour will equal the price of electricity from the grid (?grid parity?) in the world's sunny regions. This will unleash unlimited market potential.

As a result, for the short term, financially weaker solar cell and module manufacturers, and those without a foothold in the world's key PV markets, will be put out of business or driven into the hands of some larger partner. In other words, the global economic crisis will speed up the consolidation phase in the PV industry.

Who will be the winners?
The world's leading manufacturers in the solar industry are well placed for continued growth in 2009. The top 10 of the world's biggest solar module manufacturers includes several Chinese companies, like Suntech Power, Yingli Solar and Trina Solar. These companies started up during the first wave of new Chinese PV industries a few years ago, and all three of them are listed on the New York Stock Exchange. They have grown rapidly and made healthy profits in 2007 and 2008. Their track record will help them to remain on the shortlist of banks financing PV projects. Their full order books will help them through a more difficult market phase in 2009. However, there are dozens of other manufacturers out there on the market. Many of them are relatively small, or just started trading in 2007, following the hype to produce solar modules. Back in 2007, the market became very hungry for modules. The availability of modules counted for more than the brand name. Now European and US banks are hesitant to provide PV project finance. A manufacturer needs to be highly bankable, or at least will need to offer sufficient financial guarantees, before any shipments can take place. If a company fails, all its modules will need to be returned, or the investor repaid. Only the bigger, financially sound companies will be able to fulfill these requirements. The first signs from China are that several smaller manufacturers are stopping production or actively looking for a takeover.

Companies and (big) manufacturers with healthy balance sheets and full order books will be in a good position to survive a difficult 2009.

The second wave
Nevertheless, it could turn out that the future winners among the manufacturers will be relatively unknown players: companies that have just started producing solar wafers, cells and modules, that have a strong vision, a conviction that the solar energy market will continue to grow in the long term, and deep pockets to see them through a difficult start-up phase under the current economic conditions.

Some major production initiatives by industrial companies or conglomerates with a variety of backgrounds have been announced or are underway ? from a glass manufacturer (CSG), to an industrial glove manufacturer (QS solar), to an energy utility (ENN), to a manufacturer of electronic devices (Chint). Their balance sheets will easily be more robust than those of the better-known existing European module manufacturers.

The benefit for European and US companies is that the Chinese companies will still need to develop their sales and distribution network structures in key markets. They are keen to do business directly with bigger end customers like PV project developers. And they are willing to offer financial security packages to overcome the doubts of banks and customers. Developers in Europe might ask themselves why they should pay ?0.30/Wp more for a well-known European module brand if the Chinese manufacturer is offering a full financial security package and is backed by a hundredmillion or more dollar parent company with thousands of employees.

It is difficult to give prices for their modules, since currencies are so volatile, but recently prices have been offered of between $3.60 and $3.75/Wp for deliveries of crystalline modules up to the end of 2008.

Several of these major new Chinese players have moved into thin film. In 2009 alone, total installed capacity could exceed 1.5 GW, then rapidly expand to double that figure one year later. This new wave of solar modules will start coming onto the market in early 2009, when the products will have their full IEC/UL certification. Prices will depend on the state of the dollar, but offers have been seen of $2.50/Wp.

These major new players may very well be among the manufacturers that survive the imminent consolidation phase. They can take a little head wind and prepare themselves for rapid market growth in the long term, when it will be full steam ahead once more.

CHINESE SOLAR COMPANIES ON THE UP

ROTTERDAM - The Netherlands, Shanghai - China, October 17, 2008. Chinese solar companies are on the up. Led by major growth strategies, Chinese solar module manufacturers are hoping to push past the competition. Only the strongest will survive under current market conditions. Ignoring an expected oversupply situation in 2009, Chinese companies are aiming for growth rates of 100-400% a year. In recent years, we have already witnessed a reshuffle among the top 10 solar manufacturers; formerly high ranking European and Japanese producers have been replaced by Chinese manufacturers claiming positions among the top 10.

