Trina Solar Energy Co., Ltd., a solar cell producer based in Changzhou in Jiangsu Province, signed a strategic cooperation agreement with Merrill Lynch and Milestone Capital Management Ltd. on April 29.
After three months of talks, Merrill Lynch and Milestone Capital Management agreed to provide funds of USD 30 mln to Trina Solar Energy to expand its production capacity.
It is estimated that the Trina will lift output to 50 MW in 2006, and the company aims to lift that to 200 MW in 2008 and 360 MW in 2010 with the support of international funds. A complete industrial chain will be finished at that time.
Changzhou Trina Solar Energy Co., Ltd. was established in 1998, and it became the first to industrialize photovoltaic production in Jiangsu Province. Trina developed China’s first pilot solar energy house, which is included in the environmental protection activities for the 2008 Beijing Olympics.
The company earned RMB 330 mln (USD 41.25 mln) in revenues and RMB 30 mln (USD 3.75 mln) in profits in 2005. It expects to bring total revenues up to RMB 1.5 bln (USD 187.5 mln) for this year.
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