China's Trina Solar expanded its domestic reach this week with the news that it has acquired a 90% stake in Yunnan Metallurgical New Energy via a share purchase agreement.
The solar giant has purchased the majority share of the company from its parent group, Yunnan Metallurgical Group, Kunming Yeyan New Material and Kunming Engineering & Research Institute of Nonferrous Metallurgy Co., Ltd, with the remaining 10% set to be held by these three parties.
The acquisition gives Trina Solar direct input on a 300 MW solar PV project currently under development in China's southern Yunnan province, and opens up greater swathes of this vast country for further solar development under Trina's watchful gaze.
Trina secured its stake in the new energy company after participating in a bidding process conducted through the Yunnan Public Resource Trading Centers online bidding platform following an invitation for bids from Yunnan Metallurgical New Energy.
The 300 MW solar PV project was the key attraction for Trina. Once complete, the solar plant will the largest utility-scale solar farm in Yunnan, and one of Chinas largest, with construction due to begin in the third quarter of this year.
"We are delighted to partner with Yunnan Metallurgical Group and its two subsidiaries to develop solar power projects," said Trina Solar's CEO and chairman, Jifan Gao. "We are committed to supporting the adoption of solar energy and environmental protection in the Yunnan region through our combined strengths.
"Thanks to our quality manufacturing capabilities and track record in project development, coupled with our partners' market position and access to project resources in the region, we look forward to working together to capitalize on new project opportunities to the benefit of all parties."
Gao also added that such partnerships enable Trina Solar to explore greater downstream opportunities in China as the company seeks to broaden its downstream market knowledge and expertise.
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