Although Q-cells still heads the table and First Solar is still the leading thin film company, the Chinese will be claiming more and more top-10 positions. Solarplaza, the global solar energy business portal, has made a shortlist of some of these high-potential companies and has taken a look at their growth ambitions and strategies.

Thin film

China has been in no doubt about the marked rise in the global production of thin film over the past two years. The first dozen thin film manufacturers to surface in China appeared no less than two to three years ago. Nowadays, dozens of Chinese thin film manufacturers are expanding their factories and have either started production or else will be doing so in the near future.

One of the largest investments has been made by Best Solar. With a contract worth $1.9 billion signed with Applied Materials they hope to grow from around 200 MW at the beginning of 2009 to almost 1 GW of thin film tandem junction production capacity by 2010, doubling this to 2GW by 2011.

To put this in perspective, First Solar (FSLR) will reach a production capacity of more than 1 GW by the end of 2009. Best Solar will start shipping products in Q1 of 2009.

Another young company with less capital but equal eagerness is QS Solar. This company is aiming to produce 500MW in thin film solar cells within 3 years (2010). QS Solar, together with companies like Nanosolar, Firstsolar, and Moserbaer, was one of the companies to present its products at the first thin film conference in Munich, June 2008.

Crystalline

There are already hundreds of manufacturers producing solar modules in China with regard to the crystalline side of things. A dozen are listed on foreign stock exchanges, four of them are listed on the New York stock exchange: JA Solar, Suntech Power, Trina Solar, and Solarfun.

The latter has received investments from Good Energies and is showing steady growth (from 240 MW output capacity to 360 MW by the end of 2008). Unlike Trina Solar, for instance, Solarfun focuses on producing solar cells and modules.

Founded in 1997, Trina Solar's year-end goal for 2009 is to have a production capacity of 600 MW, and it plans to ship between 360 to -400 MW in 2009 as they ramp up toward 600MW capacity. Trina has pursued a vertical integration model and thus produces, or aims to produce, nearly all the components for its PV panels. To demonstrate just how committed it was to this principle, Trina actually announced plans to open a polysilicon factory. It abandoned these plans in April this year.

The company argued that the polysilicon supply would become increasingly available as new plants came online; therefore, the supply of silicon would be both sufficient and ever more affordable in the years and months to come. Trina Solar, like Suntech, will be heavily reliant on the US as a market for their products.

Apart from these stock listed companies, there are also hundreds of small but ambitious companies actively involved in the solar industry.

Take Astronergy/Chint, for example. This company, founded in 2006, has a major focus on technology and is producing solar cells as well as thin film solar modules. It is striving to be the first among its competitors to reduce PV module costs to below $1/Wp. With a production goal of 380 MW by 2010, this company is also aiming to be one of the big players.

Bearing the scale of these ambitions and growth plans in mind, the Chinese solar industry will be able to take solar to the next level; and with prices that are almost the lowest in the industry, China will be giving European manufacturers a hard time in terms of the ability to compete.

Fully organized trade mission

For the purpose of exploring business opportunities and visiting the factories of some of the companies mentioned above, Solarplaza is organizing an open international PV trade mission to China. The program includes a brokerage event and factory visits to the companies mentioned above (Best Solar, Trina Solar, Solarfun Power, QS Solar, Chint Solar).

About SolarPlaza

Solarplaza is a global solar energy business portal with worldwide news and information on photovoltaic products and services. Solarplaza organizes solar-dedicated events and assists in large solar deals. Solarplaza has its headquarters in the Netherlands and also has offices in Spain and China.

Trina Solar Announces Selected Estimated Third Quarter Results

CHANGZHOU, China, Oct. 15 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited ("Trina Solar" or the "Company"), a leading integrated manufacturer of photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, founded in 1997, today announced its selected estimated unaudited financial results for the third quarter of 2008.

