Photovoltaic module maker Trina Solar has released its first financial results since delisting from the New York Stock Exchange almost four years ago. According to the company, 5.840 MW were shipped in the first half of this year, an increase of 37% compared to the same period in 2019.
For North America, Trina shipped 1.071 MW, primarily from its overseas facilities such as Vietnam, avoiding current import duties. The increase was around 238% compared to the first six months of last year.
In Europe, 1.720 MW were shipped, a growth of 60% compared to the first half of 2019. The company also saw a 162% increase in shipments to Latin America, totaling 508 MW. Trina did not separate shipments to Asia specifically.
Despite falling global solar demand in the first half of 2020 due to the impact of Covid-19, the manufacturer was able to maintain production across its manufacturing operations at its facilities in China, Malaysia, Thailand and Vietnam.
Revenue
Trina Solar reported first-half operating revenue of RMB 12,55 billion (R$9,7 billion), an increase of 16,56% over the same period in 2019. Net profit was RMB 493 million (R$ $383 million), an annual increase of 245,81%.
Jifan Gao, president and CEO of Trina Solar, highlighted that the company and other global leaders in the photovoltaic sector managed to grow during the first half of the year, despite the global economic recession caused by the Covid-19 pandemic.
“The Chinese solar industry continues to grow very quickly now that we are entering the era of ultra-high efficiency. Companies with an above-the-curve sustainable development capacity and those that are leaders in the global photovoltaic market are thriving. After leading the way into the era of ultra-high efficiency, Trina Solar will now expand advanced production capacity and apply innovative technologies to our products to further drive profits,” said Gao.
Trina expands production capacity
Recently, as reported by Canal Solar, Trina Solar has signed an investment agreement with the Management Committee of Yancheng Economic and Technological Development Zone, located in Jiangsu Province, to expand the annual manufacturing capacity of 210mm solar cells.
In total, 7,6 GW will be added to the Yancheng factory, increasing the structure for international supply of photovoltaic cells, which currently stands at 2,5 GW. In addition, there will be investments to update the production of another 2,4 GW already existing in the same unit.
