PV giant's 15GW PV project delayed

Recently, Trina Solar released the "Announcement on the Extension of Some Fundraising Investment Projects".

The announcement shows that the 12th meeting of the third board of directors and the sixth meeting of the third board of supervisors of the company reviewed and approved the "Proposal on the Extension of Some Fundraising Investment Projects", agreeing to postpone the date of the second phase of the company's fundraising project "35GW CZ Mono Crystal Project" reaching the scheduled usable state.

According to the announcement, as of June 30, 2024, the first phase of the "35GW CZ Mono Crystal Project" with a capacity of 20GW has been put into production, and the second phase of the 15GW project has been delayed from December 2024 to June 2026.

As for the reason for the extension, Trina Solar said that the photovoltaic industry is currently in a phased operation stage with an imbalance between supply and demand, the mismatch between supply and demand in the silicon wafer segment continues, and the price of the industrial chain continues to decline. Affected by the cyclical fluctuations in this industry, the company has implemented a flexible and moderate vertical integration layout, controlled the construction rhythm of the upstream silicon wafer segment, and to a certain extent slowed down the implementation progress of the fundraising project "annual production of 35GW direct-pull single crystal project". The relatively light-asset operation model enables the company to have stronger profitability and risk resistance to face the cyclical fluctuations in industry supply and demand and prices.

This extension only involves changes in the project progress, and does not change the investment content, total investment, and implementation entity of the fundraising project. It will not have a substantial impact on the implementation of the fundraising project, and will not have a significant adverse impact on the normal operation of the company. The sponsor Huatai United Securities Co., Ltd. issued a verification opinion with no objection to this matter.