For the third quarter of 2008, the Company expects its net revenues to be in the range of approximately $285 million to $294 million, exceeding its previously forecasted range of $250 million to $265 million. The new range, which includes non-module income, represents an approximately 40% to 44% increase from its net revenues in the second quarter of 2008. During the quarter, the Company shipped approximately 66 MW of PV modules, compared to its previously forecasted range of 62 MW to 66 MW. As guided previously, the Company's gross margin for the third quarter is expected to be in the range of approximately 23.0% to 25.0%, and its operating margin is expected to be in the range of approximately 15.0% to 17.0%.

"We are very pleased with our continued strong growth in the third quarter, reflecting our increasingly recognized brand and strong sales distribution capabilities in existing and new markets," said Mr. Jifan Gao, Trina Solar'sChairman and CEO. "We expect to strengthen our operating cash flows over the third and fourth quarters of 2008, which combined with the proceeds from our senior convertible notes offering, will greatly enhance our cash position for future operations."

As these selected estimated results are subject to the Company's normal, quarter-end closing procedures, the Company's actual results may differ from its current estimates.

Based on customer commitments in signed contracts and the Company's current operating and market conditions, the Company believes it is on track to meet or exceed its full year 2008 targeted total net revenues of between $850 million and $900 million.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) 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 .

Trina Solar Ranked Top 3 in TUV Energy Rating Tests

CHANGZHOU, China, Oct. 3 /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 monocrystalline PV modules were ranked among the top three PV modules tested based on yield from TUV Energy Rating Comparison Measurementtests in 2008.

Test results from the Cologne-based TUV Rheinland Group's "Energy Yield 2008" project, released in September 2008, were conducted on a total of 14 international brands of PV modules from European, American and Asian manufacturers. The tests measured the specific energy yield as a percentage of maximum power output over a test period from April 1 to April 30, 2008.

"We are very pleased with our recent TUV test results, which validate our focus to improve manufacturing standards and process efficiencies to yield superior operating performance and stability," said Anthony Chia, Trina Solar's Vice President of Quality. "We look forward to working closely with TUV and other international testing organizations as we continue to enhance our technology research and development efforts for both new and existing products."

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL) 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

Trina Solar to Power North America's Largest Single Rooftop Installation

CHANGZHOU, China, Sept 24, 2008

Xinhua-PRNewswire-FirstCall via COMTEX/ -- 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 shipments began this month to provide more than 13,400 solar PV modules to power the Atlantic City Convention Center ("ACCC"). This supply comes as part of a signed agreement with general contractor American Capital Energy, who is managing project integration and installation for Pepco Energy Services and the Atlantic City Convention & Visitors Authority ("ACCVA"). The agreement provides for up to four additional megawatts ("MW") to be supplied during 2009.

Once complete, the ACCC project will be North America's largest single roof-mounted solar array, with approximately 185,000 square feet of solar panels for a system size of approximately 2.4 MW. The system is expected to generate over 2.8 million kilowatt-hours of energy per year, or enough to power 280 US homes. The system is being developed under a 20-year Power Purchase Agreement with Pepco Energy Services, a subsidiary of Pepco Holdings, Inc., and will provide the ACCC with energy savings of $4.4 million over 20 years.

"We are very pleased that Trina Solar modules were chosen for this landmark roof-mounted system," stated Jifan Gao, Trina Solar's Chairman and Chief Executive Officer. "We are delighted to work with a proven solar system developer such as American Capital Energy as we enter this key growth market to provide efficient, clean solar energy in the years ahead."

Tom Hunton, President of North Chelmsford, Massachusetts based American Capital Energy, remarked, "Trina Solar is our preferred provider on this project due to their ability to deliver a superior product on time and within budget. We look forward to working with them as a key partner on this and future projects as more large organizations recognize the quantifiable return on investment a commercial-scale solar implementation offers."

About Trina Solar Limited

Trina Solar Limited 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 American Capital Energy

American Capital Energy provides full-service solar energy project integration and installation for large commercial enterprises. The company is committed to furthering the utilization of solar energy by America's most forward-thinking companies by offering customized turnkey solar systems designed for long term performance and verifiable return on investment. Interested media may contact Richard Schineller at +1(941)780-8100 or rich@prmgt.com. For more info, visit http://www.americancapitalenergy.com .

