Trina Solar Limited announced that it has entered into an agreement (the "JV Agreement") to establish a joint venture (the "Joint Venture") with Yabang Investment Holding Group Co., Ltd. ("Yabang Group") to acquire certain production assets from Changzhou NESL Solartech Co., Ltd. ("Changzhou NESL"), a subsidiary of Yabang Group, which specializes in the production of solar PV modules. The total investment by Trina Solar and Yabang Group is approximately US$45 million 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.