Trina Solar has acquired a 90% stake in the Chinese solar project developer Yunnan Metallurgical New Energy through a share purchase agreement with Yunnan Metallurgical Group, Kunming Yeyan New Material and Kunming Engineering & Research Institute of Nonferrous Metallurgy.
The remaining 10% equity will be retained by the three companies.
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By GlobalDataThe financial details of the deal have not been disclosed.
The acquisition will help Trina to increase its project pipeline and to tap the potential of the Yunnan province, which receives abundant sunshine.
So far, Trina’s projects in China have been restricted to Xinjiang, Gansu and Jiangsu provinces, reports Forbes.
Trina Solar won the stake through a bidding process that was conducted through an online public bidding platform of Yunnan Public Resource Trading Center.
Yunnan Metallurgical New Energy develops downstream solar power projects and currently has a 300MW project under development in the southern Yunnan province.
Once completed, the 300MW project will be the largest utility scale solar power plant in Yunnan and also one of the largest in the country.
Construction of the 300MW project is expected to begin in the third quarter of 2014.
Yunnan Metallurgical New Energy plans to utilise the resources of its strategic partners in order to further increase the scope of the project and expand its downstream pipeline.
Trina Solar chairman and chief executive officer Jifan Gao said: "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 capitalise on new project opportunities to the benefit of all parties.
"Developing strategic partnerships with select partners demonstrates our flexibility in exploring downstream opportunities in China and will strengthen our leading position in the downstream market."
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