Trina Solar, Gestamp Asetym To Open Spanish PV Plant

September 19, 2008 (FinancialWire) -- Trina Solar Ltd. said it has inaugurated a 26 megawatt photovoltaic plant, consisting of an installation, which uses primarily PV modules manufactured by Trina Solar, in Fuente Alamo, Murcia, in the south-east of Spain. The project has been carried out by Spain-based Gestamp Asetym Solar SA, a provider of solar systems.

Under the deal, Trina Solar supplied twenty megawatts of mono and multicrystalline solar modules of the total 26 MW required for the project as part of the long-term arrangement between both companies. The PV plant consists of three phases, including Fuente Alamo I, of 8MW, Fuente Alamo II, of 8MW and Fuente Alamo III, of 10 MW. The phases are installed on a total of 62 square hectares of rural land.

The 26 MW PV system will produce 44,000 megawatt hours per year, which equals the electric consumption of 13,000 homes and will avoid 15,000 tons of CO2 emissions to the atmosphere.

China's Trina Solar signs 2-year sales agreement with Invictus in Belgium

September 12, 2008: 10:11 AM EST

NEW YORK (Associated Press) - Trina Solar Ltd., a Chinese solar photovoltaic products manufacturer, said Friday it has reached a two-year agreement to sell 50 megawatts of solar modules to Belgium-based Invictus NV.

Trina's subsidiary, Changzhou Trina Solar Energy Co. Ltd., will sell Invictus 20 megawatts of product in 2009 and 30 megawatts in 2010 at predetermined prices. There also is an option to sell Invictus an additional 10 megawatts of product each year.

Financial terms of the agreement were not disclosed.

The Changzhou, China-based company said it has now sold about 70 percent of its estimated 2009 target of 450 megawatts of products.

Trina manufactures solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules.

Trina Solar Announces First Quarter 2008 Results

CHANGZHOU, China, June 6 /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 its financial results for the first quarter 2008.

First Quarter 2008 Financial and Operations Highlights
-- Solar module shipments were 29.49 MW, up 180.3% from 10.52 MW in the first quarter of 2007 and 23.3% from 23.91 MW in the fourth quarter of 2007
-- Total net revenues increased to $120.7 million, up 183.6% year-over- year and 19.0% sequentially
-- Gross profit was $31.1 million, an increase of 226.8% year-over-year and 12.6% sequentially
-- Gross margin was 25.8%, compared to 22.3% in the first quarter of 2007 and 27.2% in the fourth quarter of 2007
-- Operating margin was 16.7%, compared to 10.5% in the first quarter of 2007 and 16.0% in the fourth quarter of 2007
-- Net income was $12.9 million, compared to $4.8 million in the first quarter of 2007 and $15.7 million in the fourth quarter of 2007
-- Net income of $12.9 million includes a foreign currency exchange loss of $4.0 million, primarily associated with the remeasurement of the non-US dollar denominated obligations in the US dollar functional currency
-- Earnings per fully-diluted ADS was $0.51

''We are pleased with our first quarter performance, as we benefited from our integrated manufacturing capabilities to offset higher silicon feedstock costs,'' said Trina Solar's Chairman and CEO, Jifan Gao. "We also made solid progress on our technology roadmap, including reducing wafer thickness and other process improvements, all of which contributed to lower our module manufacturing costs. These developments, combined with our new automated wafer and cell line manufacturing workshops, are central to our strategy of continuously improving our technology platform, ensuring our low cost position through a vertically integrated business model, and developing a strong brand globally.''

First Quarter 2008 and Recent Business Highlights
-- Expanded capacity to approximately 200 MW for each of ingot, wafer, cell and module production as of March 31, 2008
-- Introduced automation and in-line processing to new cell production lines 7 and 8
-- Achieved 100% in-house cell processing, an increase from approximately 75% in the fourth quarter of 2007
-- Reduced monocrystalline and multicrystalline wafer thicknesses from 200 to 180 microns and from 220 to 200 microns, respectively
-- Enhanced the Company's brand recognition and market share by further developing sales channels in developing solar markets, including Belgium, France, Korea, Australia and the Netherlands
-- Received Underwriters Laboratory (UL) certifications to initiate sales in the United States, with initial contracts secured for the second half of 2008 and throughout 2009
-- Contracted 100% and 90% of first and second half of 2008 targeted module production, respectively, or approximately 95% of 2008 targeted module production of 200 MW to 210 MW
-- Announced long-term polysilicon supply contracts with GCL Silicon Technologies, Silfab S.p.A. and Qingdao DTK
-- Initiated deliveries to customers on a long-term contract basis to increase visibility on 2009 business such as Phoenix (Germany), Proinso (Spain), Pirelli (Italy) and Clipsol (France)

First Quarter 2008 Results

Net Revenue

Trina Solar's net revenues in the first quarter of 2008 were $120.7 million, an increase of 19.0% sequentially and 183.6% year-over-year. Total shipments in the first quarter of 2008 increased to 29.49 MW, up from 23.91 MW in the fourth quarter of 2007 and 10.52 MW in the first quarter of 2007. Average sales price ("ASP") was $3.95 in the first quarter of 2008, compared to $3.94 in the fourth quarter of 2007 and $3.80 in the firstquarter of 2007.

Gross Profit and Margin

Gross profit in the first quarter of 2008 was $31.1 million, an increase of 12.6% sequentially and 226.8% year-over-year. Gross margin was 25.8% in the first quarter of 2008, a decrease from 27.2% in the fourth quarter of 2007 and an increase from 22.3% in the first quarter of 2007. The sequential decrease was predominantly due to higher cost of silicon raw materials. The year-over-year increase in gross margin was primarily due to higher module ASP and cost efficiencies from in-house cell production.

Operating Expense, Income and Margin

Operating expenses in the first quarter of 2008 were $10.9 million, representing 9.0% of first quarter net revenues, a decrease of 11.2% from the fourth quarter of 2007 and 11.8% from the first quarter of 2007. The sequential and year-over-year decreases were primarily due to lower general and administrative (''G&A'') expenses and sales and marketing expenses as a proportion of total net revenues. Operating expenses in the first quarterof 2008 included approximately $1.3 million of share-based compensation expenses. Operating income in the first quarter of 2008 was $20.2 million, an increase of 24.5% sequentially and 352.2% year-over-year.

Operating margin was 16.7% in the first quarter of 2008, compared to 16.0% in the fourth quarter of 2007 and 10.5% in the first quarter of 2007. The sequential and year-over-year increases in operating margin were due to increased manufacturing benefits from vertical integration.

Change of Functional Currency

Effective January 1, 2008, the Company changed the functional currency of its operating subsidiary, Changzhou Trina Solar Energy Co., Ltd.(''Trina China''), from RMB to US dollars. This change is in accordance with FASB Statement No. 52, "Foreign Currency Translation", and was basedon Trina China's significant and sustained shift in conducting a majority of its business activities in US dollars. During the first quarter of 2008, the Company recorded an exchange loss of $4.0 million, which was primarily associated with Trina China's non-US-denominated obligations that are now required to be remeasured in the US dollar functional currency. Such remeasurements are and will continue to be, to the extent we continue to have such non-US denominated obligations, recorded as transaction gains or losses in the consolidated statement of operations.

Interest Expense and Income

Interest expense in the first quarter of 2008 was $3.5 million, compared to $2.6 million in the fourth quarter of 2007 and $1.2 million in the first quarter of 2007. The sequential and year-over-year increases were due to additional bank borrowings and an increase in interest rates. Interest Income was $1.2 million in the first quarter of 2008, compared to $2.4 million in the fourth quarter of 2007 and $0.4 million in the first quarter of 2007.

Net Income and EPS

Net income was $12.9 million in the first quarter of 2008, compared to $15.7 million in the fourth quarter of 2007 and $4.8 million in the first quarter of 2007. Net Income of $12.9 million includes a foreign currency exchange loss of $4.0 million, primarily associated with the remeasurement of Trina China's non-US dollar denominated obligations in the US dollar functional currency. Net margin was 10.7% in the first quarter of 2008, compared to 15.5% in the fourth quarter of 2007 and 11.2% in the first quarter of 2007. Earnings per fully diluted ADS in the quarter were $0.51.

Embedded Derivative

The Company's quarterly and yearly 2007 financial statements are subject to change based on the Company completing its computation of the fair value of a foreign exchange derivative embedded in a material long-term silicon supply contract. Such contract provides that the purchase price of the silicon to be acquired be denominated in US dollars, which is not the functional currency of either of the contracting parties at the time the contract was entered into. Given the continued strengthening of the RMB against the US dollar, the Company believes that the ultimate impact will be an increase in earnings for the year 2007. The impact, if material, will be recorded as ''change in fair value of derivative'' a non-cash and non-operating item in the consolidated statement of operations.

Due to the change of Trina China's functional currency to US dollars, effective January 1, 2008, this contract-related embedded derivative will no longer be required to be measured at fair value with changes in fair value recorded in the consolidated statement of operations. However,''Retained earnings,'' ''Total shareholders' equity'' and ''Totalliabilities and shareholders' equity'' items in the balance sheet of our financial statements as of March 31, 2008 may be subject to change upon completion of the computation of the embedded derivative due to its existence as of and for the year ended December 31, 2007.

Financial Condition

As of March 31, 2008, the Company had $38.2 million in cash and cash equivalents, which excludes the Company's restricted cash balance of $126.0million. Restricted cash comprises deposits pledged to banks to secure bank borrowings and letter of credit facilities. The Company's working capital balance was $84.8 million. Total bank borrowings stood at $259.7 million, of which $14.2 million were long-term borrowings. Shareholders' equity as of March 31, 2008 was $380.9 million.

Business Operations Outlook

2008 Silicon Feedstock

The Company has now secured approximately 95% of its estimated silicon feedstock requirements for 2008.

Sales Markets

The Company continues to expand its geographic sales distribution outside of the primary European PV markets, including contracts with Enfinity (Belgium), Giordano and Solargie (France), Pirelli-SolarUtility (Italy), and Worldwide Energy (United States). Approximately 95% of the Company's targeted 2008 module production of 200 MW to 210 MW has now been contracted.

Discontinuance of Polysilicon Project

On April 14, 2008, the Company announced its decision to discontinue the development of its previously announced 10,000 MT polysilicon production facility. The Company made this strategic decision after careful assessment of its raw material requirements in conjunction with recent and favorable developments in the long-term polysilicon supply environment. The Company now believes it has greater access to polysilicon feedstock to support its growth objectives, particularly that the Company has signed long-term contracts covering large amounts of polysilicon feedstock, while achieving the necessary cost reductions to maintain its competitive advantage. To address its future polysilicon requirements, the Company will continue to negotiate and sign long-term contracts to meet its strategic supply needs. Additionally, the Company will consider strategic investment options in future polysilicon projects which offer attractive economics and involve smaller investment requirements, although no projects are currently under consideration. The Company's decision to discontinue the project will not affect the amount of polysilicon feedstock it expects to receive in 2008 and 2009.

Second Quarter and Fiscal Year 2008 Guidance

For the second quarter of 2008, the Company expects to ship between 43 MW and 45 MW of PV modules and has expectations of total net revenues in the range of $169 million to $177 million. The Company believes gross margin for the second quarter will likely be between 23% and 25% and estimates operating margin to range between 13.5% to 15.5% of total net revenues.

For the full year of 2008 the Company expects total net revenues to be in the range of $770 million to $808 million, with PV module shipments between 200 MW to 210 MW. The Company is expecting gross margin for the year between 23% and 25% and believes operating margin will likely be in the range of 15% to 17% of total net revenues.